Decentralized Exchanges (DEXs) are the future. Look at how Uniswap, Sushiswap, PancakeSwap and others are gaining in popularity.
All of the aforementioned, however, come with drawbacks — mainly high (Ethereum) gas fees and/or single-chain support. That’s what SchnitzelSwap will be solving!
The DEX was named after the famous Schnitzel. SchnitzelSwap stands for innovation & reliability with a friendly, social and funny voice.
Eliminating DEX problems
Striving for technological leadership, SchnitzelSwap will solve all pain points of existing DEX solutions. In 2021, the DEX will launch with a first small fee, instant transaction network connected: Binance Smart Chain. This will already eliminate the problem of high (Ethereum) gas fees known from Uniswap, Sushiswap and the likes. Later this year, other networks (Polkadot, Cardano, Ethereum, xDai and others) can be connected. Interoperable Liquidity Pools will be supported.
Here’s a teaser of SchnitzelSwap’s core USPs:
100% Community-driven & decentralized
SchnitzelSwap is a 100% decentralized community project with a big developer community all around the globe. One Indonesian woman on Bali came up with the name — and all involved developers voted for it.
Interoperable Liquidity Pools
Imagine if each trading pair would not need a different pool for different networks. That would be a truly decentralized, fully interoperable trading experience. In the beginning, the pools have to be on BSC. Once other networks are connected, this will be changed.
Swapping (with tiny network fees and on-chain referral codes)
Swaps you should know from other DEXs like Uniswap. This will be the same, except that the network/gas fees will always be tiny and transactions will always be instant. With other networks connected, network will be be much lower than what we know from Binance Smart Chain today.
What makes SchnitzelSwap unique in addition, is that it will have an on-chain referral system included. Anybody can create a referral code. The referrer gets a huge amount of all the trading fees of his/her trading community.
Liquidity Pools with Community-defined Trading Fees
Liquidity Pools will work similarly than known from Uniswap and other DEXs. However, trading fees are not pre-defined. The liquidity providers vote how much trading fee a pool should take; they decide whether they want to earn high fees (leading to lower trading volume) or minimum fees (leading to high trading volume). This is decentralization as it should be.
SchnitzelSwaps rewards for liquidity providers will not only be very attractive by itself, in addition, the received Liquidity Pool (LP) tokens can be staked in Farms earning additional high APRs/APYs.
One the one hand, there are farms in which minted $STZL are paid out as rewards. On the other hand, SchnitzelSwap allows LP Farming Rewards in other currencies than $STZL: Any project can create a farm to pay rewards to liquidity providers and LP token stakers in whatever currency the project would like.
Pairs of STZL and the token of a supported/connected network (e.g. STZL/BNB as SchnitzelSwap starts with Binance Smart Chain) get a higher multiple.
SchnitzelSwap will offer a $STZL Staking model that lets Stakers benefit from each trade happening on SchnitzelSwap. Plus the Staking pool gets $STZL with every newly minted $STZL token.
The Staking will have an innovative lock feature: The longer you lock, the higher your share of the staking pool. If you believe in the $STZL token and lock some $STZL, you can get up to 5 times more rewards than somebody who just stakes without any lock.
SchnitzelSwap will burn part of the $STZL tokens with each trade happening on SchnitzelSwap.
Governance Token $STZL
$STZL will be the governance token of the DEX. With each block, a pre-defined number of $STZL will be minted. The $STZL minted will be circulated to the $STZL community. Plenty of governance rights will be introduced over time.
Interested in supporting the project?
There will be plenty of benefits for early supporters! Like and share our content and get your hands on some $STZL as early as possible after launch. It might be worth it ;-)