Friendly Market Launches Decentralized Exchange Mainnet on Casper
Friendly Market, the home of decentralized finance (DeFi) on the Casper network, has launched the mainnet of its decentralized exchange (DEX), which it is running an airdrop for.
According to sources, Friendly Market is building an automated market maker (AMM), a vital component to a sustainable DeFi system that sets buying and selling prices for cryptocurrencies on Casper. The Friendly Market AMM is built using the constant product formula (x*y=k) to determine token prices.
This AMM will charge a 0.3% fee on every trade executed on the AMM, of which 0.25% will go to liquidity providers, while the rest will be split evenly between superREI holders and the platform treasury.
Notably, yield farming will also be made available soon on the platform, giving liquidity providers the chance to earn more yield than the trading fees.
Recently, Friendly Market announced the launch of Friendly Swap. This platform allows you to buy and sell any cryptocurrency on the Casper ecosystem in a matter of seconds.
With the official launch of its DEX on Casper Network, the team is conducting an airdrop to reward liquidity providers. The allocation of the airdropped tokens will be calculated on the basis of USD value and the time period that it has been supplied to liquidity pools. The airdrop will be distributed in the native REI tokens.
Friendly Market also allows users to use the DotOracle bridge to move liquidity from other chains to the Casper Network. In order to help secure the bridge, the project will run a validator node on the DotOracle network.
The project has already gotten its smart contracts reviewed by blockchain security firm Arcadia to ensure the safety of user funds. Consequently, more wallet integrations are also set to be announced soon.
Friendly Market is a beginner-friendly gateway to DeFi on the Casper network, providing users with access to multiple products through one easy to navigate ecosystem. In addition to an exchange, the team is also currently hard at work on an NFT marketplace, a lottery product, and a launchpad.