Bridgeless Bitcoin DeFi on Cardano

Bitcoin is the largest digital asset in the world, yet the vast majority of BTC remains economically dormant.

Most Bitcoin holders do not trust traditional DeFi.
Most are unwilling to bridge assets across multiple chains.
Most are not interested in learning the complexity of crypto infrastructure simply to earn yield.

BTC Karma was created to change that.

Our vision is simple:

Create a seamless Bitcoin-native DeFi experience powered by Cardano infrastructure, without forcing users to become Cardano users.

At the foundation of BTC Karma is the relationship between Bitcoin’s UTXO model and Cardano’s extended UTXO (eUTXO) architecture — a technological yin and yang combining Bitcoin’s security principles with more expressive smart contract infrastructure.

BTC Karma is designed to become a gateway for Bitcoin capital to enter composable DeFi opportunities through a system focused on simplicity, accessibility, and long-term incentive alignment.

Why BTC Karma Exists

At CSWAP, we believe Bitcoin represents the largest untapped capital base in crypto.

Over time, we expect Bitcoin holders to seek:

• passive yield opportunities,
• real-world asset exposure,
• collateralized borrowing,
• stablecoin deployment strategies,
• and simplified financial tooling.

However, most existing DeFi systems are too fragmented, too technical, or too risky for mainstream Bitcoin users.

BTC Karma aims to simplify that experience.

Initially, BTC Karma will launch as a gamified Bitcoin yield ecosystem powered by the $KARMA token. Over time, the platform will evolve into a broader infrastructure layer connecting Bitcoin liquidity to composable DeFi and real-world asset opportunities on Cardano.

How BTC Karma Works

Phase 1 — Bitcoin Staking & Enlightenment

Users stake Bitcoin through BTC Karma to earn KARMA rewards over time.

At the foundation of the system is a one-to-one relationship between Bitcoin’s UTXO model and Cardano’s extended UTXO (eUTXO) architecture, allowing Bitcoin liquidity to interact with more expressive smart contract infrastructure while preserving many of the principles that made Bitcoin successful in the first place.

As users accumulate and retain KARMA, they progress through higher Enlightenment Levels designed to reward long-term ecosystem participation and alignment.

Higher enlightenment tiers unlock:

• enhanced earning multipliers,
• priority access to yield opportunities in Phase 2,
• and future platform benefits.

Phase 2 — Bitcoin-Powered DeFi & RWAs

Over time, BTC Karma will expand into a broader Bitcoin DeFi infrastructure layer powered by Cardano.

Planned future functionality includes:

• collateralized Bitcoin borrowing,
• stablecoin deployment strategies,
• composable DeFi opportunities,
• and access to institutional-grade real-world asset yield opportunities.

Users with higher Enlightenment Levels will receive priority access to certain capacity-constrained opportunities within the ecosystem.

For example: a future institutional-grade real-world asset opportunity may offer a limited-capacity yield strategy backed by commercial real estate, private credit, or treasury-based income products.

If demand exceeds available capacity, higher Enlightenment Levels will receive priority allocation access.

This structure is designed to reward long-term ecosystem participants while creating meaningful utility for users who remain committed to the BTC Karma ecosystem over time.

Why Cardano

BTC Karma is built on Cardano because we believe Cardano provides one of the strongest foundations for scalable Bitcoin DeFi infrastructure.

Cardano’s eUTXO model, native assets, smart contract architecture, and future capabilities such as Babel fees allow us to create experiences where users may eventually interact with Bitcoin-powered financial products without needing to directly manage Cardano assets themselves.

Our long-term vision is simple:

Bitcoin users should not need to understand Cardano to benefit from Cardano infrastructure.

Why Create a New Token?

BTC Karma introduces a new token economy specifically designed for Bitcoin-focused incentive systems, gamification, and emissions.

While CSWAP remains the core infrastructure and liquidity engine powering the ecosystem, $KARMA serves a separate purpose.

This distinction is important.

Bitcoin users are not necessarily entering the ecosystem because they care about Cardano DeFi or existing ecosystem tokens. They are entering because they want:

• simple yield opportunities,
• long-term incentives,
• and exposure to a growing Bitcoin financial ecosystem.

The $KARMA token was designed to align incentives around that vision.

At the same time, CSWAP holders remain deeply integrated into the success of BTC Karma.

15% of the total KARMA supply is allocated directly toward CSWAP stakers and farmers, ensuring that existing supporters maintain long-term exposure to ecosystem growth.

Additionally, future revenue generated through BTC Karma infrastructure and related RWA activity is expected to strengthen the broader CSWAP ecosystem over time.

The Enlightenment System

BTC Karma introduces a progression system called Enlightenment Levels.

This system is designed to reward long-term participation, ecosystem alignment, and long-term commitment.

Users who accumulate and retain KARMA over time will progress through various enlightenment tiers.

Current planned tiers include:

• Level 1 — Grounded
• Level 2 — Meditative
• Level 3 — Illuminated
• Level 4 — Transcendent
• Level 5 — Enlightened

Higher enlightenment levels may provide:

• increased KARMA earning rates,
• priority access to exclusive opportunities,
• priority participation in future yield vaults,
• and additional ecosystem privileges.

