DeFi project KingSwap has deployed its latest new tech update feature, the Bridge UI (User Interface). As more and more technologies are built to help with blockchain scalability, KingSwap developed their own user-friendly DEX, which is similar to their main network. With the fully functional Layer 2 DEX, it will be easier for users to switch between the xDAI network and adapt easily to the new infrastructure which utilizes the DAI Layer 2 technology.
“Our team has been working hard on launching our new Bridge UI feature, and we are confident that this will help our Kingswappers have a smooth and safe experience, as well as most importantly, saving immensely on cost and time,” said Malcolm Tan, KingSwap’s Chief Strategic Advisor.
xDAI is a cryptocurrency that comes from the MakerDAO and DAI network, and is a Layer 2 technology that offers much lower transaction fees, and fast transaction times when compared to the Layer 1 Ethereum mainnet. These features make it an ideal cryptocurrency to use for everyday transactions like retail store purchases or peer-to-peer transfers, and of course in the DeFi and DEX space.
KingSwap considered many factors such as protocol stability use cases, adoption, and functionality, and also that DAI has a relatively stable price on the markets. With the xDAI fast transaction speeds, users of the KingSwap Layer 2 DEX have already reported low costs of US$0.10 with fast, 5 seconds transaction speeds. These are immense improvements over Ethereum gas fees that are currently in the tens of dollars, and sometimes resolve transactions in hours due to the mainnet being clogged with transactions being mined. What this means is that if you send someone xDAI, they will receive it in their wallet in about five seconds or less. Contrast this with the time it takes to send money with fiat in the traditional financial world (credit card transactions take 48 hours to a week for merchants to receive and international transfers can take days), or even a typical Ethereum cryptocurrency transaction which takes several minutes or hours.
KingSwap has already deployed the bridge UI which allows users to swap their mainnet $KING token to the XDAI $KING Token.KingSwap’s Tech team will also be temporarily allowing users to swap OLD $KING token to OLD xDAI $KING Token to be swapped between April 17th to 25th.
In the near future, KingSwap will be including additional partnership projects like Rfuel, MantraDao, and other top DeFi projects into the list of tokens supported by their UI, as well as issuing guides for new users who do not have any $KING tokens but would like to join the KingSwap journey.
The swap applies to all community members and holders with OLD $KING tokens in MetaMask or Ethereum wallets, including those carried over from Uniswap, which must be swapped by April 17, 2021, and all OLD $KING tokens will no longer be able to be swapped by a cut-off date of April 25, 2021.