As the crypto market develops, new projects become perceptible with blockchains and tokens aiming to attain specific goals. Some of them target beating Ethereum and provide originator improved scalability.
Many projects are carrying out token swaps to allow holders to exchange their existing tokens for modernized ones as the blockchain industry grows and businesses enlarge it might be due to an increase in the token supply, among the other thing (similar to stock splits in traditional markets).
Why 123swap?
Cross-chain liquidity pools have more than 500 options for users to pick from Ethereum, Binance, and Polkadot. To support the most famous protocols, the platform also provides the lowest costs and the highest annual percentage yield (APY) (Annual Percentage Yield). When compared to other DeFi systems, 123swap prefers more and more because of the following capabilities.
Unlimited Token Swaps Minimize the threat
The most general cause of token swap matters is that corporations limit consumers’ time to trade their tokens. People might easily blunder or neglect a notification for several reasons – they could be unwell, on vacation, or just busy, and in this way, they miss the window.
Finally, there are a lot of dissatisfied people who have tokens that are now unusable. If the issuer accomplishes its swap in this manner, it is almost definite that someone will miss it. To avoid this, sharp contracts that allow token swaps to keep up forever are endorsed. Holders of old tokens will still be able to engage later, and their existing tokens will not become inferior.
This slant also exploits collecting and burning old tokens, which takes them out of circulation. It is important to have an unlimited swap therefore the token supply remains stable, and users who already own the old token may continue using it in interchange for the new one when allowed to leave. Allowing the circulation of both new and old tokens gives pretenders a remarkable chance to continue selling the old token to unknowing clients.
Conduct Airdrops with discretion
It confers a distinctive set of issues since token swapping through airdrop needs users to keep their coins in a wallet or on a distinct exchange at a specific point in time. When using the Etherscan to see IDEX deposits, all deposits are linked to the IDEX contract address.
However, if a project sends the airdrop token straight to the contract, it will be forever locked and burnt in our smart, sharp contract, with no way out for even the exchange’s management. IDEX tries to assist as much as possible in many cases. When a swap goes wrong, it can take a long time and a lot of resources to fix it. In a conclusive situation, a full new token is required to make sure that everyone gets enabled tokens.
Communication is Key
By giving some enough time and clear instructions are probatory to the token swap’s success anyway of how it’s carried out. To decrease the risk of error and create correct processes, projects must communicate with their consumers and exchanges well before any swap. In this strategy, token swapping business grows by way of communication. It is critical, and we cannot embellish it. The probability of making a mistake decreases when you have lots of time, clear instructions, and open contact with the exchanges dealing with your token.