With blockchain networks and their relevant decentralized applications (DApps) growing at a rapid pace, there comes the question of interoperability.
If a user on Ethereum (ETH) wants to use a DApp on the BNB Chain (BSC) Polygon, Avalanche, etc, there’s no fast, cheap way to do so. Instead, the process is expensive, time-consuming, and inaccessible to new cryptocurrencies.
Considering the blockchain space is meant to be open and accessible to all, its current lack of interoperability is a massive barrier standing in the way of widespread adoption.
Fortunately, there are crypto projects that recognize the importance of cross-chain interaction and are working to break down the barriers involved. One such protocol is forbitspace DEX Super Aggregator.
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.
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.
Forbitspace DEX Super Aggregator Fees
One of the positives of using forbitspace is its complete lack of fees. There are no exchange fees, no deposit fees, and no withdrawal fees.
The only costs for users only pay the gas fee applicable to the DEX through which their order is filled for trades
Forbitspace DEX Super Aggregator Security
As for most DeFi solutions – safety is the primary concern for all traders.
forbitspace DEX Super Aggregator is a non-custodial, does not have access to your cryptocurrencies. Fully decentralized means that your assets are not held on the platform – unlike other centralized exchanges where you have to deposit funds for trading.
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 DEXs.
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 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 ecosystem of forbitspace DEX Super Aggregator
forbitswap is a capital-efficient AMM that combines the liquidity on Ethereum blockchain and BNB Chain with the scalability of a Layer 2 platform deployed on the Polygon Network, Avalanche, Arbitrum, and will soon be functional on other blockchains including Solana, and more.
forbitswap will also work to provide a comprehensive platform for social tokens and NFTs.
Swap
Stacking
Liquidity mining
NFTs Space marketplace
flybyLaunchpad IDO – a multi-chain platform
forbitspace -FBS Tokenomics
The protocol has issued native FBS tokens. It serves as a governance asset and as a rewards asset for liquidity providers of different elements of forbitspace.
Its architecture also includes Space DAO, a decentralized autonomous organization that allows FBS holders to have a say in all crucial referendums on upgrades of forbitspace and its elements, rewards strategy, product development, and so on.
Besides that, FBS token is also accepted in various DeFi-centric ecosystem programs such as liquidity mining, staking, and so on.
Also, FBS is accepted in forbitspace’s native NFT marketplace and flybylaunchpad initial decentralized exchange offering (IDO) launchpad.
The FBS token serves as a governance token and utility token as a rewards asset for liquidity providers of different elements of the forbitspace ecosystem as AMM forbitswap, NFT marketplace, and flybylaunchpad IDO,
The FBS token has the following main use cases:
Utility: The token can be used on the forbitspace Liquidity Protocol as a connector to help achieve efficient token swap routing.
Governance: The token is needed for all governance voted on the forbitspace ecosystem.
Multi-chain: The token is available on the Ethereum, BNB Chain, Polygon, Avalanche, and Solana networks through a Bridge Space.
These FBS tokens are used on Space DAO (decentralized autonomous organization) to vote on the platform’s future developments.
The Way Forward
The forbitspace DEX super aggregator increase will be used to help bolster the exchange’s efforts to provide a bevy of user experience perks and features often lacking in decentralized exchanges.
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 launchpad IDO
forbitspace DEX Super Aggregators are comparatively fresh and have launched emerging as a result of the continuous developments in DEX. However, they have grown increasingly essential to consumers during the recent DeFi boom. This is because more and more people are prioritizing decent trade deals.
For more information on forbitspace, please check out their official website.
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Source: https://coinpedia.org/defi/forbitspace-dex-super-aggregator-review-the-dapp-better-for-trading/