DeSo is pleased to announce the launch of Mega Swap – a revolutionary, cross-chain smart service that allows users to safely and easily switch coins between different blockchains with a frictionless zero login. MegaSwap solves several critical pain points, including new user onboarding and liquidity for any web3 application in any blockchain ecosystem.
In its limited release, the platform has already seen over $5 million in volume, demonstrating its potential to revolutionize the crypto market with cross-chain swaps.
MegaSwap offers an alternative and more secure solution to the traditional centralized exchange model where users never have to log in or provide sensitive personal information. Instead of storing their coins in a centralized exchange, users can store them in their own self-custodial wallet to reduce the risk of unforeseen meltdowns such as those seen with FTX, BlockFi, Celsius, or Voyager.
Mega Swap is a simple, innovative solution for developers who want to build web3 applications on different blockchains. Developers can install the frictionless zero-login API with a single line of code, making their apps chain-agnostic and accessible from any blockchain. For the first time, apps on Ethereum can be easily built with apps on Solana or DeSo. MegaSwap thus makes it easier for liquidity and new users to get on board in any blockchain ecosystem.
“One of the biggest use cases that we think will have the biggest impact is onboarding new users who don’t own your coin. That all changes with MegaSwap, where developers can use crypto-to-crypto swaps between any two coins, regardless of which blockchain ecosystem they are in. This last use case is a great wedge as it solves the biggest pain point for any blockchain developer today: getting new users without letting them buy your coin on an exchange. – Founder of DeSo, Nader Al-Naji, explains.
The blockchain ecosystem is currently fragmented, making it difficult for users who want to try out different web3 apps. MegaSwap allows users to easily and securely switch between Ethereum, Solana, Bitcoin, DeSo, and USDC, with support coming soon for other blockchains such as NEAR, ADA, Doge, and more! This makes it easier than ever to move money between blockchains, allowing communities to seamlessly navigate from app to app.
DeSo is committed to creating a social layer for Web3 that allows communities to transition seamlessly between different blockchains. The launch of MegaSwap is a testament to this commitment and removes a major hurdle preventing the mass adoption of cryptocurrencies.
This is another example in a recent string of successes for DeSo. They recently launched a groundbreaking fundraising platform called Openfund, which allows entrepreneurs to launch tradable coin-backed fundraising rounds through the world’s fastest order book exchange.
With the combination of Open fund and MegaSwap, founders and builders can easily fund projects, acquire new users, and expand their reach with a comprehensive set of powerful tools in the DeSo ecosystem.
They also recently partnered with Princeton University to launch the first of its kind web3 startup contest and have a slew of upcoming releases that will position DeSo as the go-to layer-1 blockchain to build decentralized social media applications.
In addition, the Social network hard fork just went live, enabling decentralized verifications. They plan to move to a proof of stake later this year to improve performance and energy efficiency.
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-intensive applications to billions of users. It raised $200 million and is backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winklevoss Capital, Pantera and other blue chip funds.