What is MojitoSwap(MJT) and How Does it Work? | KuCoin Crypto Gem Observer

2022/02/11 03:45:35

The DeFi world has grown immensely in the past years, especially in 2021. The age of automated market makers began with Uniswap, but the landscape has rapidly developed to contain many robust competitors. One of such competitors is MojitoSwap. It aims to be a one-stop-shop for any blockchain user who desires a variety of passive income opportunities such as staking, flipping NFTs, getting in early on projects in the launchpad, etc.

Because of the cheaper and faster transactions, MojitoSwap chose to use KCC blockchain, a decentralized public chain built by the fans of KCS and KuCoin’s fan communities. MojitoSwap argues that the most popular blockchain development platform, Ethereum, is slow and costly and wonders why anyone would choose to use it. MojitoSwap is deeply gamified, and for the smooth running of the platform, a fast and cheaper network was necessary.

What is MojitoSwap?

MojitoSwap is a decentralized exchange (DEX) that runs on the KCC. The platform has a lot of features that allow users to earn tokens. MojitoSwap is just one of the products of Mojito Finance. The dApp is also an automated market maker (AMM) with which users can exchange two tokens provided there is liquidity for the pair. The project was launched on October 15, 2021, and just four months later, it has a TVL of over $40 million across all liquidity “Bar” and “Wine” pools. MojitoSwap has received its first listing on the KuCoin exchange. Deposits opened on February 10, and trading will open at 10:00 on February 11, 2022 (UTC), for MJT/USDT and MJT/KCS pairs.

What is MJT and What is it used for?

The MojitoSwap (MJT) token is the native governance token for MojitoSwap DEX. There is a maximum of 100,000,000 MJT tokens, but currently only 10% is in circulation. The initial circulating supply was 8,787,933 MJT, which shows a low rate of emission given the project has been running for three months now. At the price of $2.34 per MJT token, it gives the MojitoSwap project a market cap of about $20 million, leaving much room for growth for this project. Being the sole governance token of the MojitoSwap ecosystem, MJT provides holders with several incentives, such as participating in liquidity mining, launchpad, staking, and many more. Since MojitoSwap is built on the KuCoin blockchain, MJT is a KRC20 token. 75% of total MJT tokens will be generated by liquidity mining, making the project lucrative for passive income.

How does MojitoSwap Work?

MojitoSwap's participants have more options for earning large MJT prizes through Bar and Wine pools. The MojitoSwap Bar is a liquidity pool that allows liquidity providers to earn MJT tokens. MJT-KCS, MJT-USDT, and KCS-USDT are the three trading pairs that users can access thus far. In the future, more liquidity pools with enhanced token pairs are expected. Staking MJT in Wine Pool makes it easier for players to get token payouts. Stakers can currently choose between a simple or compound staking pool. MJT profits will be automatically reinvested in a compound staking pool for more significant returns.

On the other hand, a simple staking pool requires participants to manually withdraw their profits once the staking period has ended. In addition, MojitoSwap launched the "Info" dashboard to keep customers up-to-date on the newest token, trading pair, and liquidity statistics and news. Beyond the debut of the Bar and Wine Pool, MojitoSwap is working on more exciting features like launchpad and NFTs to add to the DEX's entire ecosystem.

Users can now buy and trade the Starter NFT freely and purchase new skins for the NFT, thanks to the debut of the Mojito NFT Marketplace and subsequent updates. By changing the character picture of Starter NFTs, skins might increase their potential worth. At the same time, as the MojitoSwap ecosystem grows, the value of Starter NFT will gradually increase. It will also be required to gain access to the future Mojito Launchpad. It's also an essential part of MojitoSwap's Metaverse or GameFi!

What Makes MojitoSwap Unique?

MojitoSwap is the decentralized exchange running on KCC that was founded and centered around the community, and it will progressively become community-owned through the DAO. MojitoSwap aims to be a decentralized exchange with the most comprehensive token listing, the best liquidity, and the highest return on investment. We're not simply going to keep doing what we're doing now; we're going to branch out into other areas and develop cutting-edge DeFi products. Mining, lending, and other interesting yet-to-be-announced capabilities are just a few of the upcoming features. Liquidity providers on MojitoSwap can earn MJT by staking liquid LP tokens in the Bar (Farm). The Wine Pool is a service that allows users to stake tokens for staking incentives. The Wine Pool and the Bar are two separate things. In general, when a project provides token rewards for a Wine Pool, a Bar will be constructed for liquidity mining rewards.

Who are the Partners of MojitoSwap?

MojitoSwap is partnered with KuCoin as it will be getting listed on the KuCoin platform on February 11. It will be the first KCC-based project to get a listing on the famous KuCoin exchange. MojitoSwap is also partnered with Saffron Finance, a yield aggregation protocol built on Ethereum. The partnership enables Saffron users to bridge Saffron tokens to the KCC network to join high APY liquidity pools on MojitoSwap. The project is also partnered with Coinhub Wallet. In the future, MojitoSwap will establish contact and cooperation with more products on-chain, including DeFi, GameFi and NFT and so on.

Closing Thoughts

MojitoSwap is a DEX created by a group of KCS members to provide easy access to the KCC DeFi ecosystem. They are technical experts who previously worked for large internet enterprises with extensive blockchain development experience and senior research analysts who are deeply involved in multiple blockchain projects. They thoroughly understand the DeFi ecosystem, holders, and early BTC and ETH investors. MojitoSwap will be the Uniswap of the KCC blockchain, given time and opportunity to grow.