Decentralized Exchange on Ethereum Polygon's Layer2.
ComethSwap, is layer2 decentralized exchange that lets you swap any ERC20 tokens at low cost, in no time. ComethSwap sits on top of the Cometh ecosystem, a game fuelled by DeFI and NFT.
The DEX is running on Polygon’s (ex-Matic) Layer2 with intertwined capabilities with the game, as portions of fees generated circle back to players while properly incentivizing liquidity providers.
“Uniswap is the standard way for thousands of people to freely exchange tokens and to provide liquidity on token pairs. Liquidity providers perceive fees on the swaps for which volume, albeit significant today, remains hindered by the transaction cost of the blockchain. The monthly transaction cost consumed on applications like Uniswap is in the ten million range in USD.Cometh includes a [LAYER2]* based Uniswap in order to offer an opportunity to the players to swap tokens without having to pay for gas. While players will be able to swap without hassle, liquidity providers are set to perceive more fees compared to a regular decentralized exchange: since swaps fees are bound to be very low, swaps will be much more frequent.There is an incentive for both players (very low fees) and liquidity providers (fees perceived on a higher transaction count) to use such an exchange. Similarly to other versions of Uniswap (like Sushiswap) which are incentivizing liquidity providers and token holders to contribute to their ecosystem, a small portion of the fees generated on ComethSwap will be sent over to the Cometh Generator or converted in MUST and dropped in the TUBE.”
Comethswap is an open DEX where anyone can list an ERC20 compatible pair. In order to attract liquidity to Comethswap, specific DeFi related pools will be incentivized starting Monday. The liquidity providers will be distributed MUST ⚗️ tokens without vesting. The pools and list of tokens available for trading at Comethswap is set to grow swiftly and steadily.
For the opening week we are excited to partner with Stake DAO, the most used protocol for automated investing on Ethereum. Stake DAO proposes three strategies leveraging curve.fi BTC (~1.6% APY), USD (~11.5% APY), and EUR (~27% APY) pools. Comethswap users will have the opportunity to get exposure to the corresponding yield generating tokens (sdeursCRV, sdcrvRenWSBTC, sd3Crv) without the hassle of depositing into the corresponding smartcontract on Ethereum. Hundreds of thousands of gas fees are saved in the process.
ComethSwap has open with several token pairs with MUST ⚗️ and their respective liquidity pool tokens will be transferred to in game asteroids, where the players can mine them with their NFT spaceships.
The mass adoption we are all waiting for is hindered by a lack of accessibility due to high fees. Ongoing R&D options like EIP-1559 and Eth2 are on their way, but we can’t expect any major changes before at least 2022.
We believe that an efficient layer 2 on mainnet, access to standardized decentralized exchange with decent liquidity and a community of players collecting NFT is the perfect way forward to scale Ethereum NOW. We MUST overcome this situation; we now have the technology to make a change. The whole industry was waiting for a solution to this problem, so we crafted Cometh to take up this challenge.