AirSwap, a prominent decentralized exchange (DEX), marked its sixth anniversary on Tuesday with several novel features. The rollouts included the introduction of a decentralized non-fungible token (NFT) marketplace, enhanced over-the-counter (OTC) trading functionalities, and a revised voter rewards system.
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DEX for NFTs
In an interview for Decrypt, the co-founder of AirSwap, Don Mosites, stated that the new marketplace aims to incorporate the “ethos of decentralized trading into the NFT sphere”. Don further discussed the limitations of centralized platforms, saying they have historically grappled with issues such as hacking and poor management.
Beyond the NFT marketplace, Don highlighted the platform’s revamped OTC trading service. The new service is a response to the growing digital collectibles market. According to Don, the idea is to provide an open-source front-end adaptable by community users:
“Our goal is to allow projects to tailor and operate a front-end, resulting in a decentralized NFT marketplace tailored to their communities,”
Changes to the voter rewards system
Central to AirSwap is its DAO (decentralized autonomous organization). Don emphasized the DAO’s role as a democratic decision-making tool powered by its members and their economic motivations:
The freshly updated voter rewards scheme for the DAO is crafted to encourage community members to play an active part in the DAO. Leveraging the popular decentralized voting system Snapshot, this initiative promotes active participation in the DAO’s governance.
AirSwap highlighted that since 2021, over 32 million of its $AST tokens have been staked in its voter rewards system by more than 350 committed members.
Founded in 2017 by Michael Oved, Sam Tabar, and Don Mosites, AirSwap enables users to trade digital assets without involving a middleman. A significant twist came in May 2020 when Fluidity, the platform’s original developer, was acquired by blockchain tech firm ConsenSys. The platform’s last major overhaul was in November 2021.
Don reflected on the journey of the protocol so far, stating:
“A lot can change in six years. As we gear up for the next half-decade, we invite other ventures to join us. Let’s empower the architects and communities they cater to.”