One of the leading cryptocurrency exchanges in India, WazirX announced today that it is preparing to develop and launch its first decentralized financial product in partnership with the Matic network..
In an announcement shared with Cointelegraph, the company said that lIntroduction of an AMM protocol (Automated Market Making). Nischal Shetty, the CEO of WazirX, said the product is currently in development, and so is it They plan to release a trial version at the end of September this year.
A The automated market maker protocol is a form of smart contract is intended to replace the order books used in traditional stock exchange markets. You create a liquidity pool in which tokens are automatically traded using an algorithm in a decentralized ecosystem.
They explained and emphasized the reason for choosing the Matic network The network offered greater scalability and performance than Ethereum.
Shetty said this through his new DeFi project, WazirX aims to attract current stock market users and new institutional funds.
It is expected that The end product of your new initiative is for users to participate in the shared liquidity pool in exchange for WRX tokens. It will also allow institutional funds to use DeFi’s liquidity to execute their trades, the CEO said.
To bring in additional liquidity, Shetty said: WazirX works with several liquidity providers;; However, he refrained from naming his potential partners.
For now, New DeFi product is launched separately from WazirX Exchange, but Shetty said they plan to work on “deeper integration between the two platforms”.
Regarding the impact of insecure cryptocurrency regulations on the project Shetty Said He Is “Confident That India Will Introduce Positive Crypto Rules”.
However, it is a remarkable step for the organization to work on a new cryptocurrency project The project runs the risk of virtually running out of users if the draconian total ban law proposed in India in 2019 becomes law.
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