M’sian decentralized exchange (DEX) based on BSC – Health Guild News

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Malaysia has a very clear stance on cryptocurrency, in the sense that the Securities Commission (SC) applies strict rules on digital asset exchanges (DAX). We now have 4 DAX registered in Malaysia: Luno Malaysia, SINEGY Technologies, Tokenize Technology and MX Global.

But there are entities that are currently left out of similar regulations, an example being decentralized exchanges (DEX).

Simply put, a DEX is a type of cryptocurrency exchange that allows direct cryptocurrency transactions between peers online.

There is no shortage of DEX in the market, but more recently a new one has emerged based in Malaysia. He called RimauSwap, has a vision that goes beyond being another DEX in the decentralized finance (DeFi) ecosystem.

Pursue more than profits

RimauSwap operates at Binance Smart Chain (BSC) and its underlying source code, or smart contract, is based on PancakeSwap, BSC’s largest DEX with total blocked value (TVL) of US $ 10.332 billion at the time of writing.

The team behind RimauSwap noticed that there was a growing interest in DeFi among Malays, but also noted that the DeFi market did not yet have a sustainable ecosystem and that there was no DeFi project focused on returning to society.

Perhaps one of the biggest features that differentiates RimauSwap from other DEXs is that it wants to create a sustainable localized DEX through environmental, social, and governance (ESG) programs in the DeFi ecosystem.

Dictionary time: Environmental, social, and governance factors are a subset of non-financial performance indicators that include ethical, sustainable, and corporate governance issues, such as ensuring that systems are in place to ensure accountability and manage the carbon footprint of the corporation.

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A crucial part of the RimauSwap ecosystem will be its native utility token, $ RIMAU. These tokens are “rewarding” revenue shares in RimauSwap, through which holders can obtain the profits generated.

According to the team, this is how it should work. “By design, after rewarding liquidity providers with 68% (0.17% of each transaction) liquidity fund trading commissions, 20% (0.05% of each transaction) is used to recover $ RIMAU, making it a deflationary cryptocurrency asset and increasing its value in the long run “.

To create a positive social impact on the Malaysian community, RimauSwap states that:

  • Channel 20% of your revenue from DEX trading commissions to turn the RIMAU testimony into a deflationary cryptocurrency asset that will be appreciated in the long run; i
  • Commit RimauSwap DEX revenue extraction to an external DeFi yield crop and channel its benefits to the sustainable ESG ecosystem.

Did you know: Agricultural production is the practice of betting or lending cryptographic assets to generate high returns or profits in the form of additional cryptocurrency. In short, agricultural yield production protocols encourage liquidity providers (LPs) to participate in or close their cryptographic assets in a liquidity set based on smart contracts.

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Because the ESG ecosystem was also a major focus of RimauSwap, we wanted to know how DEX could be held accountable for channeling contributions to charities, as it shared in its roadmap.

RimauSwap Plans for a Sustainable ESG Ecosystem / Image Credit: RimauSwap

“We will help the identified recipient to open an account with one of the 3 locally licensed DAX. RimauSwap will transfer the digital asset to the recipient’s account and can be withdrawn by legal means “, the team replied.

But in this pre-launch state, they first focus on gathering support from Malaysia.

Gain the trust of users

Contract source verification is a way to provide transparency to users interacting with smart contracts.

Dictionary time: A smart contract is an execution contract of its own with the terms of the agreement between buyer and seller that are written directly in lines of code. The code and agreements contained in it exist through a distributed and decentralized blockchain network. The code controls execution and transactions are transparent, traceable, and irreversible.

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The source code for the RimauSwap contract has been verified in BSC BlockExplorer BSCScan, which is a search engine that allows users to search, confirm, and validate transactions that have taken place in the BSC blockchain.

Decentralized applications (dApp) like RimauSwap are not controlled by anyone and any code error may be prone to attacks. After an attack, users will not be able to retrieve funds. Therefore, proper audit by trusted auditors is essential.

In line with this, the team shared that they are also working to get their smart contracts audited by trusted certification providers like CertiK, PeckShield, Hacken and the like.

For Malaysians, for Malaysians

Cryptocurrency is generally borderless, but the team still believes it is important to define itself as a Malaysian-specific DEX. They believe that more Malaysians should be informed and incorporated into the DeFi economy so that they can find alternative revenue streams, especially during the pandemic.

“DeFi’s opportunities are huge and the sky is the limit for innovations in open source community projects, especially those that return to the community,” the team shared.

“There are very few projects with the vision and mission of returning to society; most, if not all, focus on a high annual percentage (APR). It’s time for DeFi community projects to really focus on the community and get involved. “

In order to make RimauSwap more accessible to locals, its DEX has a user interface available in Bahasa Melayu and also has Telegram channels for the Malaysian-speaking Malaysian community.

The team is also working to get RimauSwap to be Muslim and will pursue its operations so that they comply with the Shariah.

Editor’s note: The previous paragraph has been edited to reflect greater accuracy of the statement.

There is likely to be no slowdown in the decentralization of the economy and businesses in the coming years. The RimauSwap team looks forward to a future in which relevant local authorities have gained enough experience and references to arrive at guidelines that allow, rather than restrict, the development and expansion of the DeFi economy.

  • You can learn more about RimauSwap here.
  • You can read more articles related to cryptography here.

Featured Image Credit: RimauSwap





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