Quipiswap was the first DEX on Tezos that allowed anyone to add self-created Tezos-based tokens for trading. This opened the first free DeFi market on Tezos. With Quipiswap, DeFi was truly born on Tezos and an explosion of opportunities arose.
Airdrops of new tokens came up almost daily, yield farming opportunities were created on several platforms and the Salsa DAO Taco Wars were a source of explosive wealth for the first DeFi explorers on Tezos.
Since then it has remained to be one of the most popular of the seven DEXes that are live on Tezos.
In this upgrade, the Quipuswap introduces token-to-token swaps, multi-hop swaps and a new user interface.
– Token-to-token swaps
So far, all trades on Quipuswap had to be made through XTZ pairs. So if you’d swap UNO for kUSD for example, Quipuswap would actually make two transactions for you. First UNO – XTZ and then XTZ – kUSD. But in this upgrade, Quipuswap enables token-to-token swaps.
This will reduce the costs for token-to-token transactions slightly, but more importantly, the pool creation on the initial DEX version costs about 7.7 TEZ but with token-to-token exchange the price is drastically reduced to about 0.2 TEZ.
It will significantly increase the exchange opportunities for projects and users. It will also become a good tool for rewarding liquidity providers in various external farming programs.
– Multi-hop swaps
Multi-hop swaps ensure you trade for the best exchange rate. This solves a possible issue that token-to-token swaps could bring: low liquidity. For token-to-token swaps to be possible, there should be a pool for each token pair.
Currently, the pools are all XTZ – token pools. To fill up all possible token – token pools to healthy liquidity levels would be unrealistic.
This means that not all token combinations will have good liquidity. For that you’d still need to trade through the healthier XTT – token pools. Multi-hop swaps solve this.
Each swap will route through an arbitrary number of pools in order to get as many destination tokens as possible in exchange for the available ones.
– New user interface
Quipiswap’s user interface has remained pretty much the same since launch last year. Time for a refreshing upgrade.
In addition to the selector for the day/night modes and the stylistic changes to the terminal, Quipuswap have moved the main navigation to the left as a fixed menu.
On the new menu, you will be able to connect your wallet, select the network, choose the protocol versions, and navigate through the different sections of QuipuSwap. The “More” tab will open access to the analytics, contract audits, help, and documentation pages.
The “Swap Details” tab has also undergone changes. In addition to displaying the price of selected assets in USD and % of the price impact, you can also see the exchange route of the tokens through specific pools.