Decentralized Ethereum-based exchange, AirSwap, unveiled a new set of features on Tuesday, most notably the inclusion of a decentralized NFT (Non-Fungible Token) marketplace. This move comes as part of AirSwap’s vision to promote decentralized trading, given its advantages over traditional centralized platforms.
Co-founder Don Mosites, in a chat with Decrypt, emphasized the importance of this new direction. He stated, “The underlying mission is to bring the idea that decentralized trading is good for everyone to NFTs,” Mosites said. “Centralized venues over the years have grappled with multiple issues, whether its hacks or mismanagement—you run the same risk with NFT platforms.”
Established in 2017 by Michael Oved, Sam Tabar, and Don Mosites, AirSwap allows users to trade digital assets without intermediaries. It was further boosted in 2020 when its original developer, Fluidity, was acquired by blockchain titan, ConsenSys.
Decentralized exchanges, or DEXs, employ smart contracts to enable peer-to-peer trading, eliminating the need to deposit coins prior to trading. This model, although praised for its direct approach, has become a magnet for cyber attacks. Recent cases include the U.S. Department of Justice’s charge against engineer Shakeeb Ahmed for a crypto heist and RocketSwap’s significant loss due to a compromised key.
AirSwap’s latest offerings also incorporate an improved over-the-counter (OTC) trading service. As Mosites puts it, the goal is to present a customizable open-source front-end, allowing communities to build and rally around their own decentralized NFT marketplaces.
At the core of AirSwap is its DAO (decentralized autonomous organization), a decentralized structure where members collectively control operations. Mosites clarified the essence of a true DAO, describing it as a “token-based voting system that operates autonomously.”
To foster active participation, AirSwap’s updated DAO voter rewards program uses the Snapshot decentralized voting system. According to AirSwap, since 2021, over 32 million AirSwap AST tokens have been staked by more than 350 active members.
Closing on an optimistic note, Mosites expressed enthusiasm for the road ahead, inviting other entities to join AirSwap in empowering creators and the communities they serve.
Source: https://decrypt.co/200764/ethereum-defi-exchange-airswap-rolls-out-nft-marketplace
Image: https://unsplash.com/photos/Rv43MEcX_rY
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