Multitoken Atomic Swaps
DataX allows trading and staking using many popular ERC20 tokens
To create an all inclusive participation for everyone in this new data economy, this data economy should cater to all types of crypto economies (and later on even fiat economies). DataX Protocol is creating a multitoken atomic swaps infrastructure which will allow anyone with any major ERC20 token (like ETH, BNB, MOVR, USDT, USDC etc) to be able to invest in this new data economy.
Using our Multitoken Swap feature, users will be able to perform following activities -
- BUY datasets using token of their choice
- SELL datasets and receive token of their choice
- STAKE on datapools using token of their choice
- UNSTAKE from datapools in token of their choice
A sample scenario could look like this -
- Alice has 100 USDT and she wants to gain exposure to data economy for hedging and diversification.
- Using our white label dapp Datapolis, Alice first BUYS 1 datatoken DTKN costing 100 USDT. Alice now has 1 DTKN.
- After few days, Alice sees that price of DTKN has appreciated by 50% from her purchase price of 100 USDT because she invested in a high demanding datasets which has been bought and consumed multiple times after her purchase. She decides to sell it and book profits. But this time instead of receiving USDT, she wants to long ETH. Alice SELLS 1 DTKN for 0.05 ETH (1 ETH = 3000 USDT for eg).
- Again a few days later, she sees that another dataset NKTD is consistently paying out 120% APY in swap fees and staking rewards. So she uses 0.05 ETH she received and STAKES it into NKTD datapool.
- After a month, she decides to unstake and cash out from datapool. But instead of unstaking in ETH, she wants to take out USDT. She UNSTAKES from NKTD datapool and receives 165 USDT (assuming 1 ETH = 3000 USDT) by making 10% staking profit in a month at 120% APY.