A team from the Syscoin (SYS) project that is building a blockchain scalability platform has reported their first direct SYS-ETH mainnet swap.
Decentralized swaps for speed and scalability
A Syscoin (SYS) project addresses the sphere of scalability of decentralized applications (dApps) by offering high-speed transaction validations with zero latency and low transaction fees. Syscoin utilizes the Z-DAG (Zero-Confirmation Directed Acyclic Graph) network, a cutting-edge blockchain technology.
Typically, such projects face obstacles when interacting with crypto behemoths like Ethereum (ETH) or Bitcoin (BTC). Mostly, they are swapping their native tokens via centralized exchanges which results in KYC/AML, custody, high fees and other limitations.
With the protocol released, from block 348,000, ERC-20 tokens are able to cross over to the Syscoin ecosystem natively. This erases any third-party involvement in the exchange process.
Many more use-cases with direct swaps
According to Syscoin (SYS) co-founder, Jagdeep Sidhu, ‘Ethereum developers can finally scale their dApps and smart contracts via the Syscoin protocol. This interoperability solution can play a crucial role in the adoption of cryptocurrencies and DeFi’.
Thus, with the new option, Syscoin (SYS) can approach the sphere of decentralized financial applications (DeFi), which is one of the most rapidly developing blockchain sectors. Also, the company can foresee many B2C use-cases, such as providing instant transactional performance for merchants.
Furthermore, the new feature may help Syscoin (SYS) enter the room of stablecoins. It looks like direct swaps to the ERC-20 version of USDT and DAI are now available.