Jian Qin, founder and CEO of SwapAll, told Cointelegraph China in its Hub interview on Feb. 25 that high transaction fees and poor user experience on DeFi products prevented many people from missing out on the bull market of DeFi in June and July last year. He believes layer-two solutions could prevent this from happening again.
Qin said that in the last DeFi bull run, he participated in Yearn.finance’s YFI and other DeFi mining products and significantly benefited from it. However, in this process, he found that there was a relatively high handling charge. In addition, the user experience of DeFi products is relatively poor.
“Many of my friends were not involved in mining because the threshold was too high, so they missed the bull market. So, in order to solve the pain points in decentralized finance, his team wanted to make an easy-to-use mining process and solution and finally developed SwapAll,” said Qin.
According to Qin, SwapAll is a one-step investment tool that can be connected to a blockchain. SwapAll is designed to be a user-friendly DeFi transaction platform with zero gas fees. He added:
“The system will transfer from on-chain transactions to state channel transactions under layer-two solutions in the future. It is currently the first integrated exchange application with integrated multiple functions like stake pool mining, liquidity pool mining, NFT mining pool and exchange service.”
SwapAll was officially launched on Nov. 1 last year. Qin says that its main advantage is the faster-integrated app experience. Early users who were unable to participate in DeFi and those who didn’t have enough crypto knowledge to complete the whole DeFi mining process were able to quickly login to SwapAll app, which is just like using Alipay.
Since launching three months ago, SwapAll has saved millions of dollars in handling charges for users, according to Qin. SwapAll’s trading speed has reached the maximum. Every exchange is completed in milliseconds, without any lagging.
Qin added that SwapAll is the first product to support semi-centralized account password login and layer-two MetaMask login at the same time. SwapAll will connect the liquidity pools of these two types of login users to realize the data synchronization of layer one, layer two and other applications.
Qin stressed that SwapAll’s layer-two solution is expected to go online in a month or two. He says that compared with Uniswap, SwapAll’s layer-two solution is faster and has a better user experience.
Looking forward to 2021, Qin said that SwapAll will strengthen its efforts to help some traditional projects fulfill the demand of issuing coins in the crypto industry. In addition, SwapAll will be ready to add one-click nonfungible tokens and one-click mobile mine pool operations to the system.
SwapAll is open in terms of the project funders and the development team, and it has transparent and impartial rules. The company behind the SwapAll project has high visibility in the blockchain industry throughout North America, and the technical team is lead by Qin Jian, a well-known North American tech-savvy entrepreneur who has provided mature blockchain engineering services for many enterprises around the world for many years.