Aggregator of decentralized cryptocurrency exchanges ParaSwap announced the integration of its service in the Avalanche blockchain. The project has previously debuted on Binance Smart Chain, Ethereum, and Polygon.
ParaSwap is a platform that brings together the liquidity of various decentralized crypto exchanges on the blockchain. In their latest press release, the ParaSwap developers announced that the project will now collect liquidity from transactions of the 13 most popular DEXs based on Avalanche. Among them are Pangolin, Sushi, Trader Joe, and many others. Integration of Kyber and Curve is also planned in the future.
In reward, users will receive approximately $180 million through one of the upcoming products through the Avalanche Rush reward program. This was announced by the head of ParaSwap Mounir Benchemled.
In addition to working with decentralized exchanges, ParaSwap plans to integrate with the lending protocols used to secure interest rate swaps. In parallel with this, the platform is actively working on the cross-chain exchange of shares in partnership with other projects based on the Avalanche blockchain. According to Benchemled, in the deBridge project, for example, they managed to implement the ParaSwap API in order to further simplify the collection of cross-chain liquidity.
CoinMarketCap data shows that the volume of transactions processed by ParaSwap exceeded $14.5 million. Meanwhile, DeBank is displaying a daily volume of over $19.5 million on the Polygon network. The founder of ParaSwap claims that the aggregator is able to easily process from 20 to 30 million dollars on the Avalanche blockchain after launch, arguing this with high network bandwidth and the quality of services provided.
The value of the AVAX token of the Avalanche project also reacted positively to the news and grew by 14.38% in the last 24 hours, according to CoinMarketCap, and its market capitalization reached $10.51 billion. The current value of AVAX on Huobi is $47.75.
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