XSwap Protocol (XSP token) is an automated market maker / DEX coin built on the XinFin (XDC) Network. They also allow for staking to earn rewards if you have enough coins too. Read on to see why I am avoiding this coin.
Its mainnet launch was Mar. 31, 2022. The protocol passed its code audit by Certik a little bit before its launch. As a side note: make sure you are looking at the right XSwap Protocol since there seem to be two coins out there. Just compare the prices.
This is the second automated market maker (AMM) DEX on the XDC Network after Globiance (GBEX). Globiance is taking off, growing partners, and has a strong team, which is why I prefer that coin over XSP.
As of now, both DEXs only allow trading between coins built on XDC (aka XRC20 coins). I’ve been trading on Globiance and it’s worked perfectly for about five trades.
XSP Coin Details
XSP is the base trading coin of the DEX, much like UNI is to Uniswap. They are also working towards more trading pairs and cross chain pairs, which is always a struggle in the space. Their max coin supply is 13 billion, but it’s tough to find out the circulating supply for now.
The main reason I am avoiding XSP is because their team is secret. That is always a red flag for me and I simply move on. I don’t want to sound too much like a GBEX cheerleader, but that DEXs team is experienced in finance and open with interviews and post regularly on social media. There are too many coins out there for me to consider.
Another reason I don’t like XSwap Protocol is because my Norton Antivirus is saying that their site is not trusted. That’s another red flag for me.
I really like XinFin (XDC) and the new projects that are being built on it. These new DEXs are benefitting from its speed and near zero fees. They will give a boost to new XDC projects. XinFin is upgrading global trade finance as well.
Be wary of XSP, though. You have been warned! None of this is financial advice, simply my opinion and is for entertainment only.