Chainflip (FLIP) soars 127% amid THORChain’s support and listing by major exchanges

November 24, 2023 02:50 AM PST | By Invezz

Chainflip (FLIP) soars 127% amid THORChain’s support and listing by major exchanges — Image source: Invezz

What is Chainflip?

Chainflip is a decentralized and trustless protocol that aims to revolutionize the way users exchange cryptocurrency assets across diverse networks and blockchains. The protocol enables seamless native asset swaps without the need for wrapped tokens or specialized wallets, offering a user-friendly and efficient solution for navigating the complexities of cross-chain transactions

At its core, Chainflip utilizes a Uniswap V3-based Automated Market Maker (JIT AMM), ensuring efficient and decentralized trading directly from users’ wallets.

THORChain, another decentralized L1 liquidity protocol that allows swapping, earning, and borrowing of cryptocurrencies, has come out to embrace Chainflip by tweeting:

“The future of exchange is a web of THOR-likes aggregating liquidity to form an unstoppable network of exchange. Differing trust assumptions, economics, validators – working together to dethrone the centralised gatekeepers of today. Today onwards: THORChain + Maya + Chainflip”

Its native cryptocurrency is FLIP, an ERC-20 protocol token.

The primary utility of the FLIP token acting as collateral for Validator auctions. Validators require large FLIP stakes and in turn earn rewards from the block reward. The Validators are also responsible for maintaining the state chain for Chainflip by jointly controlling the liquidity vaults.

FLIP is also required for Liquidity Provision and Relaying services in order to process instructions on Chainflip.

Major exchanges list FLIP

Today’s FLIP’s remarkable price surge can be attributed to several factors, with the listing on five major cryptocurrency exchanges playing a significant role.

Traders can now access FLIP on Bybit Official, Kucoin, Gate.io, Crypto.com, and Uniswap, providing increased liquidity and exposure for the token. This broad accessibility enables users to participate in FLIP trading with ease, contributing to the surge in demand.

1. ⛓️ BREAKING: The FLIP Token is now live!

You can trade FLIP on the following several prominent exchanges, including @Bybit_Official, @kucoincom, @gate_io & soon @cryptocom. Furthermore, the token will be available on-chain through @uniswap.

LFG. pic.twitter.com/kHX7HOo8LY
— CHAINFLIP LABS (@Chainflip) November 23, 2023

Crypto.com has announced that traders can purchase FLIP easily with over 20 fiat currencies has further fueled interest in the token. This move enhances accessibility and widens the user base for FLIP, aligning with the project’s goal of providing a decentralized solution for asset swaps.

Chainflip has also announced that Thunderhead’s Liquid Staking services for FLIP, coupled with the opportunity for users to run their own nodes through mainnet front ends, is also now available, adding utility and convenience and further enhancing the attractiveness of the FLIP token within the Chainflip ecosystem.

The post Chainflip (FLIP) soars 127% amid THORChain’s support and listing by major exchanges appeared first on Invezz

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