CoinSwap is a decentralized exchange built on the Binance Smart Chain with a goal to make DeFi as simple as possible for the average investor. With a suite of DeFi tools that allow users to stake, yield farm and contribute to liquidity pools, CoinSwap is bringing all the features of DeFi onto one simple, user-friendly interface and combining them with rock bottom transaction fees made possible by the Binance Smart Chain.
Today, Korea IT Times sat down with Michał Bartczak, co-founder and CTO at CoinSwap, to talk about BSC, AMMs and the future of DeFi.
DeFi has seen huge growth over the last year, even compared to the rest of the crypto market. What do you think attracts so many people to DeFi?
I think a huge part of DeFi’s rise has been the establishment of decentralized exchanges. People now have a place to put their crypto that will earn them a return. They now have the ability to play as “the house”. DeFi is about letting people take the role of the bank and DEXes have allowed that to happen.
DeFi can be an intimidating space for new investors. What is CoinSwap doing to make DeFi more accessible to the average investor?
We have staking, liquidity pools and trading all in one place, lower fees than PancakeSwap and a suite of options that allow you to mass harvest and mass stake all of your yield across all of our pools with a couple of clicks. The goal of CoinSwap is to make getting involved in DeFi as easy as possible.
As a new project, you've seen quite a lot of volatility in the crypto market since its launch. How has your project dealt with it?
We’ve done very well. The value of our native CSS token has been relatively stable which is great. I do believe that DeFi protocols like ours will be a great place for people to store their crypto long-term through both a bear market and a bull run.
CoinSwap Space is built on the Binance Smart Chain. Why did you arrive at the decision to build on BSC?
BSC simply offers a better experience for its users. Fees are lower, trading is faster. These are the things we wanted to pass on to CoinSwap users.
What makes CoinSwap space stand out from its competitors such as PancakeSwap?
Trading on CoinSwap is even cheaper than on PancakeSwap. We also offer a better long-term solution for our investors. CSS token has a hard cap which means it’s deflationary as some CSS tokens are burnt at every trade on our network.
CoinSwap Space utilizes the automated market maker (AMM) model. What made you decide to implement this method?
AMMs have been massively significant in the rise of DeFi over the past while. The problem with previous attempts on decentralized exchanges has been that if a trader needs to wait for someone to fill the other side of trade it can become a very slow process. AMMs take all that away. They are the fastest and most decentralized way to practice DeFi.
How significant do you think interoperability will be to the future DeFi market?
I think it will be highly significant. The entire crypto ecosystem is becoming more and more diverse. New chains are coming online that will be able to specialize in different things. At CoinSwap we’re very aware of how important it will be to expand the chains we operate on.
What's next for CoinSwap? What future developments do you have in the pipeline and what do you envisage for CoinSwap long term?
We are currently focusing on building tools to facilitate trading, data analysis, and listing new projects. We want to create friendly interfaces for non-technical users as well. The speed and accuracy of data processing from smart contracts are currently the biggest challenges for a DEX.
At the same time, we must remember to stay as a decentralized project. In the near future, we will also introduce tools to support and promote new listings. We are already in talks with very interesting and progressive projects which we will present soon. Of course, in the long term, our goal is to implement the developed tools as a cross-chain DEX.
