Gasp Introduces Final Testnet V3, Setting Stage for Mainnet and $GASP Token Launch
San Francisco, USA / California, November 14th, 2024, Chainwire
Last testnet release brings gas-free, cross-chain trading closer to reality as Gasp readies for mainnet launch and token debut.
Gasp.xyz today announced Gasp V3, the final testnet iteration of its decentralized exchange (DEX) protocol, representing a major step towards mainnet deployment on Ethereum and the launch of its native token, $GASP. V3 consolidates critical enhancements to deliver fast, gas-free, and secure cross-chain swaps across Ethereum and Arbitrum.
Gasp V3’s standout features include the new Ferries mechanism, which speeds up cross-chain transfers by enabling ferries to use their own funds to provide quick access to assets on the destination chain. This update also refines the protocol’s reward and fee structure to support balanced incentives and introduces preliminary governance functionality, adding transparency and community input. Additionally, V3 supports stableswap pools for high-volume pairs, boosting liquidity. To ensure comprehensive security, the update was audited by Zellic, with all findings addressed.
Since launching its first testnet in April 2024, Gasp has engaged over 50,000 wallets in 500,000 transactions, building momentum to combat liquidity fragmentation on Ethereum. Following the successful V2 launch in July, which added Arbitrum integration and UX improvements, Gasp now stands ready for mainnet with its final testnet release.
“Gasp is the world’s first consolidated exchange that helps people swap any crypto asset between any L1 or L2,” said Peter Kris, Co-Founder and CEO of Gasp. “Gasp removes the barriers between native crypto assets, stablecoins and RWAs and unifies the trading and liquidity experience. Think of it like Interactive Brokers but for crypto”
The upcoming mainnet launch will introduce $GASP, an innovative staking-based token model. Instead of spending tokens on gas fees, users stake $GASP within their wallets to secure transactions. This model, essential for network scalability and security, will serve as collateral for liquidity providers, a reward mechanism for sequencers, and as currency for non-swap transactions.
Gasp’s community has been pivotal to its growth, with over 150,000 wallets engaged in testing and 2,000 applications for its new ambassador program. Active participants in Gasp’s testnet and community quests will be eligible for rewards in an upcoming announcement.
About Gasp
Gasp.xyz is a cross-rollup decentralized exchange (DEX) designed to enable seamless and gas-free cryptocurrency swaps between different blockchains, including Ethereum Layer 2 (L2) networks. Built as an AVS (Active Validator Set) on EigenLayer, Gasp aims to solve liquidity fragmentation across rollups by offering fast, secure, and efficient native swaps without relying on intermediary bridges. As an Ethereum-native protocol, Gasp emphasizes deep liquidity and low-latency trades across major Ethereum rollups, ensuring that users can make transactions with minimal fees and delays.
