5 hours ago · 2 min read
Nervos enters DeFi arena with ‘Yokaiswap,’ $70 million locked up on first day
The arrival of YokaiSwap marks the first time users can stake their CKB assets to earn yield as well as swap supported assets via the exchange.
Nervos today announced that “YokaiSwap,” a decentralized trading platform, is now live on the mainnet. YokaiSwap is the first decentralized exchange (DEX) built on Nervos, marking an important step for the network’s development as emerging projects begin building and launching decentralized apps (dApps) within the ecosystem.
As DeFi continues to take off and crypto users move their assets from centralized exchanges to decentralized platforms, DEXs continue to see major growth. According to a new report from Chainalysis, the value on large decentralized exchanges (DEXs), like Curve, Uniswap, and PancakeSwap grew by about 550% from August 2020 to 2021.
DeFi on Nervos
YokaiSwap brings a battle-tested codebase to the network but with unique farming and yielding solutions that leverage the speed and interoperability Nervos offers. Via the Force Bridge, Nervos’ cross-chain bridge, assets from other ecosystems can enter the network and be traded and paired for use on YokaiSwap.
As an Automated Market Maker (AMM), YokaiSwap enables users to easily and efficiently swap any whitelisted token on the Ethereum network—including ETH, WBTC, USDT, and USDC—with CKB interchangeably. Wrapped tokens from other chains, including ADA and BTC, will also be supported in the future.
The launch of YokaiSwap marks the first time users can move their CKB token assets on-chain and earn APY through incentive programs. Users can earn rewards on their deposited and traded assets via LP (Liquidity Provider) Token Farming and Single-Token Staking either by protocols fees and daily emissions. LPs are rewarded with the YokaiSwap DEX token, YOK.
“DEXs play a crucial role in DeFi, as they bring liquidity and earning opportunities to the community,” said Kevin Wang, co-founder of Nervos. “We’re excited to see the YokaiSwap team bring its project to the mainnet, as Nervos continues to welcome blockchain developers, projects, and enthusiasts to our growing ecosystem.”
On the heels of Force Bridge and Godwoken
YokaiSwap’s launch comes on the heels of Nervos releasing Force Bridge and Godwoken, Nervos’ Ethereum Virtual Machine (EVM) compatible Layer 2 blockchain, on the mainnet. The arrival of YokaiSwap is also expected to pave the way for other major DeFi players, such as Aave and Curve, to join the network in the future and provide even more opportunities and incentives for users.
YokaiSwap is one of the first projects to receive financial support from InNervation, a fund that aims to expand the Nervos Network and greater blockchain ecosystem by making investments in early and growth-stage startups building user-facing solutions with blockchain technology.
The Nervos Network is a collection of protocols and public blockchain aiming to solve the biggest challenges facing blockchains like Bitcoin and Ethereum today.