DeSo, a new layer one blockchain, is elated to announce the launch of its revolutionary cross-chain smart service MegaSwap, to enable users securely and easily swap coins between different blockchains.
As per the announcement, MegaSwap will allow users to swap coins between blockchains with a frictionless zero-login. This new service aims to solve critical pain points, including onboarding new users and providing liquidity to Web3 applications across any blockchain ecosystem.
Notably, in its limited release, the new platform has already seen more than $5 million in volume, demonstrating its potential to revolutionize the crypto market. MegaSwap will offer an alternative and safer solution to the traditional centralized exchange mode. Users no longer have to log in or provide sensitive personal information. Additionally, users will now be able to store their coins in their self-custody wallets instead of keeping them on a centralized exchange. This design will help mitigate the risk of unforeseen meltdowns, as in the case of BlockFi, FTX, Celsius, and Voyager.
With MegaSwap, users can easily and securely Swap between Solana, DeSo, Bitcoin, Ethereum, and USDC, allowing them to navigate seamlessly from one app to another. The DeSo team plans to add support for other blockchains like NEAR, Doge, ADA, and more in the coming days.
While commenting on the new platform, the Founder of DeSo, Nader Al-Naji, stated:
“One of the biggest use cases we think will have the greatest impact is onboarding new users that don’t own your coin. That all changes with MegaSwap, where devs can leverage crypto-to-crypto swaps between any two coins no matter what blockchain ecosystem they’re in. This last use case is a great wedge because it solves the biggest pain point for every blockchain dev today: getting new users without making them buy your coin on an exchange.”
In addition, MegaSwap will also serve as a simple and innovative solution for developers seeking to build Web3 applications on different blockchains. The new platform will enable developers to install its frictionless zero-login API with a single line of code, making their apps chain-agnostic and accessible from any blockchain. As a result, apps on Ethereum will easily compose with apps on DeSo or Solana. This will make it easier to onboard users and provide liquidity for any blockchain ecosystem.
In the recent past, DeSo has experienced a significant string of successes. DeSo raised $200 million from key investors, launched a fundraising platform called Openfund, and formed a strategic partnership with Princeton University to launch the first-of-its-kind Web3 startup competition. Also, DeSo’s Social Network Hard Fork just went live to enable decentralized verification.