Even though the cryptocurrency market in Africa appears to be slowing and most major coins have lost nearly half of their value, interest in digital assets remains high, and adoption is increasing.
Many factors have contributed to the sustained interest. Defi appears to be stronger than ever, as it opens up a whole new revenue stream.
Second, while cryptos have lost most of their value since their recent bull run, they still outperform traditional investments over time and are an excellent way to hedge wealth in Africa.
Due to its differences from centralized regular money systems, such rapid adoption could be interpreted as a universal existence among the thousands of coins and tokens.
What is the cross-chain swap?
Cross-chain swapping is a smart contract technology in Africa that allows tokens to be swapped between two different blockchain ecosystems.
It enables users in Africa to exchange tokens directly on another blockchain without the need for a middleman or a central authority.
Individuals in Africa can exchange tokens with other members of the blockchain network through a cross-chain swap.
Furthermore, the swap occurs directly from the wallet, which speeds up the process.
Cross-chain swap platforms to use in Africa
One of the most serious issues confronting crypto investors in Africa is the transfer of large amounts of tokens across networks via network bridges with limited swap options.
Because bridges may only have a dozen cryptocurrency pairs to swap between, not every token can be swapped.
Some projects have built or attempted to build their cross-chain solutions by integrating bridges into their platforms.
Even though this has significantly altered the world of Defi, even the most popular bridges in Africa still have many limitations that make the process difficult.
For the simple act of transferring tokens across networks, the entire process of cross-chain swaps is overly complex, takes far too long, and is far too expensive.
There are, however, several complete solutions in Africa for implementing a one-click solution.
DeBridge is a decentralized standard for cross-chain interoperability and liquidity transfers that aims to make conducting cryptocurrency trades and exchanging information across multiple blockchains in Africa much easier.
THORChain is a decentralized cross-chain liquidity protocol that uses Threshold Signature Schemes and is based on Tendermint and Cosmos-SDK (TSS).
It doesn’t peg or wrap assets; instead, it decides how to move them in response to user input.
While other projects in Africa claim to support cross-chain swaps on the platforms, their solutions are at best limited and gimmicky, whereas Rubic has developed a true multi-chain swap solution.
Rubic claims that the main goal of Defi is to bring all blockchain networks together in one place and help Defi users in Africa swap assets most simply and profitably possible, with the best rates and fees.
To achieve this, Rubic developed Multi-Chain Routing, a tool that allows traders in Africa to swap any token, on any network, quickly and without having to go through any complicated or unnecessary steps.
4. Ogasa Swap
Ogasa swap is Africa’s first cross-chain decentralized exchange with multiple blockchain swaps (10 chains) and multiple use cases.
The platform is one of the best cross-chain platforms that empower users in Africa to easily and instantly swap their tokens.
Ogasa Swap uses hands-free processes and does not include any form of human intervention. Plus, Ogasa Swap uses only one-sided liquidity to protect users.
The advantages of using Ogasa Swap are numerous.
- For instance, any African can become an ambassador for the platform.
- You can also refer anyone to the platform and you get paid on commissions.
Ogasa Swap platform solves so many problems for traders in Africa and some of them are:
- Creating a blockchain that stops electoral malpractice.
- Providing Africans with a platform that provides liquidation on all your tokens and also provides protection from loss.
How to become an Ogasa Swap Ambassador
You can become an Ogasa Swap ambassador by writing to email@example.com.
You should have referred people who have brought in a combined sales volume of 1000 USD where you also get 10 percent of whatever you bring in, whether it’s USD or BUSD.
Also, you will get 5 percent of what you earn in Ogasa Token which brings your total rewards to 15 percent.
Therefore, if you’re a trader in Africa and you want a platform with attractive incentives, consider using Ogasa Swap.