A hybrid DEX utilizing AMM and order book style methods of settling trades. Fees are charged at 0.25% and both ADA and babel fees will be accepted.
Incorporating both order book and AMM styles of settling orders allows users to place their tokens for sale at a price higher than market price, or to place a buy order for tokens at a lower than market price and have them fulfilled by the protocol when the price reaches that level.
YaySwap charges 0.25% fees for trades and half of the fee goes to the Liquidity Providers, LPs, of the pool and are split proportional to their contribution to the liquidity reserves. The other half of the fee is split between those staking YAY LP tokens, again proportional to their contribution.
The protocol will also offer support for babel fees, meaning that a user can pay fees in the native token they’re trading and don’t need to be holding ADA to execute their trade. These fees go straight to the stake pool operators, SPOs.
This is conditional once the support is added to the Cardano blockchain, and dependent on the token being traded.
New and low market cap assets will not be listed in YaySwaps dropdown menu, and those who wish to trade them will need a custom link to do so. Once these assets have enough liquidity backing them then they will be listed in the dropdown menu.
Finally, wrapped tokens will be available in the future, allowing trading between tokens on Cardano and tokens on other blockchains.
It is worth noting that many community members in the Cardano space are warning that YaySwap is a scam. So what can make them think that?
There is little-to-no information out there about the team working on the DEX
They changed their website address from yayswap.io to yayswap.org without making an announcement about it or changing it on their Twitter or other parts of their platform
They have not been forthcoming with any updates on the progress of development (there is actually no evidence of a working platform being ready to be shipped)
They created a BETA version of an Ethereum cross-chain bridge, but there is no mention of a cross-chain bridge in their whitepaper.
Their website and whitepaper are basic yet comprehensive
They have also conducted their token sale and are not forthcoming with updates or community contact in their Telegram
Release was delayed from mid-January until June 2022
Is it a scam? Many would tell you to tread carefully.