What Is ParaSwap (PSP)?

ParaSwap is a DeFi software that seeks to accumulate data from many cryptocurrency exchanges and facilitates the exchange of Ethereum tokens. The network aims to integrate DeFi services and the collected data from DEXes (decentralized exchanges) into one interface that is easy to understand and use. Users can quickly check the rates of various cryptocurrencies and get the top price possible by using the ParaSwap software.

There are many DEXes in the crypto space with distinct features and benefits. Sometimes, the immense number of DEXes hinder the trading experience of crypto users. As these DEXes have distinct features and demand users to understand the interface, crypto users make trades without looking for a more reasonable price. The whitepaper suggests ParaSwap aims to solve this issue through the ParaSwap Edge feature. ParaSwap Edge seeks to mainstream DEXes and DeFi services and eliminate the complexities of crypto exchanges. By doing this, this currency aims to enable crypto users to focus on trading strategy instead of putting effort into understanding the fundamentals of these exchanges.

Furthermore, Ethereum’s DeFi operates without permission; users can get started with ParaSwap by adding the Ethereum wallet. By doing so, they can easily interact with this network and other decentralized financial services. The ParaSwap’s user interface aims to provide various information to users, enabling them to understand the estimated cost and the minimum amount they can get out of trading at a given time.

Some of the highlights of ParaSwap aim to be the following:

• ParaSwap splits the large orders into decentralized exchanges and enables users to exchange or trade Ethereum tokens in bulk.

• Users can interact with a wide range of smart contracts through ParaSwap, allowing users to swap their tokens directly.

• Users can pay their friends in cryptocurrency that they don’t own by using the Swap & Transfer feature. PSP is the token of ParaSwap DeFi and enables this network to attain decentralization and efficiency. The asset allocates 7.5% of the token’s total supply to existing users to build a community. PSP token holders can stake their tokens to enhance this currency and earn PSP rewards in return. ParaSwap charges fees for their operations and users against the successful and positive swap.

History of ParaSwap (PSP)

ParaSwap Foundation launched the PSP token on November 15, 2021. The maximum total supply of the ParaSwap platform is 2 billion PSP coins.