PocketSwap: We’re Almost There
As many of you know, we’ve all been patiently waiting for the upcoming release of PocketSwap (aka RocketSwap). The reason being is that it is not just another DEX: PocketSwap incorporates features that are new to the crypto world and will help it continue to grow by leaps and bounds. Throughout the development phase, additional features have been incorporated into the platform in order to make it even more competitive and even more alluring, hence the delay. I know we all want things completed as quickly as possible. Sometimes, just sometimes, it’s beneficial to have a short delay and reap a better outcome than simply putting out a product that doesn’t maximize value to its users.
Of course, Rocket hasn’t just been resting on its laurels. The team has been busy forging partnerships that bring value to the entire ecosystem and its holders. For example, Rocket Drop currently has 20 separate farming pools that holders can stake in to earn assorted yields, many of which can be participated in solely with BUNNY or PBOM. Additionally, our partnership with Leslie David Baker from The Office is set to truly put Rocket in front of millions of eyes through the release of Stanley Nickels ($NICKELS). Not to mention the huge number of additional releases coming out this week on Rocket Drop. Overall, I would say our initial product has been extremely successful.
Our next product, PocketSwap, will be even more successful. Let me tell you why.
Liquidity: The Bane of Project Existence
One of the largest issues that nascent projects face is proper launch liquidity. Just because you have a sweet idea doesn’t mean you have the funds to get the ball rolling. Rocket Drop provides a solution to this, but more can be done. With PocketSwap, projects can launch new tokens on the exchange with an absurd amount of liquidity for little to no cost: 100:1 ‘leveraged’ liquidity to be exact. This means that if you only have 1 ETH or 1 BNB of liquidity available to start, you can multiply it upon listing up to 100 ETH or 100 BNB, respectively. All without buyer risks of “rugs” or scams.
The coolest part about this is that if you use PocketSwap, you will automatically be helping to provide liquidity to these rug-free projects. This is done through a mechanism whereby any ETH provided is wrapped into our proprietary liquidity token, æETH. This token automatically accrues yield from the transaction fees generated through PocketSwap, all without having to stake. Basically, if you hold any amount of æETH, you are already earning yield on your ETH, yield that is paid in ETH.
So let’s say you buy a token on PocketSwap, then sell a few days later, you’ll receive æETH (æBNB on BSC) instead of ETH (you can opt out of this if you wish). This æETH is 1:1 with whatever ETH you use to buy the token, but instead, it picks up extra ETH from all the volume conducted on PocketSwap. On top of that, the borrowing fees generated from the liquidity multiplier (called Rocket Fuel) are distributed to holders of æETH. This means more yield.
Multi Chain Swaps
One of the issues facing crypto nowadays is that there is a lot of value distributed across different blockchains. This can be a problem, especially if you want to swap a token on one chain for a token on another. Phase II of PocketSwap is incorporating the ability to do cross chain swaps. This will be facilitated by the release of our bridge (tentatively called Rocket Bridge), which will allow users to swap their tokens on one chain for a token on another. The big difference between other cross chain solutions is that the PocketSwap + Rocket Bridge combination will allow you to swap any amount, regardless of liquidity on either chain. This is a problem that exists with current multi-chain swap platforms, but we aim to solve this using the liquidity model incorporated into PocketSwap.
Due to this liquidity model being used, it also allows you to conduct cross chain swaps regardless of which chain you started on. That means that if you swapped from ETH to BSC, but now want to swap from BSC to AVAX, you don’t have to go back to ETH first. You can simply swap to AVAX directly. Hopefully this will save peeps a lot of time and headaches.
Every project out there promises that certain features will be arriving “soon”, but we’ve actually delivered on our promises. What with the existing success of Rocket Drop and the anticipated success of PocketSwap, we expect our holders to reap substantial benefits from our releases. The beta version of PocketSwap will be released in the next day or so (testnet first) in order to give everyone the chance to play around with its features and fully understand its capabilities.
As always, the road map doesn’t stop there. I’ve alluded to some very interesting things coming up, but those will be announced when they are closer to being ready in the next month or so.
So stay tuned ladies and gentlemen, the growth of our ecosystem is already taking place. It’s gonna be a wild ride.