Persistence DEX, our flagship decentralized exchange, has now been integrated into Skip API. This integration allows the liquidity pools of Persistence DEX to be utilized in the background for cross-chain trading and swaps through ibc.fun, a prominent open-sourced Automated Market Maker and DEX aggregator built on the Skip API protocol.
The latest integration now puts Persistence DEX at the heart of interoperability, allowing its liquidity pools to be leveraged in cross-chain swaps to and from the Persistence Core-1 chain.
Alongside increasing Persistence DEX’s exposure, the latest integration helps increase trading volume and fees for liquidity providers and provides additional trading routes for traders.
Let’s take a look into why Persistence DEX is now integrated and what it means for Persisters.
What is Skip API
Skip API is an end-to-end interoperability platform that lets developers create cross-chain experiences for their users by leveraging a wide variety of underlying DEXes. It employs cross-chain messaging protocols like IBC, CCTP, Hyperlane, and Axelar to offer more cross-chain swap routes.
With over 70+ chains already integrated and $300 million in volume facilitated, Skip API is already proving itself as one of the top interoperability platforms, allowing users to trade across popular blockchains like Ethereum, Ethereum L2s, Solana, and almost every IBC-enabled chain.
The protocol’s core idea is to allow developers to build interfaces that provide users with seamless cross-chain trading, condensing multiple hops into single transactions. However, Skip API’s range of endpoints extends its utility beyond cross-chain trading, allowing developers to build applications that leverage chain abstraction and enable users to interact with dApps without worrying about the underlying chain.
The Skip API’s swapping system in Cosmos is built using CosmWasm and IBC Hooks to facilitate cross-chain asset swaps on the DEXes integrated in the platform. This includes both DEXes that operate through Cosmos SDK modules (like Osmosis Poolmanager) and others which are made using Cosmwasm (like Persistence DEX and Astroport).
The Skip API’s CosmWasm contracts system queries and executes using the specific DEX adapters, to enable a seamless and efficient asset swapping experience within the Cosmos ecosystem.
What is ibc.fun?
ibc.fun is a prominent open-sourced Automated Market Maker and DEX aggregator built on the Skip API protocol. Developed by the Skip Protocol, ibc.fun aims to provide an easy, cheap, and fast way to perform cross-chain swaps and bridging.
What Does the Latest Integration Mean?
Persistence assets, such as XPRT and stkATOM, were already tradable on ibc.fun through integrations from Osmosis and Astroport. However, the Persistence DEX integration now empowers ibc.fun to leverage the Persistence DEX liquidity pools as part of its swapping process. Here’s an example of the integration in action:
In the example, we swap 1,000 USDC on Osmosis to 1,000 USDT. By leveraging the IBC messaging protocol, the Persistence liquidity pool, and Kava, ibc.fun finds the best route to swap with the best rates possible. The liquidity built on Persistence One pools will be utilized if they provide the best trading rates when users make swaps on ibc.fun, with all operations occurring in the background.
So, what does this mean for users?
- More Persistence Core-1 Trading Routes on ibc.fun
Skip API makes it incredibly easy for traders to swap tokens without worrying about what blockchain they’re connected to or having to manually source the best rates, which is why we know many Persisters use it.
With the integration of Persistence DEX, you can now access more trading routes when trading on ibc.fun. These trading routes refer to the various paths or options available for trading. As a result, you’re likely to get better trading rates as it adds another source of liquidity for ibc.fun to leverage.
- More Volume for Persistence DEX
Integrating Persistence DEX also means that our flagship DEX is now getting more exposure to users through what we call ‘background trading’. This means that even though most users won’t realize they’re trading on Persistence DEX, it still provides volume to the liquidity pools, helping to increase our exposure and ultimately benefiting all users.
- More Trading Fees
As a result of the integration, the trading volume and fees for liquidity providers in the pool are expected to rise, presenting an exciting opportunity for increased earnings.
Furthermore, it’s important to remember that Persistence DEX will offer a unique fee-sharing program. Under this program, a portion of all trading fees generated on the platform is sent to the Persistence Community Pool. This results in higher community funds for XPRT holders to allocate through governance, thereby enhancing the financial benefits for Persisters.
More Trading Routes on IBC → More Exposure for Persistence DEX → More Volume → More Trading Fees
Overall, the integration of Persistence DEX with Skip API and ibc.fun marks a significant milestone for Persistence One. It provides more options for traders to receive better rates while helping Persistence DEX increase its traction. As we aim to create a cohesive trading experience, this integration is the first step towards a future that is frictionless, integrated, and interoperable.
About Persistence One
Secured by Bitcoin, Persistence One is a hub for trading Bitcoin and Liquid Staked Tokens (LSTs).
Trade efficiently or provide liquidity 👉🏻 app.persistence one
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