Enlightenment progression is designed to reward long-term alignment and continued ecosystem participation rather than short-term speculation.

Estimated Holder Distribution:

Tokenomics

Total Supply: 210,000,000 KARMA

Initial token distribution includes:

• Public Sale — 20%
• Bitcoin Staking — 45%
• CSWAP Staking — 15%
• Liquidity — 10%
• Airdrop — 5%
• Marketing — 5%

Additional breakdowns and charts will be released alongside the official tokenomics publication.

Emissions Schedule

BTC Karma utilizes a structured emissions model designed to reward early ecosystem participants while gradually reducing inflation over time.

The protocol utilizes a quarterly halving emissions structure during its bootstrap phase, creating:

• stronger early participation incentives,
• increasing scarcity over time,
• and long-term ecosystem sustainability.

Maximum emissions decline each quarter, while active emissions scale progressively alongside Bitcoin network participation, including:

• total BTC staked,
• and the number of active stakers.

This structure allows BTC Karma to:

• strongly reward early adopters,
• protect long-term ecosystem health,
• and align token distribution with real network growth over time.

Early participants who remain committed and retain their KARMA progress through higher Stages of Enlightenment, unlocking enhanced rewards, exclusive opportunities, and future ecosystem benefits.

Launch Timeline

Public Sale

May 15th — May 20th

Bitcoin Staking Launch

Planned for May 25th

CSWAP Staking & Farming Rewards

Planned for May 30th

Enlightenment Leaderboard Rollout

Planned for Early June

Community Airdrop

5% of total supply allocated toward approximately 5,000 Cardano wallets.

Additional details regarding snapshot timing and distribution criteria will be announced following the public sale.

Public Sale

To help bootstrap the BTC Karma ecosystem and establish broad community participation from day one, 20% of the total $KARMA supply will be made available through a public sale.

The May 15th public sale will have a modest cap of 400,000 ADA, with the primary objective being:

• broad token distribution
• strong community alignment
• deep ecosystem participation
• long-term network effects

Rather than optimizing for maximum short-term fundraising, the goal is to create a large base of aligned participants who believe in the long-term vision of Bitcoin-native DeFi and real-world asset infrastructure on Cardano.

As BTC Karma evolves, higher enlightenment tiers may unlock:

• increased emissions efficiency
• enhanced yield opportunities
• priority access to select RWA allocations
• deeper ecosystem utility

Early participants in the ecosystem will have the opportunity to establish their position before the emissions curve becomes significantly more restrictive over time.

Public sale details and participation instructions will be released through official BTC Karma and CSWAP channels prior to launch.

The Long-Term Vision

BTC Karma is not simply a token launch.

Our long-term objective is to create infrastructure capable of onboarding Bitcoin liquidity into:

• composable DeFi systems,
• collateralized borrowing,
• stablecoin deployment strategies,
• and real-world asset opportunities.

Over time, we believe Bitcoin could become one of the largest drivers of on-chain financial activity.

BTC Karma aims to position Cardano as a foundational layer powering that future.

This is only the beginning.

More details regarding platform mechanics, partnerships, staking systems, and future roadmap milestones will be released in the coming weeks.

We sincerely appreciate the support of the Cardano community and everyone participating in the launch of BTC Karma.

Join the BTC Karma Ecosystem

BTC Karma represents a long-term vision to bridge Bitcoin capital into composable DeFi and real-world asset opportunities through Cardano infrastructure.

If you believe in:

• Bitcoin-native yield infrastructure
• sustainable ecosystem incentives
• tokenized real-world assets
• community-driven growth
• and the future of decentralized finance on Cardano

…we invite you to participate in the launch of BTC Karma.

Learn More

• Website: https://btckarma.io/
• Follow Updates: https://x.com/CswapDEX/

Bitcoin is entering a new financial era.
BTC Karma aims to help build the infrastructure powering it.

The path to enlightenment begins now.

When two major DEX tokens launched on Cardano at multibillion-dollar valuations, expectations were sky-high. But as market conditions shifted, their models proved unsustainable for holders and liquidity providers.

CSWAP took a different path: building sustainable DeFi infrastructure that aligns token holders and the core team, creating lasting value for the ecosystem.

Unlike predecessors, we launched with a modest LBE at fair market value.

CSWAP By the Numbers

CSWAP has never held a public token sale, and certainly not at a billion-dollar valuation. From the start, the project focused on sustainable growth and alignment between the core team and token holders, not hype-driven fundraising.

To bootstrap liquidity, CSWAP conducted a Liquidity Bootstrapping Event (LBE) in early 2025, launching the token at an initial fully diluted valuation (FDV) of approximately $5 million USD.

Every LBE participant remains in profit: the initial price was 0.00276 ADA, and $CSWAP is now ~30% higher at 0.00359 ADA.

This responsible valuation and distribution approach sets CSWAP apart from other major Cardano DEXs.

The CSWAP Ecosystem Flywheel

At CSWAP’s core is a self-reinforcing rewards loop: a gamified ecosystem that strengthens liquidity, engagement, and demand over time.

Liquidity providers (LPs) supply both sides of a pair, for example: IAG/ADA, and earn trading fees whenever users transact.

