SoonSwap is a relatively new AMM NFT marketplace. This decentralized platform comes with many benefits. It focuses on the customers and aims to incentivize community members to become active participants of the platform. Moreover, the company incorporated the matching mechanism of its AMM liquidity pool. It also offers an order book that will allow users to circulate more non-fungible tokens in real-time. That will help to provide more liquidity in the NFT markets, and consequently, the token holders will gain more profits.
The SoonSwap team wants to increase the number of circulating NFTs on the markets and thus ensure that there’s plenty of liquidity. The company has plans to achieve that goal. It will offer customers the most intuitive trading experience within the SoonSwap ecosystem. One of the incentives is to attract people who don’t own NFTs and get them interested in trading.
Furthermore, SoonSwap will provide three types of liquidity pools: Token Pools, NFT Pools, and AMM LP Pools. Token Pools will allow users to buy non-fungible tokens with limit orders, while NFT Pools enable people to sell the tokens with limit orders. The team pointed out that these two will make up the limited order-book mode. The latter works similarly to limit orders when exchanging digital currencies in traditional, centralized exchanges.
However, AMM LP Pool is a bit different. The company based this decentralized non-fungible tokens’ trading pool on an automated market maker mechanism, also known as AMM. The latter consists of a series of smart contracts that are created on the blockchain. SoonSwap provides a certain percentage of Fee Token to create an AMM LP pool. It uses ETH, USDT, and similar currencies as Fee Tokens. This process enables the company to provide liquidity for NFT trading.
What about the platform’s core features?
SoonSwap offers great conditions for NFT trading. Users can easily and comfortably exchange their tokens on this platform. Moreover, they will be able to combine the AMM swap and limit order book and, as a result, enter the trade immediately with pending limit orders or at the spot price. Pools are another important part of this project. They will allow users to provide liquidity as well as earn additional revenue from swap fees.
That isn’t all, though. SoonSwap also offers farming options, which means, customers can stake their LP tokens in the platform’s farms. They will earn great rewards in return. The team noted that if the users stake SOON tokens, they will be able to earn more of the same. For that, they will have to earn fees that are generated by the SoonSwap protocol. The company also has its own Launchpad, and users can launch their non-fungible tokens there to exchange or sell them later.
When will the SOON token’s ICO sale start?
SoonSwap plans to launch its ICO SOON on May 7, 2023. The sale will end on May 8, 2023. SOON is a high-ranking ERC20 token. It attracted much attention lately on the ICO listing platforms. The price of one SoonSwap token will be 0.04 USD during the ICO, but its value might increase after the sale ends. The total supply of tokens is 1,000,000,000, but the team will sell only some parentage at this stage. It aims to raise $150,000 during the ICO and will accept only USDT in exchange.
The company created this platform as open-source software. It was inspired by Sushi v2 and Uniswap v2. As a result, this project offers an automated liquidity protocol that combines a limit-order matching system and the AMM swap.
Moreover, the SoonSwap platform is fully permissionless. That means it doesn’t use any trusted intermediaries. Instead, the company strives to be fully decentralized and community-based. It also operates worldwide, and anyone can register on the platform to trade or become a liquidity provider. Users will have many opportunities to earn profits. The team ensures that its customers will have an enjoyable user experience. The website is easy to use and comes with a pleasing interface. It also has a strong security system to ensure that token holders won’t lose their funds to hackers or scammers.
The team builds a platform mainly for four types of customers. These are liquidity providers, traders, developers, and stakers. Overall, SoonSwap offers great opportunities and has strong potential for success.