The NFT decentralized exchange protocol from Collection.xyz is now live on the Ethereum mainnet.
In Brief
With Collection’s NFT DEX, users gain the ability to set up liquidity pools that integrate NFTs and ETH, streamlining the buying and selling process of NFTs without the need for middlemen.
Users have the flexibility to filter NFTs that they want to integrate into their liquidity pools by determining specific criteria.
Having spent a couple of months on the Goerli testnet, Collection.xyz’s NFT decentralized exchange is now fully operational on the Ethereum mainnet. This platform features automated market making, allowing users to effortlessly create liquidity pools utilizing NFTs and ETH for seamless trading through a user-friendly application.
The aim of Collection.xyz's launch is to tackle existing challenges related to price discovery and trading inefficiencies found in conventional order book platforms. By providing automated and customizable trading solutions, the protocol allows users to define parameters for the NFTs they wish to include in their liquidity pools, such as identifying unique features, exclusive rare NFTs, or selecting NFTs above a certain price threshold.
Moreover, users on Collection.xyz can explore its 'Hotlists', a feature that helps generate curated filtering ideas for their pools. They can also implement automated trading strategies that focus on specific token IDs within a set collection.
Previously, Collection.xyz has engaged with community-driven projects like The Mutant Hideout, geared toward holders of the Mutant Ape Yacht Club, empowering the community through market-making and profit-sharing initiatives. Creators of NFT projects can leverage the capabilities of the protocol’s Draw vault, using it to boost liquidity and facilitate royalty payments. By depositing NFTs or ERC-20 tokens, qualified liquidity providers can earn rewards that correlate with their liquidity contributions. As liquidity in the pools increases, creators enjoy additional royalties.
According to a press statement shared with Metaverse Post, the DEX protocol has successfully completed an audit by ABDK Consulting, which counts well-known entities like Uniswap, GMX, ZKSpace, CitaDAO, and Sudoswap among its clients.
During the testnet phase, Collection.xyz organized a competition that attracted over 120 participating wallets, which collectively generated 302 pools used to trade Collection Zodiac NFTs. Over 1,100 of these NFTs traded hands via these pools.
At its launch, the protocol is set to offer features including:
- Instantly buy and sell NFTs directly on the platform.
- Establish pools and supply liquidity for a variety of collections.
- No protocol fees.
- Tokenized ownership of pools (LP Token); users are able to collateralize and transfer this LP token to any wallet they choose.
- Integration with multiple NFT marketplace aggregators to facilitate trading through those applications.
- Customization of royalties for creators when liquidity providers create pools, with Collection.xyz’s platform set to default to upholding full royalties.
- Support for these ERC-20 tokens: Ethereum (ETH), Wrapped Ethereum (WETH), Dai (DAI), USD Coin (USDC), Tether (USDT), and ApeCoin (APE).
- Implement incentive vaults with Collection Draw to reward liquidity providers through NFT or token-based incentives. Creators can launch fresh collections grounded in the liquidity offered to their NFT projects. ERC-20 tokens can also be utilized as incentives and serve as a method of token issuance.
Looking ahead, Collection.xyz is geared up to enhance the trading experience by minimizing gas fees and broadening its cross-chain capabilities. It has been recognized as a launch partner for Base by Coinbase, which is an Ethereum Layer 2 solution.
Our goal is to ensure that our user experience caters to the needs of those new to NFTs while also providing a professional interface that offers extensive data, real-time functionalities, and advanced features. Lowering gas fees will benefit all users, which is a priority as we develop the next version. We aim to launch on Base L2 on Ethereum as one of the primary partners, and following that, we'll turn our attention to other EVM-compatible networks that display substantial demand and growth,” commented Spencer Yang, co-founder of Collection.xyz, in an interview with Metaverse Post.
Read more:
Disclaimer
In line with the Trust Project guidelines Please be aware that the information contained on this page is not intended to serve as legal, tax, investment, or financial advice. It’s crucial to only invest what you can afford to lose and to seek independent advice if you have any uncertainties. For more details, please consult the terms and conditions and the help and support pages made available by the issuer or advertiser. MetaversePost is dedicated to delivering accurate and unbiased news, but market situations can change without prior warning.
