Community-managed Automated Market Maker (AMM) startup LinkSwap initiated liquidity pools for operating its native token YFL with $6 M locked in six hours.
The long-awaited DeFi exchange for the Chainlink ecosystem was officially launched on Nov. 25.The network is designed to compete with Uniswap, SushiSwap, and similar protocols. According to LinkSwap's team, the project is specially designed for Link Mariners, the hardcore Chainlink followers. The developers aim to solve the problems concerning the high gas prices of Ethereum. Besides, Linkswap will support continuous liquidity pools (CLPs) to decrease the temporary loss for liquidity providers.
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The introduced liquidity pools enable LINK owners to stake their assets among others to get rewards in Linkswap's native token YFL for the first 24 hours. Later, it will be possible to restake LP and receive alt rewards. For now, Linkswap presents 10 such liquidity pools, the two most popular among them being YFL/WETH with about $2 M staked, and YFL/LINK with $1.5 M. Staking will continue for eight weeks, token rewards are distributed sequentially daily to users.