Decentralized Finance is disrupting the way the current financial systems around the world work. Through decentralization single points of failure have been eliminated and users can place their trust in a smart contract that runs the security of the platform or system. While DeFi provides solutions to a lot of issues it still lacks the ability to allow cross-chain transfers of data or assets. It also faces scalability issues along with a high transaction cost.
forbitspace is a platform that intends to solve these issues and put forward a user-friendly platform that depends on liquidity protocols instead of order books.
What is forbitspace?
forbitspace is a decentralized super aggregator that taps into the blockchain space and brings about a multichain ecosystem that aims to create scalability and efficiency. It is an interoperability protocol that is uniting decentralized apps across several blockchains with liquidity and ease of transactions across networks. This allows users to get deep liquidity and get better pricing with a single interface.
The platform uses an algorithm smart order routing called Spaceflight that splits a single transaction into multiple orders across various DEX’s, also routes orders through allows, crypto traders, to tap deep liquidity and receive better pricing low cost & efficiency the most liquidity.
forbitspace is a DEX super aggregator protocol that allows traders to benefit from a large variety of financial tools in a single interface.
How does forbitspace DEX Super Aggregator Works?
forbitspace API is a superset cutting-edge discovery of all other DEX protocols at the best rates on the biggest Ethereum, BNB Chain, Polygon (Matic), and Avalanche. The API also uses smart order routing to automatically find the best available prices.
forbitspace uses a more powerful algorithm that considers a larger data set for larger trades and better prices, that split routes which execute trades across multiple pools at once, ability to optimize slippage, swap fees, and token prices which, when done right, offer a better rate for users. A swap deal split between several different DEXs will get a user an overall better price than a swap on any single exchange.
forbitspace DEX super aggregator’s main task is to offer a user better swap rates than any specific DEX can offer and to do that in the shortest possible time. Other major tasks are protecting users from price impact and reducing the probability of failed transactions.
How to start using forbitspace?
Here is a step-by-step walkthrough on how you can start swapping on forbitspace
Step 1: Connect your Wallet
* Go to forbitspace.com -> Launch App You have the option to connect your ETH wallet right from the homepage.
forbitspace currently supports the following cryptocurrency wallets:
Web3
Metamask
Binance Chain Wallet
Wallet Connect
Coinbase Wallet
Ledger
Trezor
Fortmatic
Authereum
Torus
Portis
Frame
Magic
You have the option to connect your ETH wallet right from the homepage. Once you have accepted the terms and conditions the wallet has been connected to, your Ethereum address will be displayed at the top of the page. By clicking on it, you can always check your transaction history, copy the address or disconnect the wallet.
Step 2 – Select the Token
With your wallet linked, you can choose which digital tokens you want to exchange. forbitspace will show you a comparison chart with exchange rates from different DEX’s. You will also be able to compare individual rates to the best rate available, to give you a clearer picture.
forbitspace also monitors the liquidity of the more than 22 leading decentralized exchanges and synthetic asset providers. It then compares prices across exchanges to provide users with a reliable way of accessing deep liquidity for DeFi assets at the best market prices at respective rates.
Step 3 – Basic Settings
Choose the coin you have and the coin you want to get in the dropdown windows:
You can also choose between the ‘Maximum return’ and ‘Lowest gas cost’ options. If you choose the ‘Maximum return’ option, the algorithm will use complex routes for the swap to make sure that you get the best rates.
Alternatively, you can go for the ‘Lowest gas cost’ option. In that case, the spaceflight algorithm will find the best option in terms of gas costs.
Step 4 – Advanced settings
forbitspace enables you to do more advanced settings. Hit the ‘Advanced settings’ button in the upper right corner of the swap console.
The user can choose: 0.1 %, 0.5%, 1 %, 3% or they can enter a custom amount. If the rate changes more than the selected percentage of “slippage tolerance” during the execution of the transaction, the transaction will be partially filled or reverted to save user funds.
