What Is QiSwap (QI)?

QiSwap is a decentralized exchange or DEX running on the Qtum blockchain. Qtum blockchain is known for its confirmation time of 32 seconds per block and a transaction rate of 70 transactions per second (TPS). QiSwap aims to keep the decentralized finance (DeFi) ecosystem growing and evolving. Their goal is to develop a quick, professional, and secure platform while charging cheap fees and allowing for more transactions per second. As fees become minimal, the DEX user experience can improve, and liquidity can also increase. Besides this, QiSwap uses smart contracts based on the Uniswap contracts.

Additionally, QiSwap seeks to enable users to swap their tokens. As the documents state, QiSwap is compatible with QiWallet, found in the Google Chrome store. To understand how swapping happens, users must first ensure that "Launch Swap" is selected before they can swap tokens. Then they're presented with a screen where they can choose to swap tokens. After entering the balance and selecting "Swap," they get a "Confirm Transaction" screen. They only need to double-check the information and then scroll down to "Confirm." The Swap button turns gray after users click, and the transaction is confirmed on the blockchain when the next Qtum block is found.

The next important feature on the platform is adding liquidity. To understand how it is done, users can now go to "Pool" and choose which tokens they want to add liquidity to. After selecting the tokens, they must enter the amounts to add to the liquidity pool. When users are finished, they need to click "Add Liquidity." After that, the transaction is sent and confirmed. They can see the "Add Liquidity" button turn gray, just like in Swap. The button turns purple after it has been confirmed. Apart from this, users need to have QiWallet to pay gas fees for swapping tokens or providing liquidity.

Lastly, the QiSwap platform’s native utility token is QI.