Generating 30,000 transactions in the last 7 days
CowSwap, a decentralized token swapping and yield farming platform running on Binance Smart Chain has had an incredible week. The platform launched a pre-sale for its native GOUDA token on the 7th of June. As a result, the DeFi application has seen a massive surge in active wallets interacting with its smart contracts. Pushing transactions up to almost 30,000 in the last 7 days as eager investors rushed to get in at ground level. Currently, there are almost 20,500 holders of GOUDA.
Interestingly, the platform is still in development with farming and staking options only available for those participating in the pre-sale. Furthermore, amidst a wave of rug pulls on recently launched DeFi applications the platform is making a big deal of a successfully passed pre-launch audit by TechRate. All these actions go some way to showing users that the platform is here to stay and that they want to build a strong community around early adopters and more importantly, to those providing liquidity.
The presale allowed BNB and BUSD token holders to purchase GOUDA directly from the platform. There was also the incentive of an early airdrop to get the tokens into the right hands. Which has now closed.
Each early participant received 5 GOUDA tokens with a total of 1 million GOUDA tokens allocated for this airdrop. At the time of writing, there are still over 2.8 million of the allocated 3 million GUODA tokens up for grabs at the pre-sale price of $0.50. With a stated exchange listing price of $0.80.
It is important to note that GOUDA purchased in the pre-sale is locked starting from the date of sale. Purchasers can view their balance and unlocking date on BSC explorer or keep an eye on the pre-sale site. As mentioned, GOUDA purchased in the presale will be locked, but users can still farm and stake on the platform to earn more GOUDA. At the time of writing the APR for farming GOUDA is 300% and 150% for staking. Importantly, once the lockout period expires, token buyers can unlock and freely swap their GOUDA. Another incentivization tactic being employed by the platform is the highly popular meme creation competition offering the below rewards for participants.
What is CowSwap
CowSwap is a decentralized exchange and automated market maker, yield farming, and staking platform running on Binance Smart Chain. CowSwap claims it’s aiming to bring the best out of DeFi with the power of yield farming and high APRs. Additionally, the platform will soon add NFT staking.
Currently, the exchange allows any combination of two BEP-20 Binance tokens to be exchanged whilst CowSwap liquidity pools will allow users to provide liquidity by adding their tokens to liquidity pools. Earning in CowSwap can be done in a number of ways. Users can earn GOUDA with yield farms or through staking. Additionally, CowSwap pools allow Binance Smart Chain projects to bootstrap adoption by distributing a portion of their tokens to GOUDA token holders.
The platform also has plans to add a lottery and as mentioned above an NFT platform allowing users to earn a passive income from their non-fungible tokens. Additionally, the platform will host IFOs or initial finance offerings in a similar way to ApeSwaps IAO service.
CowSwap seems to be building its audience in a slightly different manner to other platforms we have observed recently. Through locking services to token holders only early on they are hoping to build a strong community around the application before launching its full suite of products. A move that seems to have been well received amidst the fast-paced DeFi app explosion on Binance Smart Chain.