Plutos Network, the leading multi-channel-based synthetic DeFi hub, is excited to announce that it will be launching NovelSwap, a next-generation DEX, on the Public Mint network. The two companies will also expand their collaborations in other future solutions.
Public Mint is an open and comprehensive blockchain platform for fiat currency, where funds are fully guaranteed and held on deposit with institutions regulated and insured by the FDIC. The launch of NovelSwap on Public Mint will mark the start of a deep collaboration between the two companies. Going forward, Plutos Network will work with the Public Mint team to integrate the simple and powerful payment system offered by Public Mint.
NovelSwap is already live on Public Mint testnet now, and we have a small group of beta testers who are testing the DAppswap and providing valuable feedback to our developer team. NovelSwap is expected to launch on Public Mint’s mainnet in about a month, at the end of October.
By launching NovelSwap on Public Mint, a native fiat blockchain, Plutos Network will offer the Public Mint community a way to exchange their MINT tokens for their native USD. And in the future, any project launched on Public Mint will be able to use NovelSwap for trading.
“As we see rapid growth of some leading public blockchains over the past quarter, Public Mint is one where we see very promising potential for mass adoption,” said Juan Capilla, CEO of Plutos Network. By building NovelSwap on Public Mint, we will be able to offer the best trading services for PLUT traders.
NovelSwap will be the very first solution built by an independent developer on top of the Public Mint blockchain, and it will offer Public Mint users the first gateway to trade using their native USD.
“We are delighted to have the first project independently built on our network – especially by such a reputable group as Plutos Network,” said Jorge Pereira, co-founder and CTO of Public Mint. “In addition, we are excited about the potential of this partnership and look forward to taking our collaboration to new heights in the near future.
The features and benefits of NovelSwap include:
NovelSwap is the first and only DEX currently on the Public Mint blockchain.
A portion of the trading costs incurred by the DEX will be used for the redemption of PLUT tokens.
NovelSwap will take advantage of Public Mint’s fixed, low-cost gas fees, currently just $ 0.30 to buy and $ 0.53 to sell tokens. Gas charges are paid in USD and fixed regardless of trade amounts.
NovelSwap’s trading fee model is fair and transparent. Sellers are charged 0.5% on the transaction, while buyers pay no fees – which ensures much fairer price action for the launch of new projects by up-and-coming startups.
Swaps only take an average of four seconds on NovelSwap, due to the fast confirmation time of Public Mint’s blockchain and instant finality.
Merchants can easily fund their USD wallets through the direct connection of the Public Mint wallet by wire transfer or credit card / wire transfer, or through USDC deposits through the company’s partnership with Circle. And after selling tokens, users can withdraw fiat directly from their wallet to their bank accounts; it is not necessary to go through another exchange.
NovelSwap is launched with a MINT-USD pair. Once Public Mint adds euros and other fiat currencies to its blockchain, we will also consider launching EUR / MINT and other trading pairs.
Once a project deposits LP in NovelSwap, that liquidity is locked in. The project owner can choose the length of the lockout, and when that lockout expires, it will be displayed publicly in the NovelSwap pair interface for anyone to check.
In addition to Public Mint, Plutos also plans to launch NovelSwap on BSC and Ethereum in the near future.
Image from LaunchTeam
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