Note: The original author is Augustine Geeft!
I was mesmerized by the excitement of Alien Worlds, a P2E game on the WAX blockchain. Mining the game’s native digital currency, Trillium (TLM), and flying spaceships through virtual galaxies kept swirling in my mind. But what really attracted me was not only the fun of the game, but also the potential for passive income through yield farming.
That’s how I stumbled upon Alcor Exchange, a decentralized exchange built on the WAX blockchain. With its self-proclaimed “no nonsense” focus on community building, Alcor seemed like the perfect place to start my DeFi adventure. There are no centralized administrators, only direct access to liquidity pools and the opportunity to earn generous TLM rewards.
Alcor stands out as the leading decentralized exchange on the WAX blockchain, offering liquidity pool swaps, spot and OTC trading, Alcor Farms for generating yield, and an Inter-Blockchain Communication (IBC) bridge for seamless cross-chain digital currency transfers.
TLM became my goal, and Alcor became my guide
While connecting my WAX wallet, browsing the beautiful interface, and eventually exploring the “farm” section, I stumbled upon the TLM-WAX pool, and the annualized yield displayed there instantly caught my attention. I was so impressed that I decided to take a closer look at the Alcor decentralized exchange.
Alcor was launched in February 2020 with the core purpose of creating a seamless and user-friendly trading platform for blockchain assets, prioritizing the principles of trust, openness, and ethical behavior. Since its inception, the platform has exceeded $6 billion in total trading volume and processed more than 43 million transactions on Swap. Today, it has become an indispensable platform for many projects and plays a pivotal role in the WAX ecosystem.
Alcor has become a well-known decentralized exchange on the WAX blockchain and is known for being the first self-listed decentralized exchange. It proudly provides cost-effective trading services for a variety of digital currencies, including EOS, WAX, TELOS, and PROTON. The exchange runs on smart contracts and does not rely on traditional backend services, demonstrating its dedication to decentralization and empowering users in the decentralized finance (DeFi) ecosystem.
Alcor's mission is to make cryptocurrency trading easy for the WAX Blockchain community by integrating a user-friendly, efficient trading environment without high fees. It is committed to DeFi and putting power in the hands of users.
Next, let’s talk about some of the special features of Alcor DEX.
Alcor Farms
Alcor Farming is a new feature of the Alcor Exchange that has a dramatic impact on the exchange’s locked value. It combines pooled liquidity with farms, increasing the total locked value (TLV) to over one million WAX tokens. Users who actively contribute to the Alcor Exchange liquidity pool by “farming” can earn rewards while increasing liquidity to match current markets. This significantly increases the exchange’s TLV, demonstrating a strong commitment to efficient development.
The combination of pooled liquidity and farms brings disruptive changes to the DeFi ecosystem on the WAX blockchain, creating exciting opportunities for cryptocurrency enthusiasts. Alcor Farms not only enhance the value of the exchange, but also provide a user-friendly trading environment for experienced traders and novices.
The pooled liquidity feature changes the way liquidity pools work, enabling the Alcor Exchange to add liquidity within a specific price range. This helps liquidity providers and users trade digital currencies, reducing slippage during swaps and making the trading experience more efficient and seamless. The large amount of liquidity created by pooled liquidity benefits both experienced traders and newcomers to the cryptocurrency space by reducing slippage.
Alcor uses IBC technology to support USDT
Alcor has stepped up its game by adding support for the USDT digital currency on the WAX blockchain. Alcor was able to take this step thanks to Inter-Blockchain Communication (IBC) technology, which allows USDT to be transferred smoothly between the EOS and WAX networks. The IBC protocol allows assets to be transferred seamlessly between different blockchain networks, which is not only related to the safe flow of digital currencies, but also means that transfers are fee-free, eliminating intermediaries and achieving a worry-free experience. This advanced way of handling digital currencies is a game changer, especially when exchanging between different blockchains.
Today, in an age where everyone is focused on transaction fees, Alcor has taken the spotlight with a bold move - no fees for liquidity pool swaps. Instead of charging fees to users, they are putting liquidity providers first. Yes, all swap fees will go directly to those who provide liquidity. It's all about caring for users, for their interests and benefits. This user-centric atmosphere makes Alcor stand out, not only as a technologically savvy platform, but also a platform that prioritizes the needs of users, ensuring that users' wallets are as satisfied as their technology.
Enhancing Centralized Liquidity with Alcor Swap v2
Alcor Exchange has launched Alcor Swap AMM v2, bringing an innovative approach called pooled liquidity. This is a completely new way to provide liquidity, allowing providers to pool funds within a specific price range. Why is this cool? Because it improves capital efficiency, reduces impermanent loss, provides greater flexibility in handling liquidity, increases fee income, and allows traders to place orders within the price range they want.
This move brings a new wind to the WAX blockchain, subverting the traditional liquidity pool model. This is not just a change, but a revolution, creating a smoother and more efficient trading platform for blockchain enthusiasts and DeFi traders.
Why should you care? Because pooled liquidity will make your trading easier. It’s all about flexibility and control in your trading. This new protocol is the highlight of Alcor Swap AMM v2, designed to provide you with a trading experience that is not only efficient but also super flexible. Get ready for a smoother trading atmosphere that is more tailored to your needs.
Alcor USDT Proxy
Alcor USDT Proxy is a feature that allows users to deposit USDT directly into WAX accounts, allowing users to send USDT directly from any centralized exchange (CEX) to their WAX wallet, which is very convenient.
This feature simplifies the process of obtaining USDT on the WAX blockchain, making it easier for traders and investors to obtain and use. To use Alcor USDT Proxy, users can follow the steps below:
Select CEX: Choose a centralized exchange where you deposit USDT.
Initiate a transfer: Send USDT from your CEX account to the Alcor USDT proxy address.
Receive USDT on WAX: USDT will automatically be deposited into your WAX Wallet, allowing you to trade or use it on the WAX Blockchain.
The Alcor USDT Proxy is a significant development for the WAX Blockchain as it simplifies the process of obtaining USDT and improves the overall user experience. This feature is part of the Alcor Exchange’s commitment to providing a user-friendly and efficient trading environment for WAX Blockchain users.
How do I get started with WAX?
Visit Alcor official website: https://wax.alcor.exchange
Click on the WAX icon in the top right corner and select the desired chain: EOS, Proton, WAX, or Telos.
Click on “Connect Wallet” and select your preferred wallet. If you don’t have a wallet, you can create a new one by selecting the “Get Anchor” or “Get WAX Cloud Wallet” options.
Once your wallet is connected, you can start trading a variety of cryptocurrencies and explore the different services offered by Alcor Exchange such as liquidity pools, limit/market trading, OTC trading, and NFT trading.
Are you ready to explore the world of decentralized finance on the WAX blockchain? Alcor DEX is your go-to platform, offering a user-friendly experience, innovative features such as Alcor Farms, centralized liquidity, and seamless support for USDT. Whether you are an experienced trader or a cryptocurrency enthusiast, you can explore the endless possibilities of DeFi with Alcor DEX.
Explore Alcor and discover endless possibilities:
Website: https://wax.alcor.exchange
Telegram: https://t.me/alcorexchange
X/Twitter: https://twitter.com/alcorexchange
Discord: discord.com/invite/vQSmavVE
*Friendly reminder: This article is for popular science purposes only and does not constitute any investment advice!