What is Gigaswap? How does it work?

What is Gigaswap?

GigaSwap is a decentralized application that allows users to securely swap any asset (e.g. tokens, NFTs) across any chain (Ethereum, Avalanche, Binance Smart Chain etc) over-the-counter (OTC) between two independent parties (P2P) without any need for the participation of a third party.

OTC (Over-The-Counter) trading gives users more maneuver than centralized or decentralized exchange. OTC is the next step in direct and decentralized trading. All trades are performed by the owner to the owner without being involved with a third party. Trades perform without affecting the price known on the exchange market.

Any asset can be paired to any other amount of assets. For example, an NFT can be paired to ERC20. That type of pairing is performed on the OTC smart contract on dynamic formula: x * y = k

This type of OTC pair are traded without contract’s taxes.

How Gigaswap Works and Products

Example – OTC Trading:

Trader A wants to exchange two NFT tokens for 1 ETH without having to account for excessively high seller fees that are typically seen.
Trader B is ready to buy these NFTs. Trader A creates an order in GigaSwap, deposits two NFT tokens, then sends a link to the trade to Trader B.
Trader B contributes 1 ETH to the application.
After both participants confirm their intention and agree to terms, the application checks the fulfillment of the conditions and, if the conditions are met, the smart contract exchanges assets: Trader A receives 1 ETH, and Trader B receives two NFT tokens. Thus, the transaction takes place without risk for both parties, in addition, both parties can cancel or revise the terms of the exchange prior to execution.

⇒ The only risk in this case is the vulnerability from the Gigaswap smart contract. Gigaswap v2 is being audited by Solidity Finance, so it will minimize possible errors.

To easily visualize how it works as well as instructions for using the GigaSwap platform, you can read the following article:

Products include:

Direct OTC Trade (Direct OTC Trading) (Gigaswap V2) – traders create orders to trade multiple tokens or NFTs at the same time – save on transaction fees. If the object to exchange has been found before, the transaction will be conducted privately between the two parties. In the opposite case, Gigaswap lists the order publicly and supports the connection.

OTC pair – suitable for developers or holders of a project who want to create a trading pair so that anyone can buy tokens without affecting liquidity/price.
For example, a shark who wants to sell a large amount of tokens in his possession but avoids having a bad impact on the project token price graph or liquidity on DEX exchanges, this person can create a trading pair on Gigaswap and investors. Other retailers can buy from this “pool” – the price is fixed or by the formula x*y=k

NFT partial trading is a new trading strategy that can be used to monetise NFTs by:

– selling NFTs to the bigger audience in fragments

– earning dividends from the further ERC-20 (NFT derivative) trading

– community governance over the NFT to sell or transfer

To partially trade NFT it is should be wrapped into ERC-20, then that ERC-20 (NFT derivative) must be OTC paired to any other asset with the dynamic of fixed price type.

Fee:

Since the fair launch project (no investment fund, no pre-sale and issuance of all tokens to the community), in order to have the initial maintenance capital, the platform collects 7% tax for a total of 1 transaction (3.5% tax per seller and buyer) – 5% to continue the development fund, 2% to buy back $GIGA and burn. According to the announcement, in the future after the platform is completed (Gigaswap v3), this tax will be eliminated – 0% tax.
0.3% transaction fee – of which 90% goes to $GIGA stakers and 10% goes to the team – Real Yield

⇒ After the tax is no longer collected, the team’s main income will depend on the quality of foundation activities, so this partly ensures the long-term motivation to accompany the project as well as continuously improve to increase market share. In addition, for NFT transactions, fees on Gigaswap are quite cheap compared to 2.5% OpenSea or 2% of LOOKSRARE.

Tokenomic

Native Token $GIGA

The native token will serve as a governance token for future decision making. Furthermore, in the future, holders of $GIGA will benefit from the trading fees collected from OTC trades.

$GIGA is available to for trading on Uniswap

Supply: 100 000 000 000

Round trip tax: 7% (5% development, 2% burn), 3.5% on buys/sells

The main function is administration. After v2, $GIGA can be staked and staker is split 90% of platform transaction fees. OTC is a big industry so investors expect this return to be quite good if stake a large amount of tokens compared to the total supply – recently there has been a growth in the price of tokens.

⇒ Tokenomic is neither inflationary nor under pressure of large batches of large funds. Demand comes from staking receiving distributed profits. The market capitalization is only $5 million and many new products will be launched in the near future, so the growth engine is quite potential.

Roadmap for further development and improvement

Short Term

1. Pass the audit. There are various contractual components that make up GigaSwap and the swap contract has been thoroughly audited for the 6 weeks. We won’t release the dApp until the audit has been successfully passed and published.

2. Finish the OTC pair. $GIGA will also soon be available via its OTC pair on GigaSwap. We have locked 10% of the supply for 10 days whilst we finish the tech to make this possible. The OTC pair will be exempt from any taxes.

3. Go live with partial NFT trading

4. Improvements to dApp and wallet based chat system

5. $GIGA token dApp integration

6. OTC Chart System

7. Integrating ICP into the dApp

8. Integrating with chains outside EVM

Project team

The project was built by an anonymous team, led by the owner of the Twitter account @RedEyedApple. According to the share, Gigaswap has started to develop from 8/2021.

Website: https://gigaswap.app
Telegram: https://t.me/gigaswapfinance
Twitter: https://twitter.com/gigaswapfinance

Conclusion

Low cap project and lots of good news coming soon so Gigaswap will continue to thrive. If the product is stable and delivers on what the platform promises, Gigaswap is well worth keeping an eye on and putting in a portfolio – harnessing the benefits of the product itself and the staking rewards.

Disclaimer: This post is not investment advice. You will be 100% responsible for your investment decisions.
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What is Gigaswap? How does it work?

What is Gigaswap?