Unlike typical DEX farming programs that attract short-term liquidity through aggressive emissions, CSWAP’s structure is built to retain and deepen participation. Its gamified staking tiers give LPs a clear progression path and meaningful reasons to stay engaged — turning liquidity provision into an ongoing commitment rather than a transient opportunity.

Those rewards can then be staked in one of four gamified tiers, offering LPs flexibility while rewarding deeper commitment:

Bronze: 1-month term
Silver: 3-month term
Gold: 6-month term
Platinum: 12-month term

Each tier offers progressively higher rewards, unlocking greater benefits the longer users stay committed, creating a sense of progression that goes beyond traditional DeFi staking.

And that’s before factoring in ADA fee-sharing from the DEX and future CSWAP products; this amounts to a compounding ecosystem where participation drives growth, and growth rewards participation.

Participating in the CSWAP Economy

That same cycle of participation extends beyond liquidity pools. It defines how the entire CSWAP economy distributes value back to its community.

CSWAP stakers earn a composite return made up of two key components:

• ADA - platform fees across current and future CSWAP products
• $CSWAP - staking incentives

These rewards can be compounded, re-staked or used to participate in additional CSWAP opportunities, creating a self-reinforcing loop that rewards both early and long-term participants.

For LPs seeking higher returns, CSWAP/ADA LP tokens can be locked in 1-, 3-, 6-, or 12-month pools, offering progressively greater rewards, currently reaching more than 50% APR.

Over 80% of CSWAP’s total value locked (TVL) is staked or locked, a strong signal of holder confidence that supports token stability and sustainable growth.

This participation removes most circulating $CSWAP from the market, reducing volatility and reinforcing long-term stability.

Locking CSWAP/ADA liquidity isn’t a constraint, it’s a commitment mechanism that rewards patience and ensures that those most invested in the ecosystem are also those who benefit most from its growth.

As total value locked and trading volume expand, ADA-based platform fees scale naturally with usage, creating a self-sustaining reward structure driven by real economic activity, not token emissions.

Every new liquidity position strengthens the foundation for future growth. Participation today compounds into greater ADA distributions tomorrow.

This flexibility allows CSWAP to balance sustainability with growth, ensuring that rewards remain meaningful for participants without relying on runaway inflation.

Smarter Liquidity, Better Efficiency

CSWAP is expanding its liquidity model with multi-pool routing, enabling traders to access the most efficient swaps across multiple pools for the same trading pair, each with different fee tiers. This approach emulates concentrated liquidity, similar to Uniswap v4, while preserving Cardano-native simplicity and accessibility.

In the near future, CSWAP will introduce zero-fee stablecoin pools, designed to minimize friction and maximize the effectiveness of existing Cardano stablecoin liquidity. LPs in these pools will earn CSWAP incentives rather than trading fees, which can then be staked or farmed to earn additional CSWAP and ADA rewards, extending the same self-reinforcing flywheel described above.

By introducing multiple fee tiers for the same pair, CSWAP captures many of the benefits of concentrated liquidity: improved routing efficiency and tighter spreads, without the complexity of active range management.

Multi-Chain Exposure

CSWAP stakers and CSWAP/ADA LP participants collectively earn 100% of platform fees generated across the CSWAP ecosystem. Over time, as platform revenue expands and emissions are adjusted responsibly, fee-based ADA distributions will play an increasingly central role in participant rewards.

This design anchors long-term value in genuine economic activity, not perpetual token issuance, creating a model that rewards participation in CSWAP’s actual performance and growth.

This foundation powers a system where liquidity providers earn sustainable, protocol-driven rewards through full fee sharing, not just from the DEX, but from the entire CSWAP product suite. That includes the upcoming RWA 2.5 platform, bridging on-chain liquidity to real-world assets, and the Midnight expansion, extending CSWAP’s capabilities into a privacy-enabled ecosystem.

In short, CSWAP stakers and LPs aren’t just supporting a single product; they’re participating directly in the growth of a multi-product, cross-chain DeFi ecosystem, earning real rewards tied to genuine economic activity.

Why LPs Should Move Their Liquidity to CSWAP

Across Cardano DeFi, most DEX models have struggled to align incentives between teams, token holders, and liquidity providers. CSWAP changes that dynamic by combining fee-based rewards, responsible emissions, and long-term ecosystem alignment, a structure designed for staying power, not speculation.

Liquidity providers on CSWAP don’t just earn from trades, they participate directly in a growing, multi-product, multi-chain economy. With 100% of platform fees shared back to stakers and LPs, and new revenue streams emerging from the RWA 2.5 platform and the upcoming Midnight integration, participants gain exposure to the full breadth of CSWAP’s innovation.

In an era where most DEX tokens depend on short-term incentives, CSWAP offers a different proposition: real participation, sustainable economics, and direct alignment with platform success. For liquidity providers seeking depth, transparency, and durability, CSWAP is setting a new standard for sustainable liquidity on Cardano.

Cardano DeFi 2.0 has arrived.

The official CSWAP DEX 1.0 release is now live on cswap.trade!

Let’s dive into the key features of this release.

