Cryptocurrencies and Blockchain are growing rapidly in the sector with the entrance of new forms of crypto firms and organizations, providing bespoke services to the burgeoning crypto community. One of many such firms is crypto exchanges. Another form of exchange in the decentralized finance sector is known as Decentralized Exchanges (DEXs). DEXs are crypto exchanges that operate decentralized and do not allow third-party interference. Unlike the physical or centralized exchanges, DEXs are very anonymous and are available to individuals who want to trade crypto anonymously. Also, DEXs only allow users to convert from one crypto to another token. In this article, we will be looking at Leonicorn Swap and if it has what it takes to overtake Sushiswap.
What Is Leonicorn Swap?
Leonicorn swap is one of the major DEXs thrivings on the Binance Smart Chain Blockchain network. Like Ethereum’s smart contract, the Binance Smart Chain is built similarly to provide the same service, allowing users to enjoy high transaction capacity and highly functional smart contract features. Mofassair Hossain, a seasoned developer in the sector, created the DEX.
Leonicorn Swap is one of the most preferred DEXs making waves in the crypto space. The Binance Smart Chain-powered DEX is popularly known for incorporating various reward earning features into its platform, which keeps users interested and incentivized. The developers have incorporated a non-fungible token (NFT) marketplace. While also ensuring its run on the Automated Market Makers (AMM) model.
These features distinguish Leonicorn Swap from other DEXs. Users have full control over trade, earnings, and investments. The DEX is one of a kind, as crypto analysts believe its creation had a plan for the future. One of the outstanding features of the Leonicorn Swap exchange is to tackle the most common issues found in the CeFi industry, which includes security, high transaction fees, low withdrawal limits, amongst others. These features have now put the DEX as one of the favorites in the DeFi space.
How Does It Work?
Leonicorn Swap, like many other Blockchain protocols, is very decentralized. The DEX is very user-friendly, secured, and provides users with the most Blockchain-effective solutions. Like every DEX, Leonicorn has a peer-to-peer market for its users. This means that transactions can happen smoothly without any form of interference or third-party influence.
Its governance token is LEOS is available on many DApps across the Blockchain space. According to its developers, about 27,468,784 million tokens are in circulation.
Like every other Binance Smart Chain-based tokens, they become secure by Delegated Proof of Stake and Proof of Authority. LEOS, just like every other token, is dependent on the performance of Leonicorn Swap and has continued to thrive all through this year. The token currently ranks around 1,500 in terms of market cap. In the same vein, the market cap of Leoncorn Swap could go astronomically as high as $5.5 Billion in the years to come.
Can Leonicorn Swap Overtake SushiSwap?
Unlike Leonicorn Swap, SushiSwap is an Ethereum-backed DEX that allows users to buy and sell crypto assets and rewards them. Since its creation by 2020 by pseudonymous individual/group- Chef Nomi, along with co-founders Sushiswap and 0xMaki, the platform has remained one of the most thriving protocols in the DeFi space. The platform utilizes a collection of liquidity pools, where users lock up their assets, and external traders then buy and sell the assets from these pools. Like Leonicorn Swap, SushiSwap is also a DEX and does not interfere with the interactions of its users as either a central operator or a third party.
However, the question on the lips of many is if Leonicorn Swap will overtake SushiSwap now or in the nearest future. The status quo of Leonicorn Swap makes it a preferable option for many in the DeFi, but fortunately, the high rewards of SushiSwap are another factor to consider. While it appears that both protocols are designed to incentivize users, it appears that the reward program of SushiSwap is more appealing.
SUSHI- the governance token of SushiSwap, has been performing well in the market. Barely two months ago, the token saw a bullish run, gaining more than 24% in 24hours. Heights as such are not far from the token, as trading volumes continue to spike high. Amidst a 24hour 19% fall in prices, the token currently trades around the $6 mark at writing.
SushiSwap and Leonicorn Swap will take users for a long ride, and analysts believe that they cannot predict the future of DEXs. However, scalability, flexibility, and the growth of tokens could decide the platform that users prefer in the long run. However, as of writing, both SushiSwap and LeonicornSwap users are having a swell time on both Blockchain Protocols, with their tokens thriving in the same capacity.