Axelar - Squid DEX Usage

    Squid offers asset-to-asset cross-chain swaps with the click of a button. For the user, the process is simple; however, behind the scenes Squid leverages DEX swaps in order to transfer these assets.

    Squid: Swap Tokens Between Chains

    Introduction

    • Squid is a decentralized finance (DeFi) platform that offers asset-to-asset cross-chain swaps with the click of a button. It is built on the Axelar Network, which is a decentralized network designed to facilitate cross-chain communication and interoperability between various blockchain networks.

    • DEX stands for decentralized exchange. It is a type of cryptocurrency exchange that operates in a decentralized manner, meaning that it allows users to trade cryptocurrencies without the need for intermediaries, such as a centralized exchange operator.

    • Squid leverages DEX swaps in order to transfer assets between different blockchain networks. Behind the scenes, Squid uses DEXs to convert the source asset to a compatible format that can be received by the destination blockchain network. This process is transparent to the user, who simply clicks a button to initiate the swap.

    About Analysis

    In the first part of the analysis, you will understand:

    • how Axelar uses DEX trading behind the scenes
    • the most used DEXs.
    • which DEXs are most used before reaching the source and destination addresses of a transaction.

    From here, I think Squid developers, Squid investors, and cross-chain traders will get a lot of insight.

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