A cross-chain aggregation protocol allows crypto enthusiasts to access liquidity sources from multiple networks on one platform — making it easier than ever to find the best prices.
O3 Swap says its goal is to help users discover the most efficient routes for their trades, and complete transactions without limitations and hidden fees.
Just some of the liquidity sources it supports include Uniswap, SushiSwap and Curve on the Ethereum blockchain; PancakeSwap, DODO and BakerySwap on Binance Smart Chain; as well as Flamingo, Nash and Switcheo on Neo.
All of this ensures that multi-chain assets can be freely exchanged, and different blockchains can be accessed with ease.
The blockchain industry can prove exceedingly fragmented — and is often littered with a number of networks that can’t communicate with each other directly. To counter this, O3 Aggregators are deployed on mainstream networks to track down the most competitive trading rates, while the O3 Hub is at the heart of this ecosystem — executing transactions through the use of a cross-chain pool.
Developers behind O3 Swap liken their offering to a multi-chain version of 1inch or a cross-chain version of Curve. Given the high fees and inefficiencies that can exist in some areas of the decentralized finance sector, this project hopes to simplify transfers for all… and eliminate some of the limitations that exist in market-leading products today.
The project recently secured investment from SoftBank Singapore, saying: “We are looking forward to strengthening and developing the partnership further toward achieving common goals.”
‘Made with love in Tokyo’
O3 Swap is the brainchild of O3 Labs — an open-source project that says it is dedicated to turning ambitious visions of a smart economy into reality.
The platform’s testnet is now live, meaning that crypto enthusiasts can put the infrastructure through its paces. Maximum transaction amounts on offer are currently set at below $20.
In the middle of April, O3 Swap announced that it had successfully completed a $2 million funding round with a number of contributors — including NGC Ventures, OKEx Blockdream Ventures and the Neo Eco Fund.
This new platform is complemented by O3 Wallet, which delivers an on-ramp and enables Bitcoin, Ether, NEO and other top digital assets to be purchased using local fiat currencies, with credit card payments accepted. Desktop apps are available for Apple and Windows devices, and mobile apps have also been developed for iOS and Android.
As work continues on O3 Swap, a research and development club has been established on Discord that allows users to deliver their feedback and suggestions on the trial version of this new product. Rewards are going to be offered in exchange for quality contributions.
More insights from O3 Swap here
Big milestones ahead
Now O3 Swap’s official website and litepaper has launched, alongside a Neo swap module, attention is turning to the roadmap for the rest of 2021 and beyond.
ETH and BSC swaps will soon be supported, and the O3 Swap testnet will give way to Version 1, which will enable crypto enthusiasts to enjoy all of these promised features in full.
By the end of the year, a decentralized autonomous organization is going to be established, and O3 Swap’s aggregation protocol will have been deployed on layer-two networks.
This will pave the way for Version 2 to make its debut in 2022, with support for instant quotes and pending orders. Further enhancements are also going to be made to its cross-chain functionality.
O3 Swap says it has been designed in response to an urgent problem — network congestion and poor scalability on the Ethereum blockchain. Although alternative networks for retail investors have emerged, barriers between blockchains are holding DeFi back from achieving its full potential. This project hopes to provide the winning solution that stops network isolation in its tracks.
Learn more about O3 Swap
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