MeowSwap announced partnership with Matrixswap

MeowSwap announced last Tuesday, December 14, through its Twitter account, its new strategic partnership with Matrixswap. According to the company, Matrixswap is on a mission to build the latest decentralized trading platforms that can scale to multiple blockchains.

Image on MeowSwap post on Twitter

“Matrixswap is very proactive when it comes to seeking exclusive partnerships with large projects within our ecosystem. We are proud to announce that we have partnered with an incubated project, MeowSwap. As Defi in Cardano is unavoidable, MeowSwap aims to have the advantage of being the first to move with its proprietary DEX already implemented in Cardano. As of December 11, MeowSwap has shared its first DEX transaction on Cardano’s main network”, he said through an article published on the Medium platform.

The company explained that MeowSwap is a Layer 2 Decentralized Exchange that uses Layer 1 (L1) for the secure storage of assets, while removing the computational burden from L1 networks. It’s the best of two worlds offering users the security of L1-based DEXs and the speed that almost matches CEX systems.

Also read: Polkastarter announced integration with Celo

In his view, MeowSwap uses Cardano’s main chain to store deposits in a trustless method and record all deposits and withdrawals, while the L2 nodes take the computational burden in managing exchange operations and data transactions. This essentially reduces the data needed to be validated on the Cardano backbone, which means faster performance for end users. You can read more about your DEX here.

Looking to the future

The company indicated that, with the floodgates of users flocking to Cardano for its high speeds and low transaction costs, Matrixswap plans to use the liquidity from MeowSwap’s AMM to utilize the liquidity in our own DEX aggregator (router).

“As MatrixSwap is already implemented on Polygon (Ethereum Layer 2) and Binance Smart Chain (BSC), our goal is to succeed in our original goal of implementing on Cardano. With so many partnerships already announced within the Cardano ecosystem, the goal is in sight”, he specified.

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