FLIP Token Skyrockets: Cross Chain Swap More Than Doubles on Debut

• ChainFlip's Native Token FLIP Experiences Over 100% Growth on First Trading Day
• About ChainFlip
• ChainFlip's Token Sale and Trading
• ChainFlip's Integration With THORChain
• Funding and Support

ChainFlip's Native Token FLIP Experiences Over 100% Growth on First Trading Day

The native token of ChainFlip, a cross-chain swap platform, known as FLIP, saw significant growth on its first day of trading. The token's value more than doubled, which is an impressive feat in the volatile world of crypto trading. Exchanges like Bybit, Crypto.com, Kucoin, and Gate$5.17 -0.37%.io all listed FLIP, which saw a high of $5.94, accumulating a 150% increase. CoinMarketCap noted that the trading volume reached a staggering $79 million across all platforms since it was launched.

About ChainFlip

ChainFlip was built using the Rust coding language and is underpinned by Uniswap's V3 design which is hosted on the Ethereum$2,315 -2.42% blockchain. The platform identifies itself as a JIT (Just In Time) automated market maker. Its objective is to enhance trading efficiency and minimize slippage. In trading terms, slippage is the variance between the price a trader anticipates to pay and the actual price they end up paying. Slippage can be a pain point for traders, typically occurring if there is a lack of liquidity when large orders are executed.

ChainFlip's Token Sale and Trading

In August, ChainFlip sold 4.5 million tokens at a price of $1.83 each. On the first day of trading, tokens started at $2.50. ChainFlip, along with other cross-chain swapping platforms, removes the need to bridge or wrap assets. Instead, automated market makers purchase an asset on a traditional centralized crypto exchange once a trade is executed. Subsequently, ChainFlip validators forward the purchased assets to the wallet address provided by the trader at the beginning of the transaction.

ChainFlip's Integration With THORChain

ChainFlip has been lauded by THORChain, a decentralized liquidity protocol. The developers of THORChain announced their future collaboration with ChainFlip. Their joint aim is to challenge the dominance of the current centralized gatekeepers in the market.

Funding and Support

In 2021, ChainFlip secured $6 million in funding in a round led by Framework Ventures, further bolstering its position in the sector.

Edited by Jonathan Stoker