Thread by @DaanCrypto

Why I'm Bullish on $PSWAP @polkaswap

Polkaswap is a new DEX built on the Sora network, based on Polkadot and Kusama relay chains.

Past week I've accumulated myself a bag of $PSWAP with the intention to hold this for the mid/long term.

🔹Valuation

$PSWAP currently has approximately a 600M circulating supply.

The current price is $0.45 which puts the market cap at ~270M.

Compare this to the three main DEXs we know:

$UNI $22B
$CAKE $6B
$SUSHI $2.6B

And you can see how the current $PSWAP valuation is still very small.

Even if it would just take a small portion of those DEXs, a 1B+ market cap wouldn't be far fetched at all.

🔹Advantages of Polkaswap

To start off, fees are very low and the swaps cost like 5 seconds. I've tried it myself, and it worked very well.

This is also the first DEX on Polkadot as far as I know and if $DOT decides to go on another run, $PSWAP likely runs with it.

The main feature is that Polkaswap has the ability to do Cross-chain exchange of assets.

This means that any asset from any blockchain could theoretically be traded onto Polkaswap.

🔹 $PSWAP Tokenomics

It's similar to $UNI and the other DEX coins where it's used as governance token.

As stated earlier, there's 600M tokens in circulation. The total supply will be 10B.

It's possible to earn $PSWAP by liquidity mining.

What's great here is that with the 0.3% fee that's taken from swaps, more $PSWAP is bought and then burned which puts significant buying pressure onto the price of PSWAP.

🔹Sora Ecosystem

I'm aware of the other coins within the Sora ecosystem like $XOR and $VAL but my main focus lies on $PSWAP here.

I also won't be providing any liquidity seeing I don't want to be the victim of any permanent loss.

I've held $XOR in the past and held it until the snapshot (a few weeks ago) to get some free $VAL.

This turned out to be a great move overall and I will likely keep re-investing this VAL as it comes in, into $PSWAP.

🔹Summary

All in all, I'm not saying this will take over $UNI or even $CAKE. But even if it would just get to the market cap of $SUSHI that'd almost be a 10x from this point already which makes this a good R:R play in my eyes.

My average entry lies around $0,25-0,3.

🔹How to buy PSWAP?

First you need a Polkadot.js wallet and a Metamask (ERC20) wallet.

Then go to polkaswap.io and use their Hashi bridge to transfer e.g. $ETH or $XOR.

When you click the bridge, simply connect both your Polkadot.js and Metamask wallets and bridge.

Once that's done, and you have your assets onto your Polkaswap account, you can then simply swap for the tokens you desire, just like any other DEX.

Swaps take about 5 seconds and only cost a few $.

For help, try their Telegram: t.me/polkaswap

Good luck! 😎