Bringing Itheum’s Exclusive Defi Passport into AshSwap’s Ecosystem
We are pleased to announce our latest partnership with the very first decentralized exchange (DEX) following the stable-swap model on the Elrond blockchain, AshSwap. This is a significant moment for both projects, but for Itheum, the chance to showcase just how adaptable and technologically advanced it is through the development and introduction of the Web3 Defi Passport. This innovation will allow users worldwide to own and trade their financial data, and AshSwap is the first project to adopt, thus giving their users the chance to be among the first to truly own and trade their financial data in the Metaverse worlds.
What is AshSwap?
AshSwap is a decentralized exchange built to create a highly efficient medium of exchange for similar-priced assets. Incorporating concepts of Elrond’s Maiar Exchange, such as liquidity pools, bonding curves, and the AMM algorithm, AshSwap is designed to avoid volatility and offer the best trading rates.
Current models dictate that the users’ assets are deposited in an increasing curve, which results in new liquidity. The AshSwap model wants to revolutionize that and concentrate the liquidity where it is needed the most — around the peg.
By doing so, AshSwap optimizes swaps between stablecoins and other stable value assets, making larger-size trades relative to liquidity possible without leading to drastic price changes. Trading assets at 1:1 rates is essential for deploying valuable Defi use cases on any blockchain infrastructure. AshSwap is a solution and pathfinder towards this on the Elrond Network.
AshSwap and Itheum are projects incubated by Elrond’s Maiar Launchpad, putting them in a league of carefully selected projects with the promise to bring significant value to the ecosystem.
AshSwap is currently in the launchpad public sale phase, where participating members can win tokens on the maiar launchpad. This is a fascinating and pivotal moment for the project.
Users who own $ASH tokens can enhance their liquidity by depositing assets in any pairs to earn transaction fees or stake LP tokens to earn and receive transaction fees.
One of the most exciting aspects of this partnership is the introduction of the Web3 Defi Passport. This passport will allow users worldwide to truly own and trade their financial data.
Users will be able to mint their NFMe ID, a “soulbound” and customizable personal data-backed avatar linked to the user’s identity that forms the basis of the Defi Passport. Therefore, all data generated as part of the financial aspects of the user will be connected to their own NFMe ID, which opens the gate for consented, governance-driven sharing of this valuable data, as well as opening other exciting aspects, such as tiered access to Defi features, based on Web3 Reputation Score, akin to traditional Web2 credibility scoring systems (like credit scores). Furthermore, users will be able to add reputation to their identity based on their contribution to the AshSwap ecosystem, unlocking new integrations and access to other verticals connected to Defi.
Additionally, there is the remarkable potential to enable personalized “DeFi experiences’’ such as uncollateralized loans or customized DeFi products personalized to a user’s reputation and credibility. Once a user connects their NFMe ID Avatar to the DeFi DApp, this will clearly show that the user is real and not a “bot” through having this real digital identity and reputation, made possible by our technology. Therefore, users will be able to connect to Defi platforms using their Web3 Defi Passport to unlock a personalized experience and various benefits which have previously been inaccessible in the Web3 DeFi world.
Itheum empowers data ownership in the Web3 and Metaverse ecosystems and creates new market value for your data. It enables this by providing “decentralized data brokerage” technology. It’s a suite of tools that enables high-value data to be bridged from web2 to web3 and then be traded via peer-to-peer sales. It allows for “viral adoption” via our creative “Data NFTs” (provide “inner value” to NFTs and enable royalties / limited supply) and “NFMe ID” technology (a living Metaverse avatar representation of you — wrapped as an NFT and backed by personal data) and our innovative Data Coalition DAOs (which bulk trades your data). It also aims to be fully privacy-preserving, regulation-friendly, and cross-chain, making it the most comprehensive core blockchain data infrastructure available in the market, with use cases in both the enterprise and retail space.