Key Features

Hyper Swap

We’ve optimized our backend to deliver hyper swap functionality. Orders are now processed within the same block they’re submitted, ensuring much faster execution and an improved trading experience.

One significant advantage of Hyper Swap is that in the event that an order is, for example, out of range, it will automatically be canceled without any user intervention required.

Live On-Chain Data

Data now refreshes in near real-time across the swap, token, token detail, and pool detail pages. Prices, liquidity, and other key metrics update immediately as they hit the chain.

Manage, Staking and Farming speed update improvements will be released shortly after v1.0.

ADA Reward Claim

Users staking or farming $CSWAP tokens have been accruing platform fee rewards in ADA, alongside their $CSWAP earnings. These rewards currently originate from DEX platform fees, but in the future, they’ll also be funded by additional CSWAP products — on Cardano and beyond. ADA rewards can now be harvested directly through the Staking and Farming pages.

Manage Page — Portfolio Overview

The Manage section now includes a Portfolio Overview, giving users a clear snapshot of their LP farm and $CSWAP staking performance, including overall gains, losses, and rewards. This feature helps users better understand how their liquidity is performing and the value of the rewards they’re earning.

Currently in Beta, Portfolio Overview is already providing significant value to users, and we’ll continue refining it with ongoing improvements.

Settings — Themes

New Themes & Personalization

CSWAP has expanded beyond the classic Dark Green theme, introducing 6 new themes to let you personalize your DeFi experience.

Modes: Light, Dark

Colors: Green, Blue, Pink

Special Theme: Tron

Tron Mode

Tron Mode introduces a streamlined, cyberpunk-inspired style with a sharp, forward-looking design.

Tron Video Modes
Tron Mode offers optional animated backgrounds with three settings:

• Always On
• Off
• Screensaver (activates after 15 seconds of idle time)

Settings — Sounds

When users interact with the blockchain, there are now optional sounds that can be turned on and off.

With Charles Mode, a special sound setting, Cardano enthusiasts can enjoy a fun, distinctive twist as they trade and interact with the site.

Charting Improvements

• Faster loading times / backend improvements
• Candlestick charting is now available
• Volume history is now displayed

Other enhancements

• Improved display of historical data, including price and other key information.
• APR is now smoothed over the trailing 7 day period.
• Data refresh/synchronization improvements
• Eternl Dapp Store integration (imminent)
• Improved wallet support (including Eternl, NuFi, Metamask)

Looking ahead

CSWAP DEX v1.0 is just the beginning of a new era of user experience in Cardano DeFi. We’ll continue evolving CSWAP with ongoing improvements to deliver the best possible experience.

Try it now at cswap.trade, and join the community to shape what comes next.

Discord: https://discord.com/invite/JNFDH8ENd5

Telegram: https://t.me/CswapDEX

After months of relentless development, countless hours of challenging technical work, and many late nights, the wait is finally over. We’re excited to announce the mainnet beta launch of CSWAP’s token DEX, cswap.trade!

DEX Features

• Sleek & Modern UI — Designed for a seamless DeFi trading experience.
• Decentralized Reward Model — 100% of platform fees from all CSWAP products go directly to reward programs for CSWAP stakers and farmers.
• Expanding Across Chains — Our multi-chain strategy extends beyond Cardano, with plans to build on Bitcoin and Base this year, unlocking greater liquidity, volume, and rewards for holders.
• RWA & NFT Integration — Our token DEX will be seamlessly integrated with our real-world asset (RWA) and NFT marketplace (cswap.market), creating a hybrid DEX for cross-asset trading. With support from Project Catalyst Fund 13, we’re well-positioned to expand our RWA offerings and bring more assets on-chain.
• Flexible Liquidity Management — Zap in and out with any ratio when adding or removing liquidity (LP).
• Generous rewards for stakers and farmers — More details below 👇

Staking & Farming Rewards

There are three ways to earn rewards on CSWAP’s token DEX:

1. Stake CSWAP tokens in Bronze, Silver, Gold, or Platinum Staking contracts. These have 1-month, 3-month, 6-month, and 12-month lockup terms respectively, with an early withdrawal option (more on this below). CSWAP Stakers will earn CSWAP emissions as well as platform fees in ADA. At launch, this will just be CSWAP emissions, but ADA rewards will be implemented in the reward program very soon.
2. Farm CSWAP/ADA LP — Stake your CSWAP/ADA liquidity provider (LP) tokens from our Liquidity Bootstrapping Event or newly created LP tokens on the Farming page in Bronze, Silver, Gold, and/or Platinum farms.
   
   CSWAP/ADA farmers earn: pool trading fees PLUS — our most generous CSWAP token rewards AND will soon receive ADA rewards from platform fees generated by CSWAP’s products.
   
   ⚠️ IMPORTANT: CSWAP/ADA farmers can only unstake their LP during the designated unlock window. If not unstaked in time, the LP will automatically restake (and continue earning rewards), requiring users to wait for the next unlock window.
   
