FLIP, the native token of cross-chain swap platform ChainFlip, more than doubled on the 24th, its first day of trading.
FLIP, which is listed on several exchanges including Bybit, Crypto.com, Kucoin, and Gate.io, increased by more than 150% to $5.94. According to CoinMarketCap, since its release, trading volume across all exchanges has reached $79 million (approximately 11.85 billion yen, at an exchange rate of 150 yen to the dollar).
Aiming to improve trading efficiency and reduce slippage
Chainflip was developed using the Rust programming language and is based on Uniswap V3 on the Ethereum blockchain. Calling itself a “JIT (Just In Time) automatic market maker,” it aims to improve trading efficiency and reduce slippage.
Chainflip sold 4.5 million FLIPs at $1.83 in August and started trading at $2.50 on the 24th.
Using a cross-chain swap platform like Chainflip eliminates the need to bridge assets or use wrapped tokens. Instead, market makers automatically purchase assets on traditional centralized crypto exchanges with each trade. Chainflip validators will then send the purchased assets to the wallet address specified by the trader at the beginning of the process.
Chainflip has received praise from decentralized liquidity protocol THORChain, whose developers announced on ) from his throne.”
Chainflip had raised $6 million (approximately 900 million yen) in a round led by Framework Ventures in 2021.
｜Translation and editing: Rinan Hayashi
｜Image: Alicia Quan/Unsplash
｜Original text: Cross Chain Swap Token FLIP More Than Doubles on First Day of Trading