So thatAvalanche still gaining popularity, decentralized applications that are built on it are also gaining visibility. This is typically the case of this new decentralized exchange protocol which bears the sweet name of JellySwap.
It's a bit like the DEX we've been waiting for for a long time and it's a small team from Bulgaria with the founder Tito Titov who finally put in place this long-awaited protocol.
JellySwap is a decentralized platform (DEX) through which you can exchange tokens inexpensively. What's interesting about Jellyswap is that it's a cross-chain DEX and you can therefore exchange tokens from different blockchains. One can trade tokens on Avalanche, Ethereum, Harmony and even Binance Smart Chain.
These exchanges are made using technology called “atomic swap”.
If you are not yet familiar with the world of DEXs and atomic swaps, no worries, we will see this in detail in this article.
What are Atomic Swaps and what are they actually used for?
To explain it simply, inter-chain atomic swaps allow all users to exchange (swap) tokens with each other peer-to-peer. We are in a decentralized exchange and therefore, all this is done wallet to wallet in a way.
So, there is no registration, no document to send, in short, everything is done on DeFi in a completely decentralized way.
For example, if you have an asset on the Ethereum chain and you want to exchange it for another blockchain token Avalanche (like AVAX), you can then use atomic swap to do this.
What is the advantage of using Jelly Swap?
The first thing you notice when you discover Jellyswap is its incredible ease of use. The interface is pleasant and relatively minimalist so that you don't get lost in different functionalities.
On Jellyswap, everything has been designed so that the user can make exchanges in a simple way.
While the protocol is simple to use, JellySwap uses a relatively complex mechanism to make atomic swaps so fast and cheap. The mechanism used on JellySwap is called Hashed Time-Locked (HTLC) contracts.
Thus Jellyswap proves to be very practical and functional for users.
Likewise, the fact that it is one of the multi-chains gives it a major advantage compared to other DEXs. This makes it possible to create a bridge between these different tokens in a simple way.
As of writing this article, Jellyswap has integrated Ethereum, Bitcoin, Avalanche, Matic, Harmony, Aeternity and Binance SmartChain.
What you need to understand is that this can (finally) solve the network interoperability problems and that the networks will be able to easily communicate with each other.
This is exactly what Jellyswap offers to do.
How to connect Avalanche network on MetaMask?
If you want to use JellySwap with Metamask, it's entirely possible. Follow the following steps.
1/You go to Metamask and you click on “Custom RPC”.
2/ Then, you must enter this information:
- Network Name: Avalanche
- RPC URL: https://ava.spacejelly.network/api/ext/bc/C/rpc
- Chain ID: 43114
- Symbol: AVAX
- BlockExplorer URL: https://cchain.explorer.avax.network/
That's it, you now have the Avalanche mainnet network configured on your wallet.
You can now swap tokens on the protocol!
You can also read the tutorial in English here.
Can you become a liquidity provider and make money?
Yes, as is the case with most decentralized exchanges, anyone can become a liquidity provider. However, on Jellyswap, it is not really a yield farming system in the literal sense that is used.
Indeed, the business model is somewhat different on this protocol. There, there are no fees on transactions. Profits are generated by liquidity nodes. There are therefore liquidity pools with APYs of around 12%, which remains a very decent return.
However, to do this, you must install the Jelly Butler software on your computer. It is this software that is used to provide liquidity on the platform.
Each person can then run the software on their computer and set up their own fee rates and start making money on the spreads.
On the other hand, there may be risks as is the case with liquidity pools in general. For those interested in getting started, please read the instructions to follow here. You will see, they make sure to make it very simple to configure (you still need a few basics and know how to enter command lines).
Finally, here we end our presentation of JellySwap, which, it must be said, has largely won us over!
Here you can see the statistics and seeing how much the protocol is gaining in popularity and given the ever-growing enthusiasm for Avalanche, we can think that it will be a major protocol in the months to come. And, even, compared to the others, we can think that it will be able to find a place of first choice insofar as it is a multi-chain DEX.
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