   🔓 CSWAP Farming Lock/Unlock Windows:
   Bronze — 30-day lock, followed by 1-week unlock window
   Silver —90 day lock, followed by 3-week unlock window
   Gold — 180 day lock, followed by 6-week unlock window
   Platinum — 360 day lock, followed by 12-week unlock window
   
   Stay aware of your staking schedule to ensure timely access to your LP.
3. Farm Non-CSWAP LP pairs — Provide Token/ADA LP in our liquidity pools and stake it on the Farming page.
   
   Earn:

• Standard LP fees (All pools have 0.85% pool fee or higher)
• Super-Farm CSWAP emissions

Liquidity Pools with higher TVL and trading volume will receive proportionally greater rewards.

CSWAPC => CSWAP Token Migration

As outlined in our DEX Paper, enabling future cross-chain functionality requires a token with mint/burn capabilities. To achieve this, we are introducing an upgraded version of CSWAP, which will retain the same name.

The previous version of the token, CSWAP, will now be referred to as CSWAPC (“CSWAP Classic”). You can migrate your CSWAPC tokens 1:1 to the new CSWAP token on our platform:

Migrate Here

⚠️ Important: To take full advantage of our DEX’s features and reward programs, you must migrate to the new CSWAP token.

CSWAPC Policy ID: bf524874448cbf52be3a26133b0a0edf5eb65c09ffed383b881ad327

CSWAP Policy ID:
c863ceaa796d5429b526c336ab45016abd636859f331758e67204e5c

LBE Participants — Claim your LP

If you joined our recent Liquidity Bootstrapping Event (LBE), you received voucher tokens representing your share of the CSWAP/ADA Liquidity Pool.

To exchange these vouchers for the actual CSWAP/ADA LP tokens — which can be used on our DEX (e.g., for staking in CSWAP/ADA farming) — claim your CSWAP/ADA LP here:

Claim LP Here

Super Farms at Launch

At launch, we will start with 17 super farms, with plans to quickly expand to 30+ post-launch.

Tokens Live at Launch:
SNEK, IAG, LQ, HOSKY, HUNT, BTN, USDA, USDM, TITAN, XER, TOKE, ANGELS, BANK, SQUEAK, RISK, NIKEPIG

🚀 More pools coming soon after launch!

FAQ

Q: How long will CSWAP remain in beta?

A: Our target is 30–45 days from mainnet launch, but we may adjust this timeline if necessary.

Q: How often do farming/staking rewards update?

A: Rewards update daily and become claimable shortly thereafter.

Q: How many transactions can the DEX handle currently?

A: Our batcher runs 5 instances, each processing 18 concurrent transactions per batch. We can scale this as needed.

Q: Are there any known issues?

• Footer shows CSWAPC price, not new CSWAP price.
• Not integrated with TapTools yet (in progress)
• Not integrated with DexHunter yet (in progress)
• Harvesting Delay: When harvesting rewards via the frontend, there is a 15-minute delay before your balance updates. This will be optimized in the future.
• Hardware wallet support may be limited on certain site functions, e.g., Token Upgrade: CSWAPC=>CSWAP and LBE Voucher Claim. To work around this, you may need to temporarily transfer CSWAPC and/or voucher tokens to a hot wallet to perform those operations.
• Minor UI Bugs: Some minor UI issues involving data refresh, wallet account switching, and mobile optimization, may occur. We’re actively refining the experience and will we resolve these ASAP during the beta. If you spot any issues, please share your feedback in our Discord!

Q: Are there plans for a CSWAP DAO?

A: Yes. See our DEX Paper for details.

Q: What improvements are planned during beta?

• ADA Rewards: CSWAP reward distribution is live, but ADA rewards for stakers and farmers will be implemented ASAP.
• UI Upgrades: While the UI is already sleek, we will roll out significant UI and quality-of-life improvements over the next 30–45 days.
• Data Enhancements: Expect improvements in off-chain data handling and real-time transaction data.
• New Features: CSWAP’s innovative team will ensure a competitive and flash-forward Cardano DeFi experience. Multi-hop, limit orders, etc…???

Q: How long does it take to harvest rewards?

A: Once you have harvestable rewards, they arrive in your wallet immediately upon claiming.

Q: I participated in the LBE. Is there a way I can check my deposit history?

A: Yes, connect the wallet that deposited the ADA into the LBE and check My Deposits tab at the bottom.

Q: Can I see a history of my harvested rewards?

A: Not yet, but this feature is a priority and will be implemented before we exit beta. It will also apply retroactively.

Q: Can create a new liquidity pool for any token right now?

A: Not at the moment. This is not currently a priority as the focus is on quality and volume, not quantity. If interested, please contact the team via Discord ticket.

Q: Will CSWAP offer stablecoin liquidity pools (e.g., USDA/USDM pair)?

A: Stablecoin-only pools won’t be available at launch, but they are a top priority and will be introduced soon after launch.

Resources:

The CSWAP DEX Paper, which explores many of these topics in greater depth, can be found below:

https://docs.cswap.fi/information/cswap-dex-paper

Japanese version:

https://docs.cswap.fi/information/cswap-dex-paper-jp

We are Renegades

From legendary figures like Robin Hood to contemporary movements like Anonymous, renegades have always defied the norms, challenging the status quo, often igniting profound social and economic change.

