Seamless IOTA-Oriented Cross-Chain Trading
DEXs – or decentralized exchanges – are the engine behind DeFi (check out our beginner’s guide here). After last week’s Shimmer launch, we’re looking forward to seeing DEXs arriving in the IOTA ecosystem with ShimmerEVM, the next evolution of Shimmer.
Among these is Iotabee, which already exists as a cross-chain Swap and which has recently joined the Touchpoint Open Builders Program – we’re happy to let them introduce themselves here.
Iotabee aims at building a DEX on IOTA through several steps, starting with an IOTA-oriented cross-chain Swap, which was released on the day of the Shimmer launch. The Iotabee DEX will be available with ShimmerEVM, where smart contracts will be used and audited.
As a group of IOTA maximalists, all of us at the Iotabee team believe that trading with IOTA by all means available (stablecoins, multichain assets, and so on) is key to stimulating the whole ecosystem. This defines the role of Iotabee: empowering users to swap assets between IOTA, Shimmer, and relatively mature chains such as BSC, which can bring stablecoins safely and easily into the ecosystem and drive adoption of IOTA.
Iotabee is a combination of a decentralized peer-to-peer DEX protocol and a semi-centralized cross-chain Swap that people can use to create liquidity and trade tokens on IOTA, Shimmer, ShimmerEVM and other EVM chains like BNB Smart Chain (BSC).
With the Iotabee Swap users can trade MIOTA/USDT, SMR/MIOTA, and other pairs such as SOON/MIOTA. The Iotabee DEX will come with ShimmerEVM. The app will then be 100% decentralized with smart contracts applied and will continue to support trading pairs around MIOTA and SMR. For a deep dive into Iotabee, check out this recent Medium article.
The project was first started by a group of friends that already have several years of experience in CEX and crypto. The two leading members of the Dev team have over 10 years’ experience in software development and engineering in companies like IBM and Microsoft; and the other has over five years’ experience in crypto, working for Huobi Global in the past. In addition, the investor and advisor board includes Garrett Jin, co-founder of Tanglepay and BitForex, as well as Lee, who has been in crypto since 2011 and has rich experience in ETH, EOS, and Polkadot (learn more about the team in this article).
When we first discovered IOTA a few years ago, we were fascinated by the concept, and our belief in the real potential of IOTA is strong. As builders, one of the most effective ways of increasing the impact of IOTA is to connect it with the outside world, including with relatively mature chains like BSC. By providing trading possibilities with stablecoins and across chains, we hope to bring in more assets and resources to the whole ecosystem, which will eventually be beneficial to all IOTA believers.
Iotabee is a member of Tangle Rally and works very closely with existing builders in the ecosystem, such as Tangle Pay. To date, it is the first and only Swap in the IOTA ecosystem, enabling IOTA-oriented trading. With the upcoming Shimmer EVM bringing smart contracts to IOTA, Iotabee will join other DEXs to further support traders and liquidity providers. Currently, the product is available on our website. You can also join our user community on Twitter and Discord.
As we’ve said, the Iotabee cross-chain Swap was launched in mid-September, supporting the MIOTA/USDT trading pair. After last week’s Shimmer launch, Iotabee supports further trading pairs like SMR/MIOTA and SOON/MIOTA, and other token projects in the ecosystem with MIOTA.
We’re excited to welcome Iotabee to the Touchpoint Open Builder’s Program, and with it the prospect of a new DEX to the Shimmer ecosystems. For more updates about Iotabee, follow it on Twitter or join the chat on its Discord channel.
Iotabee joins the Touchpoint Open Builders Program, offering participants a community of like-minded builders, direct access to experts, knowledge, and general support to launch and scale the next generation of decentralized applications and infrastructure on the Shimmer networks. You can learn more about how Touchpoint works and how to become a part of it here.
Shimmer is an L1 innovation network providing the core building blocks for a scalable, modular multi-chain architecture. Similar to the IOTA network, Shimmer is built on a UTXO-based parallelized, directed acyclic graph (DAG), guaranteeing higher scalability than conventional Blockchains. At the same time, Shimmer ensures interoperability and composability of L2 smart contract chains, capable of connecting any type of L2 smart contract chain anchored to it. With its unique tokenization framework, Shimmer will become a multi-asset ledger for feeless minting and transfer of native assets without middlemen or crippling gas fees.
The native token of Shimmer is SMR, which serves as the network’s economic backbone, facilitating value transactions and interactions within the Shimmer ecosystem. Shimmer users use the SMR token to launch new DeFi applications, DEXs, NFTs, DAOs, and other dApps.
Every project that participates in Touchpoint is given the opportunity to introduce itself in its own words. Statements made by projects are not verified by Touchpoint, Shimmer, or the IOTA Foundation and should not be taken as an endorsement. Individuals are advised to always conduct their own due diligence when engaging with any crypto projects.
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