Q&A with Paraswap

Region: Europe
Mar 11, 2022, 10:00:00 AM Published By Wirex Team

Earlier this week, we revealed the exciting news that we've partnered with ParaSwap, giving Wirex users the ability to save time, money and effort exchanging assets in the Wirex Wallet.

Today, we're here with some exciting insights from Mounir Benchemled, the founder of Paraswap to get a some more information on ParaSwap.

​What is ParaSwap, and what makes it different to other DEX aggregators?

Our core mission is to take the DeFi space to a new height by democratizing access to its deep and fast-growing liquidity. One of the edges ParaSwap carries is an active DAO that works at full steam. In a decentralized manner, proposals for ParaSwap’s movements are first discussed on its Discord server between verified PSP holders and stakers. Once a proposal is formalized, it will be submitted to the forum for further discussions and adjustments. Once ready, a vote for the proposal will then take place on ParaSwap’s Snapshot, where all PSP holders and stakers can cast their votes gasless.

What specific issues within the DeFi community is the ParaSwap project hoping to solve?

ParaSwap takes away the complexity to trade and invest efficiently in DeFi. Thanks to user-friendly portal users are sure to benefit from the best execution at a cheaper price. We will continue improving in that direction and we strive to have the best UX in the market. At the same time, our private pools of market makers act as a safeguard to provide the best execution at all times.

What benefits can decentralized exchanges offer vs centralized exchanges?

The Core benefit is to have yourself in control of your own money, rather than having a custodian to manage your money in a black box. In DeFi, when the contracts are up at the blocks, everyone can prove it, the codes are transparent and become the best regulator of all.

While CeFi connects fiat to crypto, this is speaking the mainstream language, if only the newbies stepped into this field, they will look deeper into the fundamental values, this is where DeFi comes into the place. When DEX provided a platform for DeFi trading, DEX and CEX are mutually beneficial to each other, and both are essential in building one ecosystem in the same direction.

How is ParaSwap building on the DeFi movement?

Having addressed on this idea for a while - DEX has been a powerhouse in the development of DeFi. A highly sought-after service called DEX aggregator, such as ParaSwap is relatively new to the DeFi space but in great demand. Such a service allows crypto traders to access and benefit from a wide range of DeFi tools one-stop via a unified interface.

How has the DeFi movement changed over the last year?

People might say 2020 was the year of DeFi and 2021 has already moved on to NFT. However, DeFi the concept has never rested. They share lots of similarities based on the decentralized infrastructure, DeFi has immersed its way into the new trend of NFT.

What do you think is in store for the DeFi movement going forward?

Despite we can totally expect more integration between Defi and NFT, which is totally riding on the trend and exciting.

I think right now with the world crisis, DeFi lending and its core value on providing an open-source, permissionless, and transparent financial services ecosystem will be back on the table for discussion, and in an elevated way as well. The market has grown immensely over 2 years, it has turned the liquidity structure into a much more mature format. When there are more people getting involved, it is not rocket science to understand from the economic point of view, we can expect a corresponding amount of innovations or services to sparkle.

Why is ParaSwap excited to partner with Wirex?

We are indeed very excited about partnering with a notable partner that has been around the field for quite a while. With a new segment of users, ParaSwap would like to bring our technology and streamlined service for growing together. Where do you hope ParaSwap will be in the next year or so? While we have only launched for 2 quarters and have thankfully received lots of support in the market. To upscale our product, we might first need to recruit more like-minded talents to join us in expanding our route in DeFi.

What’s one interesting fact about ParaSwap that we might not know? We are a bunch of geeks and I am the geek no. 1. Socializing is not the best recipe in my cookbook. That’s how I attract another bunch of geeks.