At CSWAP, we embody that same spirit of rebellion and innovation. Our culture thrives on breaking away from conventional thinking and pushing the boundaries of what’s possible. Being a renegade is in our DNA, and we invite you to join us in creating groundbreaking financial products that empower individuals and reshape the future of finance.

Introducing the latest chapter of CSWAP: Origins utility NFTs — Renegades.

Utility

Renegades, like all Origins NFTs, can be staked on CSWAP’s portal to earn $CSWAP, the core token of the upcoming CSWAP token DEX. NFTs with higher rarity tiers generate greater daily $CSWAP rewards.

Once the token DEX launches later this year, $CSWAP will play a central role in staking, farming, and driving the ecosystem forward.

Mint Information

🏹Date & Time: October 3rd @ 4PM PST (October 3rd @ 23:00 UTC)

🏹Minting URL: TBA

🏹Total supply : 2500 (500 packs of 5)

🏹Mint link: https://cswap.market/nftsale

There are 5 unique designs, one for each Renegade, and four rarity tiers.

The Renegades collection will be available exclusively in packs of five. Minters not only have the chance to win rare and valuable Origins NFTs but will also receive a bonus real-world asset (RWA) — which can itself be rare and valuable.

There are 4 possible RWAs that minters can win:

🟠Copper — 65% chance: Copper coin — One of 3 rare lincoln pennies (1909 VDB Lincoln Cent, 1947-S Lincoln Cent, 1979-S Lincoln Cent PF Type 2), or a 1923-S Buffalo Nickel.
⚪Silver — 20% chance: Silver coin — 1921 Morgan Dollar or 1 oz Silver Britannia BU (King Charles III)
🟡Gold — 10% chance: Gold coin (Canadian Maple Leaf 1g BU)
🔵Platinum — 5% chance: Platinum coin (2024 Kookaburra 1/10 oz) — approx. value: $120 (350+ ADA)

During the initial mint you will notice that the RWA certificates and main image will have a pending logo. This is to ensure that the RWAs are distributed before we purchase the underlying assets to avoid any negative impact to our team via ADA price fluctuations.

Here is our plan for purchasing/validating assets.

• 7 days after the mint initiates, we will purchase any remaining assets for minted RWAs.
• If for some reason the mint has not finished, we will continue to purchase the underlying assets and update the IPFS images on a schedule e.g. every 100 packs minted, etc

In any case, minters can be confident that the RWA NFT images will update and RWAs can be traded as soon as liquidity pools are up and running.

Pricing

There are three pricing tiers for each pack of 5 NFTs + 1 bonus RWA.

🏹Retail price: 500 ADA

🏹Loyalty Discount price: 400 ADA
Requirements:

• Minting wallet must stake 1 CSWAP Origins NFTs (Underdogs or Villains).

🏹Renegade Discount: 350 ADA
Requirements:

• Minting wallet must stake 1 CSWAP Origins NFTs (Underdogs or Villains).
• Minting wallet must provide NFT/ADA Liquidity for any collection on cswap.market & lock at least 1 CSWAP Allies NFT with the liquidity.

The Collection

CSWAP Origins 012 — Robin Hood

Robin Hood, a legendary figure known for his rebellious spirit and commitment to justice, defied the corrupt Sheriff of Nottingham and the ruling class. Wielding his iconic bow, he redistributed wealth from the rich to the poor, earning the admiration of the common folk. His legacy as a daring outlaw continues to inspire tales of resistance against tyranny.

CSWAP Origins 013 — William Wallace

William Wallace, a Scottish hero and freedom fighter, led his people in rebellion against English rule. Defying King Edward I, Wallace became a symbol of resistance and freedom. Though his life ended tragically, Wallace’s legacy remains a symbol of courage and relentless pursuit of independence.

CSWAP Origins 014 — Billy the Kid

Billy the Kid, an infamous outlaw of the American Old West, became a symbol of rebellion and lawlessness. Known for his quick draw and daring nature, he roamed the frontier as a gunslinger, challenging corrupt authority and becoming a legend of the Wild West.

CSWAP Origins 015 — Joan of Arc

Joan of Arc, a young woman of humble origins, defied societal norms and led the French army to key victories in the Hundred Years’ War. Guided by divine visions, she became a symbol of hope and resistance, her legacy enduring as a fearless warrior and martyr.

CSWAP Origins 016 — Anonymous

The Anonymous movement, a decentralized collective of activists and hackers, fights for freedom of speech, privacy, and social justice. Using digital tools to challenge oppression and expose corruption, they embody defiance and a commitment to a more transparent and just world through online activism.

$SNEK is the most successful meme coin on the Cardano blockchain to date, possessing a talented founding team and an incredibly passionate, engaged community.

To show our appreciation for everything $SNEK has contributed to the Cardano ecosystem and to empower the $SNEK community with a compelling new utility, the CSWAP team is proud to introduce the SNEK Pool.

The SNEK POOL — a new use case for $SNEK

CSWAP introduced multi-asset (“degen”) liquidity pools in late 2023, offering an innovative blend of a raffle and lottery experience. These pools combine a Cardano Native Token (currently $CSWAP or $SNEK) with five different NFT collections of varying value, all within a single liquidity pool.

