Review on Paraswap by José A Rodríguez
Paraswap: A Exchange for Swaps Operating in Multiple Networks
Paraswap is a decentralized exchange that despite having a great advantage for trading is not so much efficient because of its low activities. The interface of the exchange is very simple, and it was primarily created to offer a window for swapping. There, users can know different views of a series of exchanges that are all connected. The purposes of doing that are to choose which one offers the highest liquidity. The company focused on that aspect when creating the service, and tried to create something attractive for users with this offer of different exchanges.
The entire process depends on all services as a whole, and not deliberate actions. The rates and fees included may vary depending on the network the user applies for. When confirming orders is the same, the service also depends on all networks. According to the company, this is viewed as a strategy to increase security.
However, concerning all the previously mentioned, the service is still a complex network for the short service it offers. The fact of having a multi-exchange integration working all for the same network instead of providing autonomy makes the platform a little bit tedious. Users might find it difficult to trade on it. Moreover, it is not as a common exchange, but design for the type of swaps that are part of mining pools.
The good thing about all this is that the liquidity is centred in prices of tokens. The platform does no attach hidden files of fees. In fact, the platform works by using Gas as a common exchange service. So, users can feel free, at least, of trading without losing tokens for paying commissions.
I recommend to use the service with caution and check first if it is useful for what you are looking for in trading.
Pros
- The limits and pairing among tokens are varied. There is good cryptocurrency acceptance.
- It is a free-of-fees service. The service regulates better liquidity without adding commissions of any kind.
Cons
- There is no proof of security implementations on the entire platform. It might be a risk to trade tokens on it since the service has a little audience and rating.
- It does not work as a common exchange. It is part of swapping network with tedious integrations among services.
- It has been disruptive and difficult to use for most of the users.
- There is little information about substantial content about the network. The platform provides the only access to the exchanges. There is no way of having assistance and support from the team.
