Following the debacle with FTX, decentralized exchanges have seen an influx of investors and users. Battle Swap DEX launches today in order to provide a more reliable and secure trading platform.

FTX Insolvency Marks A Boon for DEXs

In the past week, the crypto market has been rocked by FTX’s bankruptcy.

After reports of a liquidity crisis, the exchange experienced a surge of withdrawals. This bank run nearly destroyed FTX, leading the company to file for bankruptcy just days later. The situation deteriorated further when nearly $500 million was unexpectedly drained from its wallets over the weekend. FTX and officials think this was due to a hack, but some in the market suspect it could be an inside job by Bankman-Fried and FTX’s executives.

However, while coin prices are down, DEXs have seen renewed vitality. As more market experts advocate for investors to take control of their assets by moving their funds off centralized exchanges, DEXs have become more useful.

According to data from Dune Analytics, the trading volume on DEXs hit a staggering $32 billion last week. Uniswap, the largest of these exchanges, saw most of the volumes, hitting $20.9 billion.

A New Kid on the Block

With DEXs being the big thing in the market right now, investors are excited about the future. A new platform launching today is also set to revolutionize the space.

Battle Infinity, the well-known fantasy sports blockchain game, revealed earlier this week that it will launch its Battle Swap DEX today, November 16. The DEX is set to allow Battle Infinity users to smoothly trade the platform’s native IBAT token and other assets, simplifying the process of switching between coins.

Battle Infinity’s users can buy IBAT and convert their rewards into cryptocurrencies with Battle Swap. The platform will support five assets at inception; Battle Infinity (IBAT), USD Coin (USDC), Binance Coin (BNB), PancakeSwap (CAKE), and the Binance Dollar (BUSD). However, it is expected to expand its support base in the coming months.

Battle Swap will be fully integrated into the Battle Infinity ecosystem and marketplace, ensuring that players get a smoother and hassle-free asset exchange experience.

Building Out A Resilient Ecosystem

Battle Swap is the latest feature of Battle Infinity – a blockchain game where players purchase non-fungible tokens related to some of their favorite athletes. In Battle Infinity, players can form teams with their tokens and compete with others. At the end of the season, the team with the highest point tally is declared the winner, and the player earns IBAT tokens as a reward.

Besides gameplay, Battle Infinity’s players will also be able to engage in competitions and giveaways on social media. When they win IBAT tokens, they can sell them or stake them in the Battle Infinity game to earn up to 25% annual returns.

IBAT is available on several centralized exchanges, including MEXC and LBank. Now that the platform is available on its native DEX, we expect high volumes from players and investors looking to make gains and cash out of their holdings.

 

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