Following the debacle with FTX, decentralized exchanges have seen an influx of investors and users. Battle Swap DEX launches today in order to provide a more reliable and secure trading platform.
FTX Insolvency Marks A Boon for DEXs
In the past week, the crypto market has been rocked by FTX’s bankruptcy.
Following reports of liquidity crisis, the exchange faced a wave of withdrawals. The bank run effectively crippled FTX, with the company filing for bankruptcy days later. However, things worsened when almost $500 million was suddenly siphoned from its wallets over the weekend. FTX and authorities believe this resulted from a hack, although some in the market suspect it to be an inside job by Bankman-Fried and FTX’s top brass.
However, while coin prices are down, DEXs have seen renewed vitality. As more market experts advocate for investors to take control of their assets by moving their funds off centralized exchanges, DEXs have become more useful.
According to data from Dune Analytics, the trading volume on DEXs hit a staggering $32 billion last week. Uniswap, the largest of these exchanges, saw most of the volumes, hitting $20.9 billion.
A New Kid on the Block
With DEXs being the big thing in the market right now, investors are excited about the future. A new platform launching today is also set to revolutionize the space.
Battle Infinity, the popular fantasy sports blockchain game, announced earlier this week that it would launch its Battle Swap DEX today, November 16. The DEX is expected to provide Battle Infinity’s users with the ability to easily interact between the platform’s native IBAT token and other assets, making it easier for them to move between coins.
Battle Infinity’s users can buy IBAT and convert their rewards into cryptocurrencies with Battle Swap. The platform will support five assets at inception; Battle Infinity (IBAT), USD Coin (USDC), Binance Coin (BNB), PancakeSwap (CAKE), and the Binance Dollar (BUSD). However, it is expected to expand its support base in the coming months.
Battle Swap will be fully integrated into the Battle Infinity ecosystem and marketplace, ensuring that players get a smoother and hassle-free asset exchange experience.
Building Out A Resilient Ecosystem
Battle Swap is the latest feature of Battle Infinity – a blockchain game where players purchase non-fungible tokens related to some of their favorite athletes. In Battle Infinity, players can form teams with their tokens and compete with others. At the end of the season, the team with the highest point tally is declared the winner, and the player earns IBAT tokens as a reward.
Besides gameplay, Battle Infinity’s players will also be able to engage in competitions and giveaways on social media. When they win IBAT tokens, they can sell them or stake them in the Battle Infinity game to earn up to 25% annual returns.
IBAT is available on several centralized exchanges, including MEXC and LBank. Now that the platform is available on its native DEX, we expect high volumes from players and investors looking to make gains and cash out of their holdings.
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