Every aspect of the economic system is going through digitalization and with that, the number of platforms that provide various trading activities through buying and trading cryptocurrency is constantly increasing. One such platform offers its users, as the website says, an innovative decentralized financial protocol called the NEURONswap. Therefore, you can get to know about the evolution in the monetary system with our NEURONswap Review.
Editor’s Note: All Defi projects are subject to attacks and hacks, which can cost you money, so always proceed with caution.
Table of Contents
Summary
| Characteristics | NEURONswap |
|---|---|
| Supported tokens | Neuron, Tether, Wrapped Bitcoin, Ethereum, Dai, XRP |
| Transaction fee | 0.3% |
| Mobile Application | No |
| Discord | Discord available. |
| Telegram | Telegram Channel is available. |
| Customer care | Not active |
| [email protected] |
Also Read: Visor Uniswap V3 Pool Hack
What is NEURONswap?
NEURONswap is an innovative decentralized financial protocol based on the Klaytn Mainnet that introduces “Metanance” for the first time in the world. NEURONswap aims at evolving the protocol with two goals. The first is to understand an entirely decentralized autonomous organization (DAO) based on Metanance and become famous as a new governance model by digitally implementing and executing a DAO.
Secondly, to evolve an interswap that is cooperative with all Mainnet networks. Interswap will revolutionize crypto-asset and trading activities, speeding up the popularization of decentralized financial services.
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NEURONswap Review: Governance
- Metanance in Neuron protocol will let governance members use three-dimensional communication such as facial expressions motion and decide organizational regulations. They can use voices through their avatars and decide for protocol, economy, and technology.
- Further, protocol rules given by governance will continue to be developed through smart contracts and blockchain-based voting, which is anonymous, transparent, and unrestrained from the development team.
- Moreover, there is a club for governance members who share the mid-to-long-term vision of NEURONswap. Based on their governance power, five different badges: Diamond, Gold, Silver, Bronze, Stone are given to Rony’s, and they are also given unique membership cards.
- In addition, they will exercise influence on the economic agenda in the finance committee and on the protocol’s technology and Governance rules in the council.
- The three significant entities to sustain the DEX ecosystem are liquidity providers, governance token holders and traders.
- However, existing swap services only focus mainly on governance token holders and liquidity providers but not the traders.
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NEURONswap Review: Products
- The gNR(earned by staking NR tokens) is an indicator of governance influence. gNRs serve as voting rights on governance agendas.
- In accordance with the governance power, the NR tokens can be mined and can be collected as a reward for the transaction fee generated by the protocol.
- If the user purchases a Rony box with NR Tokens with which the user can obtain 6 types of NFT randomly. The NFTs can be put on the avatar in the metaverse to portray the influence and are sold in the NEURON NFT market and Opensea to generate additional revenue.
- Automated Market makers integrate and ensure liquidity to traders according to an algorithm. NEURONswap is executed using Constant Product Market Makers.
- Furthermore, it allows users to move and manage liquidity pools across all DeFi services easily. By comparing the yields of other platforms, users can easily transfer liquidity to NEURONswap and maximize profits.
- Firstly, a user can earn NR tokens as a reward when they link their wallet with NEURONswap for the first time, making their foremost transactions. Secondly, the users who provide referrals are also rewarded according to the transaction volume of invited people.
Also Read: How to Swap on SushiSwap?
NEURONswap Review: Fees
To request a transaction, users must have a Klaytn wallet that can handle Klaytn assets and Klaytn (KLAY) to be used as a transaction processing fee (gas fee) on the Klaytn chain.
Further, the platform charges a transaction fee of 0.3%. Out of which, 0.03% will be distributed to liquidity providers, and the remaining 0.27% will be used for buybacks.
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NEURONswap: Customer Care
You can reach out to their customer care support on various platforms like Telegram, Twitter, or email them at [email protected]. Furthermore, there is a section with all the details and information that one might want to know about NEURONswap.
NEURONswap Review: Supported Tokens
With NEURONswap, you can perform trading activities with a list of tokens like Mining, Swapping and Staking, etc. In addition, the list of assets with which the user can form a diverse portfolio includes:
- KLAY
- Neuron
- Tether
- Wrapped Bitcoin
- Ethereum
- Dai
- XRP
NEURONswap Review: Mobile Application
As of December 2021, NEURONswap does not offer an Android or iOS application. However, the platform offers a fully functional and intuitive mobile version that you can access from your web browser.
Is NEURONswap Safe?
- As the website clearly states, NEURONswap does not take responsibility for any interference by third-party services, including the Klaytn blockchain platform.
- There is no guarantee about the integrity of the smart contract code which interacts with the Klaytn blockchain due to complications in the software and inherent limitations of the technology.
- It also says that the NEURONswap interface may not promise to be provided 24 hours a day because of natural disasters, including increased transaction congestion on the Klaytn Chain, system errors, software attacks, etc.
- Moreover, this particular platform also does not give assurances of any loss faced by the user due to changes in token price or exchange rate for each transaction. Therefore, it is suggested to carefully evaluate and proceed with the transaction at your own risk.
NEURONswap: Pros and Cons
| Pros | Cons |
|---|---|
| Special incentive on the first transaction made by users. | It is a new platform. |
| Low transaction fee. | Comparatively less number of supported tokens. |
| Easy to use. | |
| The user receives rewards for staking for a certain period. |
Also Read: How to Swap Crypto on Uniswap? | Is it Safe?
NEURONswap Review: Conclusion
NEURONswap is an interactive platform that introduces ‘Metanance’ for the first time in the world. This particular platform wants to gain popularity by building a platform that has a new governance model by implementing and executing a DAO digitally, as well as developing an interswap that is cooperative with all Mainnet networks. Since it is a new platform, there is a need to make the platform more secure and better. Still, it has a comparatively low transaction fee and offers bonuses and incentives on all the transactions users make and for a referral.
Frequently Asked Questions
Q1. What amount of transaction fee is charged?
A1. This platform charges a transaction fee of 0.3% at every NEURONswap.0.03% will be distributed to liquidity providers, and the remaining 0.27% will be used for buybacks.
Q2. How can the user contact the services of the platform?
A3. The user can reach out to their customer care services through the given email [email protected] and apps like Telegram and Twitter.
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