It’s time to get ready for DeFi season with ICPSwap! Their recent 1.1 launch should get you excited, especially if you’ve dabbled with the dapp during Beta. There are a lot of features to explore, like the ICPSwap wallet, NFT integration, and an analytics page, plus the team has been regularly rewarding early users with milestone NFTs (like February’s Valentines’ Day drop), along with other airdrop gifts for users--ICPSwap's latest surprise was an ICPSwap 1.0 Memorial NFT for anyone who experienced ICPSwap v1, so take this as your sign to check them out if you haven’t done so already!
ICPSwap intends to become the future hub of decentralized finance by building a “full stack” suite of financial services on the Internet Computer. Along with functioning as a DEX, ICPSwap will provide market and DAO services for tokenized projects and even serve as an NFT launchpad/marketplace. ICPSwap’s UI is extremely easy to use and no doubt, even non-traders will be having a lot of fun with the self-minting option for NFTs while we prepare for DeFi to take off.
Setting Up Your Wallet
You can interact with the ICPSwap dapp by using the built-in ICPSwap wallet or by connecting to an existing Plug wallet. The team is working to integrate more wallets like Stoic, as well as compatibility with DFINITY’s Internet Identity, in the near future.
To use with an existing Plug wallet, select the “Plug” button and authorize connection.
To create a new ICPSwap wallet, click the “ICPSwap Wallet” button and select “Create Wallet”. You will be prompted for a password then once entered, the pop-up will refresh to reveal your seed phrase… and you’re done! Be sure to store your seed phrase in a safe place.
From here you can navigate to the Swap page, where you can wrap your ICP for WICP (please note that this WICP is unique to ICPSwap, and is not compatible with other wrapped ICP). You can also view your past activity by clicking on "Transactions", which will provide you with a log of historical data.
DeFi has not properly kicked off on the Internet Computer but you can still get a feel of what’s to come when you browse ICPSwap’s other trading tools like their Swap and Liquidity pages. ICPSwap’s documentation gives us a sneak preview of what Liquidity will look like—an innovative blend of Uniswap V3’s market-making algorithm combined with the low fees, high speed and reliable performance only found on the Internet Computer blockchain. You can read more about ICPSwap’s MOR (Market-making with Optional Ranges) mechanism in detail here.
ICPSwap’s NFT Moves
NFT trading in the ICP ecosystem has seen surprising robustness despite the larger crypto market cooling off, and if you were curious about dipping your toes into NFT creation, ICPSwap provides a clean experience for both buyer and creator.
Purchasing NFTs is made simple with ICPSwap’s built-in NFT marketplace. All you have to do is open the Marketplace page, select the NFT you want to purchase, and confirm the transaction. You can then navigate to the Wallet tab, where you can view the tokens and NFTS you’ve collected.
To launch a new collection of NFTs, go to ICPSwap’s “Console” button (found in the drop down menu immediately to the right of the “Wallet” tab) where you can select “NFT”. From there you can create your own NFT canister and mint a collection, all without any coding required!
There is a mint-inclusive canister creation fee of 8 WICP. The team has shown early dedication to decentralized governance by asking for community insights such as reasonable creation fees, reducing the initially proposed cost of 10 to 8!
ICPSwap is currently running a NFT minting event that you can participate in, so this is the perfect time to play around with ICPSwap's features and win big.
The Road Ahead
In future updates, ICPSwap will make it just as easy to launch tokens as they’ve made the process for NFTs. Version 2.0 is expected to go live in July when Swap and Launchpad functions make their proper debuts.
Some other key features to look forward to:
-minting new tokens
-creating/participating in liquidity pools
-yield farming pools (using NFTs)
-interactive community features (such as built-in chat groups)
-ad services
A focus on community interaction and providing built-in ad services will be of particular interest for project leads looking to grow their communities. Get familiar with ICPSwap now so you can be at the forefront when DeFi heats up!
- Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfinity Community staff and/or any/all contributors to this site.
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