Blockchain technology and cryptocurrency have created more opportunities for decentralized markets. The expedient growth of Decentralized Exchanges (DEX) is attributed to the absence of intermediaries which results in lower transaction costs, transparency, and better security of digital assets.
Currently, there are more than 35 DEXs globally that have become an alternative to centralized exchanges. However, fiat gateways have never been used on Decentralized Exchanges. For the first time, EuroSwap — European Decentral Crypto Exchange (EDEX) will allow investors to buy and sell cryptocurrency on the Decentralized Exchange for the official currency of the eurozone — euro €.
The increasing interest of the European Union in cryptocurrency and its 750 billion euros investment in digital technologies has given rise to crypto projects that can support institutional initiatives, as well as create a healthy competition for government financial products.
As a result, EDEX is bringing the most advanced blockchain technologies that will allow Eurozone residents to swiftly and safely purchase crypto assets. Not only that, through its partnership with major payment systems like VISA, investors can transact and easily withdraw their profits using a simple bank card.
According to the EuroSwap development team, the EDEX token is not an attempt to create a digital euro. At the official level, the European Central Bank is already engaged in digitizing the euro currency.
EDEX: The Bridge Between Crypto and Euro
Euro Decentral Exchange (EDEX) is an independent financial product that enables a direct link between cryptocurrencies and European currency. It is the bridge between the euro and the blockchain that supports the European vector of the digitization of the economy.
EDEX is the world’s first decentralized exchange that allows users to buy, sell, and store cryptocurrencies on a pair with the euro pegged to DEX via the Visa fiat gateway. Further development of the European Decentral Crypto Exchange (EDEX) project will make it possible to issue a physical EDEX VISA card, which allows holders to pay for services and goods using their personal euro or crypto account anywhere in the world.
Also, with the help of a physical EDEX card, the safety of holders’ funds is guaranteed with its partnership with VISA, providing the highest protection against hacking, phishing, and other cyber attacks. EDEX leverages the Binance Smart Chain (BSC) smart contract to create a reliable, and affordable crypto exchange.
Outlining its intent, EDEX plans to offer the most reduced entry threshold for people who are still not familiar with cryptocurrency in practice. It will also simplify the process of making and withdrawing deposits in euros.
On top of that, EuroSwap will develop the internal token of the EDEX project to allow its holders to receive additional income through farming and staking. With the number of cryptocurrency holders in Europe less than 5% of the entire population, EDEX hopes to increase its participation in crypto to 25% by 2024.
EDEX token is created on the Binance blockchain with a maximum limit of 746,000,000 tokens which is equal to the number of all inhabitants of Europe. This implies every European can own at least one EuroSwap token. The EDEX token ecosystem comprises mechanisms that make it deflationary as well as higher liquidity.
These mechanisms include;
- Burning: To neutralize inflationary effects, some part of the Transfer Fee paid by the EDEX token purchaser will be allocated to a specific wallet. EDEX token units in that wallet will be withdrawn from circulation, promoting a gradual reduction in the number of EDEX tokens available on the market.
- Anti-Rug Pull: Token liquidity is locked in a secure escrow site. All crypto assets used in buying EDEX tokens are stored in Pancake Swap, except for the crypto assets corresponding to the Transfer Fees, which will be retained so that not even the Developer will have access to them. This mechanism is intended to rule out any rug pull by the Developer. In other words, all that a Developer receives is the Transfer Fee.
- Anti Whale: The Smart Contract automatically prevents purchase or sale transactions in an amount greater than 10% of the liquidity available at the time of the transaction. In this way, significant acquisitions and conversions, which would be capable of causing large fluctuations in the value of the EDEX token, are avoided.
- Gradual Conversion of Tokens From Transfer Fee: The Smart Contract does not carry out sudden conversions of EDEX tokens resulting from the payment of Transfer Fees. This conversion will occur in an automated manner and in line with the flow of EDEX negotiations, aiming to avoid disproportionate conversions and, consequently, significant fluctuations in value.
- Proof-Of-Stake: Purchases and sales of EDEX tokens apply the Proof-of-Stake consensus mechanism, which uses the number of tokens presented by users as the central criterion to determine which one of them will be the verifier of each transaction. This prioritizes users who have the most significant participation in the token ecosystem and avoids high energy consumption associated with transfers.
The European Decentral Crypto Exchange is currently at a pre-sell stage of EDEX tokens on the EuroSwap exchange. At this phase, buyers will receive the largest benefits in terms of both price and service.
Early investors will receive personalized support, which buyers who come to the project after the Priority Session will not be privileged to get. This stage also offers investors an opportunity to buy 1 EDEX at a price of 0.05 EUR (0.058 BUSD), the Minimum Amount is 200 BUSD (4000 EDEX) while the Maximum Amount is 86,500 BUSD (1% of Total EDEX amount) with a Bonus of +5% for purchases over 10,000 BUSD.
To highlight, the Priority Session offers early investors personal benefits such as :
- The minimum sale price of the EDEX token;
- The opportunity to own a large commercial and intellectual share in the EuroSwap project;
- Round-the-clock support on all issues related to the EuroSwap project;
- Free period of asset management without LockTime;
- Participation in the closed Priority community after the start of the second stage of PreSale.
You can participate in the early sale of EDEX tokens on the official website euroswap.io or with the help of a manager in the official Telegram bot.
Since the launch of the digital euro is due, EuroSwap will implement and test Staking & Farming type technologies, pass audits, build strategic partnerships and attract more individuals that charge the battery of project activity.
What’s Next After EDEX Presale
Immediately after the Presale Session, developers will release the token into public trading. First, EDEX will list on several DEX and right away, the token will go live on several leading centralized platforms including Huobi, Crypto.com, and FTX. This phase will allow the project to gather momentum for the next crucial step.
The launch of the DEX EuroSwap prototype on the BSC network will be a full-fledged decentralized token exchange of the BSC network. The gradual development of the exchanger will allow adding tokens of other networks to the transactions as well. Thus, EuroSwap will become a full-fledged DEX.
By the time DEX is successfully tested, the developers will already have a partnership with one or more fiat gateways whilst Visa will be the main partner. Also, the project will have several secondary partnerships.
When EDEX token trading and DEX exchange begin to make a profit, the project will have the power and capacity to develop its own blockchain, which will be tailored specifically to the work and strategy of EuroSwap.
The peculiarity of the EDEX blockchain is that anyone will have open access to the platform, on the basis of which it can quickly create local and global DEX. Hence, incorporating the EDEX blockchain into the entire EuroSwap ecosystem will subsequently spread throughout the crypto community.
In addition, EuroSwap will launch a farming EDEX token project that will commence with an Annual Percentage Yield (APY) of 39.92%. Similarly, Investors can also stake EDEX token with an APY reward of 150.00%.
While EDEX will be listed on CoinMarketCap this December 2021, the EDEX project audit will commence January-February 2022. Notwithstanding the already scheduled staking launch around February, an early staking launch will take place in January 2022 as well as an MVP trading platform testing February-May 2022.
Most of all, in the future, EuroSwap proposes to launch the first Decentralized Crypto Bank in Europe. To emphasize, EDEX will be distributed as follows;
- PreSale session: 10%
- Lock liquidity: 20% collected funds
- Ecosystem: 24%
- Foundation: 24.5%
- Operation reserve: 14%
- Marketing & Listing: 3.5%
- Team & Advisors: 6.5%
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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