Basilisk recently announced the launch of their Snek Swap AMM( Automated Market Maker) which went live on Wednesday 27th of July at 14:00 CET. It launched with the commencement of the first two Snek Swap pools and now everyone can trade BSX for aUSD and KSM in a decentralized and permissionless manner. Learn how to use Snek Swap with these guides
See swapping guide.
Providing Liquidity guide
Additionally, you can now use Snek Swap on Nova wallet after the dApp was added to the Nova wallet dApps section. The announcement was made by the Nova wallet Twitter handle
What is Snek Swap
Snek Swap is an AMM(Automated Market Maker) built for the Kusama ecosystem which enables traders to swap tokens in a decentralized and permissionless manner using XYK pools. With Snake Swap, users can trade tokens or become a liquidity provider and earn rewards from the generated trading fees.
If you are looking for step-by-step guides, please check out our guides on swapping tokens and on providing liquidity.
About XYK AMMs
AMMs consist of liquidity pools that hold all the available liquidity of the underlying tradable assets. This liquidity is provided by users (the so-called “liquidity providers”) who are incentivized to do so by the prospect of earning rewards from the fees generated by trades in the pool.
Snek Swap is built using the so-called XYK AMM model which is the most common AMM used to facilitate swaps from one asset to another. An XYK pool typically consists of a pair of tradable tokens, X and Y. The relationship between the two assets is expressed by the so-called “constant product” formula, which is also where the name “XYK” comes from:
x * y = k
Learn more about how XYK models work here
About Basilisk Finance
Basilisk is a liquidity protocol built for the Kusama ecosystem. Its mission is to enable frictionless liquidity that caters to the evolving needs of crypto assets – both fungible, and non-fungible (NFTs).
The modular design of Basilisk enables fungible assets to bootstrap liquidity by choosing the Automated Market Maker (AMM) model which they find the most convenient. The first version came out with an implementation of Snek Swap (XYK) pools which allow users to buy and sell tokens, or to become a liquidity provider and earn rewards generated from trades.
For non-fungible tokens, this will be done with Basilisk NFT Marketplace which has a lot of promising features in production. Besides minting and listing NFTs, the Marketplace also brings the ability to set a royalty fee (a percentage of every trade goes to the owner of the fee) and to place an offer for non-listed NFTs. Learn More