One of the most significant milestones in IOTA’s history, April 29th saw the launch of the Chrysalis network. There were improvements in efficiency, security, scalability, and scale. __S.2__

New dApps are now part of Chrysalis. TangleSwap is one of them. It’s a decentralized exchange (DEX) that aims to bring DeFi into IOTA, and combine it with some of the network’s best features.

This protocol’s team has been involved in IOTA since 2017. They have been working for years to expand the network and build upon it. They stated:

(…) We knew that when the time was right we would want to create and offer the best tools for the ecosystem and community so that they grow in a secure, fast and strong way.

This team promises IOTA users, hodlers and buidlers that they will be able to trade and swap tokens at very low prices in the coming months. This DEX will also operate at a fee close to ‘free’, a feature that is not offered by competitors like SushiSwap and Uniswap.

Ethereum’s network hosts many of the largest DeFi protocols, with billions in Total Value Locked (TVL) High fees and congestion allowed for other blockchains to flourish, but this was not the case with Ethereum.

TangleSwap will, as the name suggests, leverage IOTA’s Tangle technology. Users will be able to enjoy automated trades and greater control over their operations, without having to worry about high transaction costs.

This allows you to trade as often as you like, without any restrictions. This feature is especially appealing to people who want to automate their operations, but are not able to pay for gas fees.

IOTA DEX to Allow Free NFTs with Colored Coins

DeFi is not the only sector that has witnessed a rise in interest in crypto, as are blockchain-based gaming and non-fungible tokens (NFTs). TangleSwap will use IOTA’s Colored Coins for the facilitation of the minting and transfer of these assets.

The Colored Coins was a set of methods for managing real-world assets that were first suggested in the Bitcoin update. TangleSwap plans to use these tokens in the future with other cryptocurrencies, company shares and other assets. This will increase the number of applications for NFTs.

This DEX is being developed with long-term and mid-term plans. Their ultimate goal is to create an “entire financial ecosystem on one” platform, IOTA. They will implement a lending platform, a liquidity provision and a native stablecoin.

This is all powered by the Tangle’s advantages over traditional blockchain technology. (…) The IOTA ecosystem will bring about a revolution in DeFi, trading, and holding, thanks to all its possibilities.

IOTA is currently trading at $078. It has been following the market sentiment with a 5.3% daily loss.