Linkswap, a newly launched Defi automated market-making platform, recorded almost $7 million in crypto collateral in a day from the opening of liquidity mining.
Linkswap launched at the end of November for the Chainlink community to compete with Uniswap. This new Defi decentralized exchange will likely help these self-proclaimed “LINK Marines” community members make a big profit.
On December 7, Linkswap launched its first liquidity pool. Twenty-four hours later, 10 liquidity pools had collected $6.85 million in collateral. YF Link shared that the value of this exchange is locked to more than 10 million USD.
LinkSwap là gì?
Linkswap is a Decentralized Finance (Defi) platform for automated market creation (AMM) and competition with Uniswap or SushiSwap and the like. The project development team announced that they are focusing on developing the so-called Link Marines – Chainlink super support force.
The Linkswap developers promised to address the issues related to the skyrocketing Ethereum gas fees that have plagued many Defi projects. In addition, Linkswap will support Continuous Liquidity Pool (CLP) to reduce the loss of liquidity providers (LP).
AMM Linkswap officially goes live on November 25, 2020, and brings with it a bunch of liquidity farms for different tokens. There will be great offers for LINK holders and great rewards in YFL (Yearn Finance Link).
The latest announcement from the Linkswap project is a partnership and partnership with UniLayer, a next-generation trading infrastructure focused on the execution of limit orders for AMM.
Naturally, Chainlink's native LINK token will also benefit from Linkswap as it will be the main pair for many of the yield farms on offer.
Popular YFL
According to Linkswap dApp, the two most popular tanks are YFL/wETH and YFL/LINK, each with more than $2 million in value, accounting for 60% of the total.
YFL rewards in these two pools are the highest. Maybe for that reason, those two pools recorded the most liquidity. In 8 other pools with less popular tokens like DeFi Pulse Index, MASQ, CEL, GSWAP, and YAX, the rewards are not as high.
Linkswap announced that it will only reward users with YFL for the first 24 hours and this period has passed. Next, miners need to staking tokens from the liquidity pool to be rewarded with other Altcoins. The bet will take place over a total of 8 weeks. Every day, they will be distributed on a linear basis.
With Uniswap, anyone can list tokens, and with Linkswap, any project that wants to go on the floor has to pay a little listing fee. YFL holders who have bet YFL on the admin vault will be split the above fee.
Linkswap has a ‘Rug Lock' feature whereby initial liquidity is locked to protect investors and prove listed projects intend to grow long term. The ‘Slip Lock' feature is similar to a circuit breaker that prevents bots from profiting from sharp slippages.
YFL price update
Linkswap's base token YF Link (YFL) rallied 7% on the day and dropped below $540.
Like most new Defi tokens, the price jumped after the protocol launched because of the fear of missing out but then fell almost entirely.
YFL peaked at $1,160 on Nov. 24 and is down 53% so far, despite new liquidity pools being introduced. Chainlink's LINK token has yet to break through the key $13 support/resistance level.
