In the blockchain industry, interoperability among blockchain networks is essential because it is crucial to mainstream adoption of cutting-edge technology. Cross-chain technology is seen as the ultimate solution to the issue of blockchain interoperability. Cross-chain technology permits the transfer of information and value between multiple blockchain networks.
There are currently several projects seeking to provide efficient cross-chain blockchain services. One of these innovative and highly effective cross-chain projects is EmpireDEX.
Overview of the EmpireDEX Project
EmpireDEX is a cutting-edge cross-chain Automated Market Maker (AMM) with multiple features that enable developers to increase the reach of their project and create new and innovative DeFi functionality. As a cross-chain platform, EmpireDEX allows you to trade any crypto asset on any connected network within Prism Network with a completely different token on another connected network. The team is currently developing Cross Chain Swaps, and hopes to make it available before the end of 2021. By utilizing Prism Network, EmpireDEX enables cross-chain features that allow users to seamlessly transfer value from one network to another.
EmpireDEX houses a number of tools for developers like the in-built access to Weaponized Liquidity or tools from the Integration Partners' features. The project's vision is to serve as a hub for cross-chain transactions, build the needed infrastructure for the expansion of decentralized finance, and keep growing as a cross-chain decentralized exchange. By leveraging Prism Network, EmpireDEX aims to serve as a bridge and link as many blockchains as possible. They seek to achieve this with bridges that are fast, decentralized, and as cost-effective as possible.
The goal of EmpireDEX is to become a readily accessible, better connected, and completely interoperable ecosystem that helps facilitate growth and development within the blockchain and crypto industry. EmpireDEX is beneficial to developers, traders, token holders, liquidity providers and project partners.
Benefits for Developers
At EmpireDEX, supporting developers is one of their core goals. The founding team understood that if they can empower developers, they are also empowering the communities using the project created by these developers; thus, also empowering the DeFi ecosystem as a whole. These developers are the foundation upon which all innovation can be conceptualized. EmpireDEX is of great benefit to developers who desire to build the next cutting-edge decentralized finance services due to the presence of tools like Weaponized Liquidity, Cross-Chain support, Built-in liquidity locking, Escrow locked liquidity, and Time locked liquidity. For more details on how EmpireDEX supports developers, click here.
Benefits for traders and token holders
EmpireDEX benefits traders and token holders because it allows for greater flexibility when buying assets. It also gives traders access to trade any crypto token available on networks housed inside the Prism Network. The Integration of EmpireDEX into exchange aggregators will enable traders to directly trade any token on any network with another token on a different network. See more details here.
Benefits for liquidity providers
For providing liquidity on EmpireDEX, liquidity providers are given access to the volume generated from Cross Chain Swaps once they go live. This will be more prevalent in PRISM liquidity pairs. The higher the trade conducted, the more fees paid to liquidity providers, therefore, ensuring more liquidity pools are available. Click here for more details about the benefits of EmpireDEX for liquidity providers.
Benefits for partners of EmpireDEX
Projects partnering with EmpireDEX are known as Integrating Partners, and they enjoy certain benefits. These projects are exposed to developers that help facilitate their integration. They also gain exposure to the EmpireDEX user base, and their services can reach a wider audience on any of the networks within the Prism Network. EmpireDEX also offers DEX White Labelling services for projects looking to quickly bootstrap their own DEX that is powered by the underlying smart contracts & liquidity on EmpireDEX. See more details about benefits to partners.
Rootkit-EmpireDEX is currently live in the Ethereum network to facilitate its cross-chain expansion further. This is not just a new Uniswap clone; it is designed with a number of tools to empower developers. Regarding the Rootkit-EmpireDEX smart contract, there is a further upgrade to help facilitate the next generation of tokens created by the Rootkit team. More information will be released about this as it nears completion.
A LGE (Liquidity Generation Event - a trustless presale) will be used to raise funds for ROOTDEX, which will be launched by the end of the LGE presale. All users who participated in the LGE presale will be rewarded with ROOTDEX/ETH LP token. This token will be permanently locked in order to ensure a price floor necessary to implement the Weaponized Liquidity feature of EmpireDEX. The tokens will later be staked in yield farming pools to farm ROOTDEX for a period of 1.5 years as well as provide holders a cut of the total trade volume that occurs on the DEX in the form of stablecoin.