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Last updated: Nov 22, 2022
HurricaneSwap is a liquidity cross-chain DEX developed on the Avalanche blockchain. The project’s mainnet was officially launched in October 2021. Its LP-bridge mechanism lets users trade multiple assets of other chains on Avalanche, with high speed and low fees.
Unlike other DEXs, HurricaneSwap allows transferring assets directly across chains, without performing complex operations through a cross-chain bridge.
The standout feature of HurricaneSwap is its LP cross-chain mechanism, which consists of an LP cross-chain bridge (Roke Protocol), source chain assets' station (HurricaneStation), validator alliance (HurricaneAlliance), and decentralized exchange (HurricaneSwap).
The liquidity provider deposits a corresponding amount of two assets in HurricaneStation on a chosen chain to generate an LP token. For example, the deposited assets are CAKE and USDT on Binance Smart Chain. Then aLP token for aCAKE/aUSDT is minted by the Roke protocol on Avalanche so that users can trade aCAKE on Avalanche.
If the price of the original asset (CAKE on BSC, in this example) fluctuates sharply, HurricaneAlliance will narrow the price by arbitraging the token (CAKE) and the corresponding aToken (aCAKE). Currently, quantitative trading agencies take the role of the HurricaneAlliance, but others will be able to apply in the future.
LP cross-chain directly moves liquidity from other chains to Avalanche, so on HurricaneSwap, Avalanche users can freely trade any popular assets of other chains such as Ethereum, BSC, and Heco with a seamless cross-chain trading experience.
Users can receive rewards on the platform by staking HCT or depositing their cross-chain LP tokens received through the Station.
To use the HurricaneSwap app, users need to first connect a crypto wallet to it. The wallets HurricaneSwap supports, at the time of writing this article, are MetaMask, BNB Chain Wallet, and Coin98 wallet. After that, the network needs to be switched to the Avalanche C-Chain. Once that is done, to trade, users only need to navigate to the swap tab on the upper left corner of the HurricaneSwap app, or click on “Start Trading” on the homepage of the dApp.
The Swap tab is also where users can go to add liquidity to one of HurricaneSwap’s liquidity pools. Additional guides on using the app and all its features are available on the project’s documentation webpage.
HurricaneSwap fees are charged on each trade, for cross-chain assets the platform charges a total fee of 0.5% divided into 0.3% distributed as a reward for cross-chain LPs, 0.1% goes for purchasing AVAX tokens to be “airdropped” to HCT LPs who are staking in HCT pools in the HurricaneSwap farm, 0.8% is allocated to the Treasury to be used for providing initial liquidity for newly added pairs. The remaining 0.02% from each HurricaneSwap fee goes to the team to provide for daily operations. For non-cross-chain assets trading, the project charges its users a 0.3% fee. 0.18% of that fee is shared between the LPs as a reward, 0.2% is given to the team to provide for daily operations, while 0.1% is used to purchase HCT and “airdrop” it to xHCT holders.
HurricaneSwap’s native token HCT runs on Avalanche. The total supply is capped at 2 billion HCT, 15% of which was sold in two rounds of private sales, and 1% was distributed through several platforms during the IDO in September 2021. Tokens sold in both rounds of private sales were subject to lock-ups, six months for round A and three months for round B, followed by a 12-month linear release.
The rest of the tokens were distributed as follows: 1.2 billion (60%) to liquidity mining, 80 million (4%) for marketing purposes, 200 million (10%) to Hurricane alliance, 200 million (10%) to the HurricaneSwap team (six-month lock-up, followed by a 12-month linear release).
HCT is a government token and allows holders to vote on any changes of the protocol or initiate coin listing proposals. Users need to burn HCT to vote, the detailed burning mechanism is to be announced by the team.
1% of the transaction fees are used to repurchase HCT and WAVAX to distribute to users who stake HCT.
HurricaneSwap was founded by Symington W. Smith and James L. Symington Smith is also a VP of the Beijing Chamber of Commerce in Thailand. James is an early cryptocurrency investor, trader, and technical analyst. The company’s CTO is Hunter Cheung, who is also a founder of Jianan Quantitative, a hedge fund company focusing on the digital currency market. The chief advisor of the HurricaneSwap team is Ted Yin, the chief Protocol Architect and co-founder of Ava Labs. HurricaneSwap audits can be found in the protocol dashboard on this webpage.
HurricaneSwap has multiple partnerships, the most prominent among them are Ava Labs, the team behind the Avalanche blockchain, and Avalaunch, a launchpad for projects on the Avalanche ecosystem. Both Ava Labs and Avalaunch supported HurricaneSwap with investments and launching their IDOs.
HurricaneSwap’s goal is to become the DeFi hub on Avalanche. In the future, the platform will provide DAO governance, allowing users to bring new cross-chain and synthetic assets through voting, and lending.
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