The native token of ChainFlip, a cross-chain swapping platform, increased in value by over 100% on its first day of trade.With multiple exchanges listing it, including as Bybit, Crypto.com, Kucoin, and Gate.io, the currency saw a 150% increase, reaching a high of $5.94.CoinMarketCap reports that since its introduction, trading activity has reached $79 million across all venues.
Based on the Ethereum blockchain and Uniswap’s V3 concept, ChainFlip was created using the Rust programming language.With the goal of increasing trading efficiency and lowering slippage, it bills itself as a “JIT (Just In Time) automated market maker.”When big orders are processed, a lack of liquidity may result in slippage, which is the difference between the price a trader expects to pay and the price they actually pay.
In August, ChainFlip sold 4.5 million tokens for $1.83 each. At $2.50, they began trading on Friday.There is no need to bridge or wrap assets while using ChainFlip and other cross-chain swapping platforms.Rather, after a trade is done on a conventional centralized crypto exchange, the market makers instantly buy an asset.The bought assets are then sent by ChainFlip validators to the wallet address that the trader initially supplied.
Decentralised liquidity protocol THORChain praised the protocol, stating on X that it will collaborate with ChainFlip to “dethrone the centralized gatekeepers of today.”Lead by Framework Ventures, ChainFlip raised $6 million in a 2021 funding round.