Herbswap – The first DEX on Taraxa
We recently discussed Taraxa, the first EVM-compatible BlockDAG. On Taraxa, there have been a few developers launching tokens. One of the first to launch was a decentralised exchange called Herbswap.
What is a Decentralised Exchange?
Let’s imagine you have a market where people buy and sell things, like fruits and vegetables. In a regular market, there’s usually a central place where everyone gathers, like a town square.
Now, picture a decentralized exchange (DEX) as a market where people trade digital assets, like cryptocurrencies, but there’s no central location or authority overseeing everything. Instead of a physical place, it’s all happening online.
Just like in a regular market, buyers and sellers come together to trade, but in a DEX, they do it through a digital platform or software. Instead of relying on a central authority to match buyers with sellers and manage transactions, a DEX uses smart contracts, which are like digital agreements that automatically execute trades when certain conditions are met.
So, in simple terms, a decentralized exchange is like a digital market where people trade cryptocurrencies without needing a central authority, similar to how people trade goods in a regular market without needing a central location or authority to oversee the transactions.
What does Herbswap offer?
Token Swap
Exchange your tokens for other tokens or TARA.
Staking (Pools and Farms)
HERB holders will have access to a single-stake pool where they can lock their $HERB tokens for up to 52 weeks and receive rewards. These rewards can come in the form of $HERB (which won’t dilute the holdings of holders), $TARA tokens, or tokens from partner projects. By locking tokens, the supply of $HERB in circulation decreases, creating scarcity. The single-stake pool will consistently receive the most significant portion of block rewards.
NFTs
Taraxa Punks” is the name of the very first BlockDAG NFT collection in history, deployed on Taraxa. Created by HerbSwap. These can be minted on Herbswap at a current price of 3500 TARA per punk minted.
Memecoin
The first ever memecoin on Taraxa (HarryPotterQBertStevenJustinTrump69Inu “blockDAG” was deployed on 01/12/2023 by the Herbswap team.
Future Vision
One of HerbSwap’s goals is to bring in as much liquidity as possible to the Taraxa Ecosystem and become the go-to decentralized exchange for all holders. They aim to do this by offering appealing rewards and teaming up with projects on various blockchains, building a vibrant community. Additionally, HerbSwap will seek funding from Taraxa’s future grants program to boost user engagement and platform interaction.
What makes Herbswap stand out over other Dex’s?
Herbswap is the first DEX on Taraxa and other tokens are already using it to launch their liquidity.
Herbswap is not currently listed on Coinmarketcap or Coingecko yet, so it’s still possible to be an early adopter.
It’s nice to own the first of a kind. TARA was the first BlockDAG with smart contracts, the first DEX on a BlockDAG was (HERB), the first NFTs on a BlockDAG (Punks) and the first memecoin on a BlockDAG (blockDAG).
Some considerations you should be aware of:
- When you stake tokens, they are locked and it is not possible to withdraw before the selected staking period ends.
- Farming requires more attention than staking (but receives better rewards). Make sure you fully understand how it works first.
- NFTs and memecoins are higher risk. We don’t normally own any but made an exception for these due to them being deployed by the Herbswap team. Always DYOR and consider the risks.
Yield Reviews Opinion
Herbswap market cap currently standard at around $1m. Considering other DEXs on other chains, if Taraxa starts to get busier (which we expect will happen with the Taraxa Bridge release and Hackathon, this could increase demand significantly for HERB. Our opinion (not financial advice) is that HERB is a great token to hold and stake while the bull run starts to warm up. Head over to the Telegram Channel where you’ll find a positive active community.
