Hi there everyone, today we have the pleasure of introducing you Gravity Dex, an extraordinary tool to which the community of Cosmos has worked for many months and which will get its testnet launched tomorrow, May 4th 2021.
What is Gravity Dex?
Gravity Dex is the first Decentralized Interchain Exchange, created for the Cosmos Hub.
Gravity Dex opens to swaps between two of any tokens that are part of the Cosmos Ecosystem, thus opening enormous market and liquidity opportunities for all participants.
Why is it so important Gravity Dex for the Cosmos ecosystem?
Taking advantage of the IBC Protocol (Inter-Blockchain Communication) Gravity Dex enables to create an independent, fast and reliable Exchange for digital assets, for Cosmos and for other networks, as well as integrating Liquidity Pools for many other protocols/networks through its innovative Equivalent Swap Price Model and Automated Market Maker.
In summary, Gravity Dex’s launch is an event of vital importance to obtain the desired high level of interoperability in the Cosmos Ecosystem, such as desired by the whole community.
Why is it very important Gravity Dex for Bitsong?
As you well know BTSG (Bitsong’s token) is a cross-chain token, as it has two versions on the market i.e. the erc-20 one and bitsong-mainnet one. The erc-20 version counts just over 11 million tokens in circulation while around 105 million are in bitsong-mainnet.
Currently the tokens located in the Bitsong-Mainnet have no way out of our chain to other environments based on Cosmos or out of Cosmos.
Therefore, Gravity Dex will be the bridge to being able to exit Bitsong to other environments and vice-versa. In this way we will create endless opportunities to increase market and liquidity.
Furthermore we remind you that Fan Tokens and NFTs that will be created and managed within Bitsong, will also be transferable thanks to IBC, therefore artists and labels or other participants in the ecosystem will be able to create their own economy, deciding on thier own how to divide or handle their assets, always passing from BTSG.
In what phase is currently Gravity Dex?
Gravity Dex is approaching his first one-week testnet tomorrow May 4th.
For those interested here you can find Gravity-Dex for Testnets (Gaia + Liquidity Module)
The TestNet will be incentivized for a total of over $200K between Atom and other 12 sponsor project tokens.
For more details on the event do not hesitate to consult the official announcement.
Will Bitsong be part of the testnet?
Certainly, Bitsong is one of the sponsors of the event and together with Cosmos and 11 other Ecosystems based on it will ensure its contribution to both the Total Prize and at the operating level on the testnet itself.
How will the competition take place?
Basically all the activities that the users perform, Trades, Swaps, Arbitrations, liquidity in the pools and so on, will be taken in consideration for establishing the winners.
Participants are scored on both their activity and simulated earnings
Find the complete Guide of the event and how to operate with Keplr.
In conclusion, we can say that Gravity Dex is making the whole Ecosystem jumping a step of quality forward in terms of interoperability and will certainly be the first “heavyweight” Match of IBC, Cosmos protocol that will be seriously “stressed” on a real use case for the first time.
Thanks to Gravity Dex, Bitsong ecosystem will be even more complete and offer its users the opportunity to create their own transparent, reliable, fast and with almost no commissions economy.
So Let’s Welcome Gravity Dex Into The Ecosystem!