Unlike standard NFT liquidity pools on cswap.market, where users purchase specific assets using ADA, these multi-asset pools provide a game-like experience. Users participate by paying a certain amount of $SNEK to “roll the dice” and win a random NFT from one of five collections.

The five collections in the SNEK POOL include:

OREMOB (FP: 104 ADA)
Toolheads (FP: 170 ADA)
Snekkies (FP: 249 ADA)
Cardano Crocs Club (FP: 399 ADA)
SpaceBudz (FP: 865 ADA)

The cost to play will fall between the value of the least expensive and most expensive collections. For example, it might be roughly 190 ADA worth of $SNEK (~85K SNEK).

In this game, participants are guaranteed to win an NFT, with the potential to land a highly valuable one. This element of excitement offers users the opportunity to win an established NFT of known value, rather than a newly minted asset.

Unlike a traditional raffle, players will never leave empty-handed — they always win an NFT of value. In essence, it recreates the thrill of a minting experience, with the added possibility of winning an NFT worth substantially more than the $SNEK they used to play.

If a user wins an NFT they don’t wish to keep, they can either sell it for ADA in CWAP’s standard NFT pools or return it to the SNEK Pool for $SNEK and play again.

Why the SNEK Pool Matters

The introduction of multi-asset liquidity pools brings exciting implications for $SNEK holders. By playing in the SNEK Pool, users can use $SNEK to win random NFTs from five different collections, each with significant upside potential.

Additionally, users have the option to “dump” any of the five NFT collections back into the SNEK Pool in exchange for $SNEK. This dynamic interaction continuously alters the pool’s composition, creating natural market volatility and unlocking new opportunities for buyers and sellers.

For example, when the pool is running low on a particular collection, it will offer extra $SNEK for that specific NFT collection, incentivizing users to contribute and capitalize on market conditions.

This fun new utility for $SNEK has the potential to drive significant token and volume in the Cardano’s DeFi and NFT ecosystems and unlock new financial opportunities for $SNEK and NFT holders.

Additional reading

For more information on how Multi-Asset Liquidity Pools work, refer to the article below.

CSWAP Presents: Degen Pools

The Vision

The vision of CSWAP has always been to unify the fungible and the non-fungible realms — to serve as a hybrid DEX that encompasses both non-fungible tokens (NFTs) and fungible tokens (FTs). Prior to the launch of CSWAP’s fungible DEX, we believe it is crucial to first showcase the remarkable potential of NFT technology.

What sets NFTs apart from FTs is that each asset represented by an NFT can be uniquely defined and possess special characteristics that make it one-of-a-kind. This unique nature of NFTs allows for a multitude of real-world use cases, including:

• Collectible safe haven assets (e.g., American Silver Eagles): Secure, tangible assets that can retain value over time.
• Digital Collectibles (e.g., Pokémon cards, sports cards): Unique digital items that can be traded or sold.
• Deeds, Certificates of Authenticity: Legal documents and proofs of ownership that can be securely stored and transferred.
• Medical records: Personal health information that can be securely accessed and managed.

Launching American Silver Eagles on CSWAP

We are taking our platform to the next level with the release of American Silver Eagles, widely popular collectible coins produced by the United States Mint that are ≥ 99.9% silver and uncirculated. These safe haven assets are authenticated, securely bank vaulted and insured.

Collectors will be able to buy, sell, and add liquidity for Silver Eagles on a new section of cswap.market dedicated to real-world assets. The DEX functionality of CSWAP for RWAs will unlock new financial opportunities for collectors and traders alike on Cardano, demonstrating the transformative power of NFT technology. For example, users can add RWA/ADA liquidity to their own liquidity pool and earn fees from trading activity, or they can take advantage of dynamic pricing of silver relative to ADA.

American Silver Eagles, along with other precious metals and small form-factor collectibles such as Pokémon cards and stamps, will serve as a proof of concept for RWAs on CSWAP. This initiative paves the way for future expansion of RWAs on Cardano, bringing new classes of assets with concrete and well-established value to the blockchain. It showcases the transformative potential of integrating traditional assets with advanced blockchain technology.

The Evolution of CSWAP NFTfi Marketplace

Up until this point, CSWAP NFTfi Marketplace inventory has been provided by the team. Each collection consists of a singular liquidity pool with a linear price curve. While this format has been successful, earning the platform over 2M ADA in volume, CSWAP NFTfi is set to EXPLODE with the upcoming community liquidity program. Users will finally be able to add their own liquidity, earning fees in both CSWAP and ADA, while implementing dynamic market making strategies.

How NFTfi Marketplace Community LP works

When a user creates an NFT liquidity pool, they will provide both NFTs and ADA to provide inventory for a specific collection on the platform. Each user’s liquidity pool must have a minimum amount of ADA: 1 NFT worth of ADA or 25% of the total NFT value, whichever is greater. This requirement will ensure that there is sufficient ADA liquidity on the platform. A user can also provide ADA only if they are interested in creating an NFT buying strategy using one of the curve types (while also receiving fees!).

When setting up a liquidity pool, a user can assign up to five CSWAP Allies NFTs in order to receive a CSWAP reward boost every time someone buys or sells an NFT out of his/her specific pool. A user can maximize volume in their pool by setting competitive pricing.

