1. Background IntroductionAshSwap is a decentralized exchange (DEX) built on the MultiversX blockchain (formerly Elrond), focusing on stablecoin swaps and yield optimization. Founded in 2022, the platform emphasizes capital efficiency through its innovative StableSwap AMM model. The website features a futuristic purple-and-black design with clear CTAs for swapping and farming. Key branding highlights include "The First StableSwap on MultiversX" and "Low-Slippage Trading."2. Core Website ContentThe platform offers three primary services: 1) StableSwap: Optimized for stablecoin pairs like USDC/USDT with 0.01% fees; 2) Yield Farms: Over 15 pools with APRs up to 45% for ASH-EGLD LP; 3) veTokenomics: Locking ASH tokens for veASH to earn protocol revenue (up to 0.05% of swap fees). The interface integrates MultiversX wallet support and displays real-time TVL ($12.7M as of analysis).3. Technical FeaturesComponentImplementationAMM ModelHybrid Curve-style StableSwap + Uniswap V2Smart ContractsRust-based (MultiversX standard)SecurityAudited by Kudelski SecurityCross-ChainWormhole integration for asset bridging4. Token EconomicsThe ASH token serves three functions: 1) Governance: veASH holders vote on fee structures; 2) Fee Capture: 50% of swap fees distributed to veASH; 3) Incentives: 2M ASH/month emitted to LPs. Tokenomics include: 1) Max Supply: 100M (42% to LPs, 25% team/vested); 2) Current Circulating: 28M; 3) Burn Mechanism: 10% of trading fees. ASH trades at $0.18 with $5M market cap.5. Competitive ComparisonMetricAshSwapBeefy FinanceFocusStablecoin efficiencyMulti-chain yieldTVL$12.7M$480MChainsMultiversX-only12+ chains6. Risks & ChallengesKey Risks: 1) MultiversX ecosystem growth dependency; 2) Stablecoin dominance (75% of TVL in USDC/USDT); 3) Smart contract risks despite audits. Adoption Barriers include: 1) Limited fiat on-ramps for MultiversX; 2) High veASH lockup requirements (4-year max for 1x boost).7. Industry OutlookRoadmap Highlights: 1) Q3 2024 leveraged yield products; 2) EGLD-stablecoin LP innovations; 3) Potential Avalanche integration. Market Tailwinds: 1) Stablecoin volume up 58% YoY; 2) MultiversX TVL growing at 22% quarterly; 3) Regulatory clarity favoring non-custodial DEXs.8. ConclusionAshSwap positions as a capital-efficient StableSwap hub within MultiversX, differentiated by: 1) Hybrid AMM design; 2) Strong veTokenomics; 3) Early-mover advantage. Monitoring priorities: 1) TVL growth post-leverage launch; 2) ASH burn rate acceleration; 3) Cross-chain expansion execution. 更多>