FLIP, the native token of cross-chain swap platform ChainFlip, more than doubled on its first day of trading.
The token, listed on several exchanges including Bybit, Crypto.com, Kucoin and Gate.io, added more than 150% to as high as $5.94. Trading volume hit $79 million across all venues since its release, according to CoinMarketCap.
ChainFlip was developed using the Rust coding language and is based on Uniswap's V3 design on the Ethereum blockchain. It describes itself as a “JIT (Just In Time ) automated market maker,” which aims to improve efficiency when trading and reduce slippage. Slippage – the difference between the price a trader expects to pay and the price they actually pay – can occur if there is a lack of liquidity when large orders are executed.
ChainFlip sold 4.5 million of the tokens at $1.83 in August. They started trading Friday at $2.50.
With ChainFlip and other cross-chain swapping platforms there is no need to bridge or wrap assets. Instead, the market makers automatically purchase an asset on a traditional centralized crypto exchange once a trade is made. ChainFlip validators then send the purchased assets to the wallet address the trader provides at the start of the process.
The protocol received praise from decentralized liquidity protocol THORChain, whose developers said on X that it will work with ChainFlip to "dethrone the centralized gatekeepers of today."
ChainFlip raised $6 million in a round led by Framework Ventures in 2021.
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