The HBAR Foundation is pleased to assist the launch of HeliSwap on the Hedera Network, a decentralized exchange (DEX) backed by MANTRA DAO and LimeChain. Together, we will further drive the growth of decentralized finance (DeFi) in the Hedera ecosystem.
The upgraded Hedera Smart Contract Service (HSCS) brings an unprecedented combination of speed (300+ TPS), programmability (through its interaction with the Hedera Token Service), and sustainability (carbon-negative credentials) to Solidity smart contracts.
HeliSwap is the first DEX to support Ethereums ERC-20 token standard on Hedera, enabling participants in the Hedera ecosystem to swap between HTS (Hedera Token Service) and ERC-20 tokens in a cost-efficient and sustainable environment.
“We decided to launch on Hedera as the network has only recently opened up for retail users and we strongly believe in the need to close the gap between HTS and ERC20 token standards to promote cross-chain expansion. Further, we also believe that Hedera’s DLT (Distributed Ledger Technology) outpaces most in the space, which is why we strongly believe that the Hedera Hashgraph provides us a great breeding ground.
Amid growing interest in DeFi, the launch of HeliSwap on Hedera will help attract more users & accounts to the network, increase TVL, and increase smart-contract transactions on the mainnet. We hope that through Mantra DAOs cross-chain audience, alongside the support of the ERC-20 standard, the launch of HeliSwap will also attract users from other protocols and networks - in turn exposing them to the efficiencies of the hashgraph.
The HBAR Foundation’s grant to HeliSwap will help the company bootstrap liquidity for various liquidity pools on the DEX. It will also support HeliSwap in its plan to expand its capabilities through the addition of new features and functionalities, including the launch of its DAO.
About the HBAR Foundation
Founded in 2021, the HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, Sustainability, gaming, and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operational functions that are required to scale.
HeliSwap is bringing DeFi to the Hedera ecosystem by launching its first DEX and DAO that supports swaps between HTS, ERC20s, and HBAR. We aim to provide a user-friendly experience for all crypto traders - whether it’s DeFi veterans or newcomers to DEXs. In addition, users will have access to useful tutorials designed to help them better navigate HeliSwap’s robust capabilities as they pursue exciting investment opportunities across the rapidly growing DeFi ecosystem.