The advanced settings also allow a user to see a comparison table, charts, and the entire routing for the swap they want to do.
With the advanced settings, the user can set slippage tolerance, the gas price and choose between the liquidity sources forbitspace offers. The slippage tolerance feature allows the user to select their swap’s level of slippage.
Step 5 – Swap Tokens
When you are ready, you can proceed by clicking ‘Swap’.
Click confirm, and that’s done!
And that’s it! — You have just placed your first trade on forbitspace at the best rates possible.
The main features of forbitspace DEX Super Aggregator
- Aggregation Protocol
- Limit Order Protocol
- Multi-chain integration
- Low trading fees
- Derivative protocol
- Space DAO
- Aggregation Protocol: Traders can easily access liquidity from the main DEXs on different chains forbitspace protocol is interoperability unifying the decentralized apps across several blockchains with easy transactions across networks by connecting to more DEXs via Ethereum, BNB Chain, Polygon, and Avalanche.
- Liquidity protocol: The forbitspace protocol was to aggregate liquidity from other DEXs. However, the team also developed a liquidity protocol forbitswap AMM that would attract the liquidity mining program stands and is at the core of the forbitspace protocol. Traders on the platform can supply liquidity to pools and earn additional FBS tokens through engaging in liquidity mining activities.
- Limit Order protocol: Limit orders specify a price at which traders want to sell or buy and are executed at a predetermined price that is often better than the current market price in opposition to market orders. forbitspace Limit Order protocol is one of the most innovative DEXs, which features a limit order protocol. The forbitspace limit order protocol does not charge any fees.
- Multi-chain integration: Most DeFi applications exist on the Ethereum network. However, the expensive Ethereum transaction fees keep many investors away from the ecosystem. That’s why forbitspace protocol integrated several other blockchains, including BNB Chain (BSC), Polygon, Avalanche
- Low trading fees: forbitspace protocol does not charge any service trading fees, regardless of the size of your trade. However, traders will still have to pay the trading fees that incur from trading on the other exchanges. Often, trading fees are the same, if not even lower, as when you’re using Uniswap or Curve directly.
- Derivative protocol: The derivative protocol helps to generate unique assets by making use of characteristics such as price locking and the ability to buy or sell assets.
- SpaceDAO: DAOs on forbitspace support decentralized blockchain governance. Blockchain-based tokens help to symbolize voting rights.
forbitspace Pros & Cons
Pros
forbitspace protocol user-friendly interface very easy to use, even for beginners. Some users might find its interface more user-friendly than centralized exchanges. the interface of the platform is clear and easy to navigate.
Low slippage the forbitspace protocol aggregates multiple DEXs, leveraging their combined liquidity to offer drastically lower slippage for each trade.
There are no additional fees involved in using the service – you only have to pay the network fee.
forbitspace as a DEX super aggregator ensures high liquidity on your cryptocurrency trades while limiting the exchanges to a single transaction.
Cons
The platform is not accessible for traders who do not own cryptocurrencies.
Though there are numerous tutorials, beginner traders might still find the platform somewhat challenging.
While being a non-custodial platform, some traders might find the lack of fiat deposit methods discouraging.
Final word
forbitspace DEX super aggregator uses Spaceflight, as a unique way to give users access to better liquidity pools. It is also audited by CertiK and Hacken and uses the CertiK Skynet to monitor the smart contract thoroughly. The platform is also working on providing comprehensive products and services for social tokens and NFTs such as NFTs marketplace, swap, stacking, liquidity mining, and a flyby IDO launchpad.
Users on the platform get to avail themselves of a number of benefits, from better swap rates to optimized slippage. forbitspace empowers its users to help them trade better combining both centralized organization strategies with decentralized finance protocols.
For more information on forbitspace, please check out their official website.
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Disclaimer: This is a paid post and should not be treated as news/advice.
Source: https://ambcrypto.com/forbitspace-dex-super-aggregator-offers-a-convenient-defi-experience-for-trading/