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DigitalBits Announces Development of NicoSwap DEX at Monaco Summit

3 mins
Updated by Shilpa Lama
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This summer, DigitalBits will unveil their highly anticipated development of NicoSwap, a 100% decentralized exchange and open-source platform – built on the DigitalBits blockchain itself.

This was announced today at the Monaco Crypto Summit – believed by many to be one of the most prestigious Crypto Summits of the year.

Nico, inspired by the Ancient Greek word Nikos (Νίκος), holds its meaning as “ Victory of the People”. Along with providing users with Liquid Pool (LP) and Automated Market Making (AMM) technology, transactions via NicoSwap will be faster and cheaper than UniSwap – a true victory for the people.

NXDB will be the platform token for the Nicoswap DEX, where up to 75% of additional NXDB tokens will be created through staking of XDB (1 to 1), which will have a maximum supply capped at 750 million tokens. 

25% of NXDB tokens are reserved for staking rewards and other rewards available for contributors to certain LPs’. Fees generated within the platform will also be used to burn NXDB (and the underlying staked XDB).

It is anticipated that a DAO will also be formed for the NicoSwap platform and this would enable NXDB token holders to also hold the power to have a say in major upgrades and platform governance after the DAO formation.

It was also announced today that the DigitalBits blockchain is expecting a V3 upgrade to be completed in Q3 2022.

“NicoSwap is a community lead development and I would like to thank all of the contributors for their tremendous effort. This is an exciting milestone and the upcoming launch is bringing a wide range of organizations and platforms on the chain that will clearly contribute to an increase in transactional activity and utility for DigitalBits.” Said Al Burgio, Founder of the DigitalBits blockchain.

During the Monaco Crypto Summit, LootMogul, EpicoPlay, Plagood, Aftermath Islands, and Agoraverse are amongst the organizations that have each announced that they are launching their utility tokens on the NicoSwap DEX platform.

LootMogul, a multiverse blockchain gaming platform brings sports influencers and fans together in the ultimate sporting heaven.

Sports influencers across a magnitude of leagues including the Olympics, NBA, NFL, MLB, and more, have joined forces with LootMogul to bring users the ultimate next-generation online sporting experience.

To build on the sports industry, EpicoPlay is reintroducing club channels in a modern sense, giving sports teams and federations access to a “ready-to-go” channel.

Deeper relationships with the fan base are promised through EpicoPlay – bringing about a revolutionary experience. A unique app available on iOS, Plagood allows users to swap their faces with their favorite celebrities with the click of a button. 

Aftermath Islands is an immersive metaverse allowing users to acquire their own piece of Virtual Land, with each island having its own properties, rules, and adventures.

Depending on the island chosen, players have the opportunity to join immersive events and quests, participate in group activities or simply go on solo adventures. Positioning itself as the world’s first blockchain-powered shopping metaverse, Agoraverse is nothing short but fascinating.

Serving as an online shopping mall of sorts, companies, NFTs, and influence alike can showcase and sell their products and services in exceptional Web3 fashion. 

DigitalBits is a layer-one blockchain protocol that prioritizes security, speed, and cost savings. Any asset can be tokenized on the DigitalBits blockchain, including NFTs and fungible tokens. 

NicoSwap, a decentralized exchange and open-source platform targeted for launch in Q3 2022, is already positioned to bring an increase in transactional activity and utility to DigitalBits with the growing list of organizations and tokens on board. 


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BeInCrypto Team
BeInCrypto Team comprises a diverse group of experienced journalists, analysts, and crypto enthusiasts dedicated to delivering the latest news, insights, and analyses in the...