What Is ChoccySwap (CCY) ? Complete Guide & Review About ChoccySwap

What Is ChoccySwap (CCY) ?

ChoccySwap (CCY for short) is an AMM DEX built for the Chromia Ecosystem. CCY’s codebase started as a Uniswap V2 fork, which was then translated to Rell (the native language of Chromia’s blockchain).

ChoccySwap (CCY) Storage Key Points

Tokenomics

ChoccySwap The contract address for CCY token on the AVAX blockchain is: 0xb723783e0f9015c8E20b87F6CF7ae24dF6479e62 CCY launched using a placeholder ARC-20 token on the Avalanche blockchain. After the launch of Chromia’s mainnet, a migration feature will become available for these ARC-20 CCY to be ported over to the Chromia chain. This setup is similar to how popular Layer-1 chain tokens existed as placeholder ERC-20 tokens on Ethereum before launching. We have chosen AVAX due to the relative stability of the chain, as well as the low transaction fee requirement for buying and selling the token.

DEX

ChoccySwap The primary function of ChoccySwap will be to act as an AMM DEX for assets on the Chromia blockchain. Users will be rewarded for staking LP tokens from selected pairs. Over time, the platform will expand to include additional features.

NFT Marketplace

ChoccySwap ecosystem will have a vast number of NFTs, originating from a multitude of projects. While many of these NFTs will exist on the first layer under the Chromia Originals protocol, others will be based on other chains, particularly BNB. ChoccySwap’s aim is to display all Chromia adjacent NFTs in a single interface, with the ability to interact across multiple chains inside and outside of the network using ICMF and EVM compatibility.

Transaction Fees

ChoccySwap allows for flexibility in the way that Dapps pay for computational power on the network. In a traditional blockchain such as Ethereum, users pay miners to process their transactions, with additional protocol fees, slippage taxes, etc. being paid based on the coding of smart contracts. On Chromia, individual Dapps pay the network a hosting fee and then decide how to generate the revenue required to cover the hosting fee. For the foreseeable future after mainnet launch, ChoccySwap will cover the costs required for hosting on Chromia’s network to provide CCY users feeless transactions. As our user base grows and we add additional features, the community will choose how to generate the revenue required for hosting through governance. Please note that while blockchain transactions will be feeless, all trades will still be subject to a 0.3% fee which is paid directly to LP providers via the protocol (similar to Uniswap and other popular AMM DEX protocols)

Services

Liquidity Pools

ChoccySwap Based on the Uniswap v2 protocol, you can create chocolate pools, add and remove liquidity to them, and swap your assets.

Fast Trading

If you select the option to skip confirmations you won’t be asked to sign your transactions. This means that the swap will automatically go through. Be careful!

Swapping Fees

ChoccySwap All liquidity providers will get 0.3% of all transactions going through their choccy pools.

DAO

ChoccySwap have a governance token! Participate in community decisions by voting proposals using Choccy Tokens (CCY). Based on adoption, we’re gonna add more functions (like loans and concentrated liquidity: they can’t be added until there is enough liquidity for them).

Loans

ChoccySwap As the Chromia ecosystem matures and increases TVL and liquidity, decentralized loans using tokens and NFTs will become a viable option. While it is hard to determine what this will look like during these preliminary stages, we will be actively monitoring the possibility of bringing this feature to the platform in the future.