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What is DESWAP?

Deswap powers the world's first decentralized stablecoin(YAI) built on polygon network, DAW, which is backed by a basket of stablecoins and crypto assets with no centralized control.

We are aiming to change the interaction between the lenders and borrowers so that people can exchange assets without seamlessly losing their funds in the form of higher gas fees. On the Polygon chain, the Deswap Protocol is designed to enable a comprehensive algorithmic money market protocol.

PROBLEMS

The networks like BSC and ETH became too expensive and Very slow and the current many existing protocols also lack the major market assets . Though we aren’t the first in the market to connect decentralised financial services with conventional loans, nor is it the first protocol to bridge the gaps between these conventional services and blockchains. In order to remain secure, there have been protocols that have used billions of dollars in assets held inside the protocols.

Current protocols like Compound, Have appear to be very centralised, since the decision-making power is mostly held by stakeholders and private equity investors. Decentralization is not part of their distribution strategy.

A further $1 billion worth of Ether[3] are being held as unproductive MakerDao Contracts, which come at a significant expense to those that issue assets. In addition, to utilise assets to mint stablecoins, a user must convert it from a money market protocol to a smart contract, remove any benefits of the underlying asset as collateral, and put the item into cold storage.

stable coins
stable coins

SOLUTION

We are majorly focusing to solve the current major fee and slow transactions problems by building out lending and borrowing ecosystem on Polygon chain which can handle 80k transactions per second. Accessibility and a benefit to locked collateral are achieved when an established money market is linked to synthetic stablecoin creation.

By using Polygon chain, any user may easily access a highspeed and low transaction cost blockchain with collateral, earn interest on that collateral, use it to borrow against, and manufacture stablecoins instantly. Using a graphical user interface, these solutions will happen immediately on the blockchain.

By using this protocol, billions of dollars' worth of wealth are unlocked which is presently in the form of on-chain loans such as Bitcoin, XRP, Litecoin, and more. In addition, the participant is provided access to real-time liquidity