Review on EmiSwap by Benaiah A. Akinlade
EMISWAP: ANTICIPATING A LASTING SOLUTION TO THE PROBLEM OF CENTRALIZATION IN DEFI
EmiSwap, (of the Emi Decentralized Autonomous Organization; EmiDAO ecosystem) is an automated, proposed, still in the works, open source, community-driven, and Decentralized crypto Exchange (DEX) forked from the AMM Mooniswap and AMM Uniswap V2 exchange in order to find solutions to current pending centralization problems associated with the Decentralized Finance industry. It is the pioneer project of the EmiDAO ecosystem.
The exchange has two native tokens known as the governance (ESW) and internal (ESD) tokens. I discovered that the ESW governance token gives hodlers a percentage of project’s profit in accordance to the proportion of the token hodled. The hodler is also able to participate in the voting process on the project’s future developments. On the other hand, I found out that ESD internal token gives hodlers of ESW token assets in the yield pool in proportion to how much of ESW the investor owns.
When the token is eventually rolled out, hodlers will be able to buy and trade the ESW tokens with ERC-20 stablecoins such as: USDT, USDC, and USDB, and cryptocurrencies such as ETH, renBTC, EMRX, WBTC, WETH, etc.
It is noteworthy that one of the plans of EmiDAO is the proposition to ensure that smart contracts cannot be voided or violated without the community members voting on such decisions and after the necessary conditions for ending the contract have been met
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Furthermore, I find the Magic EmiCards, which are bonus NFT cards that will be given to users for purchasing ESW tokens and performing several other tasks on the EmiSwap ecosystem platform very impressive. The card comes in five varieties, depending on the number of bonuses you earn. The cards include:
1. Ordinary Card
2. Uncommon Card
3. Rare Card
4. Epic Card
5. Legendary Card
These cards, depending on which one you have, will be used by the holders to Earn, Collect, Farm, and Sell EWS tokens.
Since EmiSwap is still in its developmental stages, the community has been in communication with other well established Defi platforms to seek partnership and integrations. This is a step in the right direction to ensure that as soon as the project is launched, all the necessary tools and enabling environment needed for EmiSwap to survive is in place.
I am also fascinated with the fact that ESW will be tradable with quite an impressive number of stablecoins upon lauch.
I personally anticipate and look forward to seeing EmiSwap launched in order to see how successful it will hopefully be.
Pros
- The Magic EmiCards are acceptable on the internal market place and each of cards contains a minimum of four different categories of bonuses
- There is an impressive trading commission on trading ESW tokens for traders.
- Hodlers of the ESW token who are also the community members in the project are entitled to get a share of a project's profits and make decisions by casting their votes on the future development of the project.
- The economic model of EmiSwap is set up to work in an unbiased way for all participants in the project.
- You will be able to migrate your liquidity fast and easily from other protocols to EmiSwap for more enticing rewards.
- ESW will be tradable with quite a good number of ERC-20 based stablecoins
Cons
- ERC-20 Tokens can be easily created on the Ethereum blockchain. This can also give room for fake versions of legitimate tokens and projects, so it is wise to be very careful when dealing with ERC-20 tokens.
- EmiSwap has not been launched as it is still in development
