AliumFinance, a decentralized exchange (DEX) protocol has officially launched its platform following a successful migration of its core smart contract. According to the project materials sighted by Coinspeaker, the smart contract migration was completed to the Huobi ECO Chain (HECO) Network, solidifying the project’s multichain structure or model.
The launched decentralized trading platform, Allium Swap is one of the many products being projected by AliumFinance, and it is an Automated Market Maker (AMM) with a Multi-blockchain Option. It currently supports the Binance Smart Chain (BSC) network, as well as the HECO network, with viable plans to integrate as many as 5 other public smart contract compatible networks. These include Ethereum, Near, Matic, Avalanche, OKExChain, and the integration of more chains will be decided on at a later time.
The decentralized finance world has blossomed in the past year, new innovative projects are now making their entry into the fast-growing ecosystem. The emergence of AliumFinance is billed to enable users to gain access to increased flexibility, mobility, and a variety of options as they can easily switch from one of the multi-chains the DEX supports. With Alium Swap, users will no longer be bound to the monopolized offering and features of any DeFi focused exchange out there.
Other Core Features of the AliumFinance DEX Platform
In furtherance of AliumSwap’s agenda to serve as a one-stop-shop for key DeFi based offerings, AliumSwap comes with a simple interface built to aid easy switching from one chain to the other. The platform is sustained by its native digital currency, the ALM Token, which will afford holders the chance to pay lower fees and reap more benefits from the other native platform products including its Smart Staking and farming programs respectively.
The entirety of AliumFinance operates as a Decentralized Autonomous Organization (DAO) and this is powered by the ALM token. As a part of its products, the aforementioned smart staking and farming will provide the needed competition as it lowers the barrier of entry per costs of operations while returning a higher yield. Additionally, a Multichain NFT Marketplace will be integrated into the protocol, making the AliumFinance project a multifaceted one per its core offerings.
As one of the vital ways to build trust in the protocol, the AliumFinance smart contract has been audited successfully by one of its industry partners, Chainsulting, a German-based firm known for its vast expertise in smart contracts. Chainsulting is reputed to have worked with the 1inch project in the past. For the AliumSwap exchange that is now live, all bugs detected while the Beta version was live have been duly fixed.
Financing and Industry Partners
AliumFinance and the AliumSwap DEX platform is one of the early adopters of the HECO network and has gained wide interest from players in the DeFi world. Back in March, the project raised $2.2 million in about 48 hours in a private round. The funding was backed by Jun Capital, Exnetwork Capital, Consensus Labs, BlockUnify, Cryptomeria Capital (CEO Cointelegraph China, ex Cointelegraph top managers), Nova Club, and several Private Investors.
In a bid to advance and guarantee the longevity of its products and offerings in general, AliumFinance is committed to expanding its network, which is billed to complement the broad expertise of the developmental team.