NFTfi Marketplace: New Mechanics

Much of the Marketplace will remain the same; there is one key change. With multiple people providing liquidity for the same collection, listings with different price curves and curve values will be aggregated and displayed on the same page. This will present as pricing “chunks” on the collection page, however the lowest buy price and highest sell price will still display. A user who sells an NFT will get the best possible price, and the pool fees will be rewarded to the LP provider who gives the best pricing.

To reiterate, when an NFT is bought out of or sold in to a specific liquidity pool, whoever owns that pool will earn the rewards, other pool operators will not. The most successful pool operators will likely be those who can price their assets at or near the fair market value as those are likely to be the pools that do the most trading volume. Users can experiment with different curve types, curve values, and pool fees to maximize their results.

CSWAP Allies: Dual Utility

1)Embedded LP

CSWAP Allies are not your ordinary Cardano NFT. These CIP-68 NFTs uniquely house embedded LP tokens for ADA, $CSWAP, and tokens from our partner projects. We were the first to implement this tech on any chain, as Ethereum just implemented ERC-404 to achieve something similar and BOZO hybrid is picking up steam on Solana.

We believe Allies are even more sophisticated than the Ethereum and Solana counterparts, because of the embedded LP and future integration with a fungible dex. This innovative functionality gives Allies significant value, offering holders both downside protection and upside potential.

2)NFTfi LP Boost

As many of you are aware, CSWAP is on the verge of launching the community liquidity program. This initiative will empower users to become their own NFT marketplace. In supplying NFT/ADA liquidity to the NFTfi Marketplace, users will not only contribute to a vibrant trading ecosystem but also earn CSWAP/ADA rewards in the process.

Allies can be locked with user provided liquidity to provide a multiplier on CSWAP rewards earned via user defined pool fees. A user can include up to 5 Allies NFTs which combine to increase CSWAP rewards when another user buys from or sells into his/her liquidity pool.

Types of Boosts

By locking 1–5 Allies NFTs with LP, a user will receive a calculated boost of CSWAP rewards.

Below is an overview of the Allies boost program.

Standard Boost

Please take notice that if a user holds more than 1 of each tier, then their calculated boost will be subject to stacking penalty. This is an anti-whale measure designed to incentivize broader NFT distribution across the community.

Sample combination:

Full Metal Combo— If you hold one of each rarity tier (Bronze, Silver, Gold, Platinum), then you will avoid the stacking penalties for having multiple of each tier. The designs do not need to match.

Holding 1 of each tier will give you a 93% reward boost (8% + 15% + 30% + 40%). A 5th NFT will be subject to the stacking penalty. This is likely one of the most capital-efficient combinations available, if you are able to secure the rarer tiers economically.

If you supply a 5th NFT, then that NFT will be subject to the stacking penalty.

Power (Ranger) Boost — within a specific rarity tier, if you hold one of each design, you will receive a significant boost.

Allied Boost — This boost requires that the design of your NFT matches the collection for which you are providing LP, so it will only apply to the partner project NFTs. For example, if you are using 1 or more KWIC Allies NFTs to boost your $CSWAP rewards on the KWIC/ADA NFT pool , you will receive the following boosts:

Max Allied Boost — If you hold 1 of each rarity tier with the same design that matches the collection you’re providing NFT/ADA LP for, then you will earn a max allied boost for that collection.

Max Allied Boost: 112.50%

For example, if you are supplying NFT/ADA LP for Inmates, and you supply Inmates Allies NFT + each rarity tier, plus an additional bronze NFT, you would earn 112.5% + 6.75% = 119.25% extra CSWAP as an LP on that pool.

As you can see, the higher tier NFTs are more powerful but there are anti-whale mechanisms built into this, and the various boost options still make the lower tiers very useful.

New fee structure

We are departing from the status quo on Cardano NFT marketplaces and introducing 50/50 fee splitting between the buy and sell side of a transaction, rather than fees on the sell-side only.

There are three main types of fees collected on each transaction:
1) Platform fee — 1.5% — supports platform operating costs / CSWAP team.

2) Pool operator fee — between 0–5%, set by the pool operator when they create the liquidity pool. They will earn this percentage whenever an asset is either bought out of their pool or sold into their liquidity pool. Pool operators will receive 3/4 of this fee in ADA and they will also accrue 1/4 of this fee in the equivalent amount of $CSWAP. The $CSWAP is the amount that can be boosted by Allies multipliers.

3) Royalties — varies based on the collection. Previously, royalties were only collected when an asset was sold into the liquidity pool. Now, the royalty fee will be split 50/50 between the buy side and sell side.

For example, if a collection has a 5% royalty, half (2.5%) will be collected when an asset is bought out of the liquidity pool, and the other half (2.5%) will be collected when an asset is sold into the liquidity pool. This makes the fee structure quite a bit more attractive to sellers than the previous fee structure, which should promote trading activity and reduce friction for both sellers and buyers, stimulating volume and market opportunities.

Let’s look at what this impressive team has accomplished so far…

CSWAP Portal

• Accessible only via NFT, this exclusive module has made use of both Ethereum and Cardano smart contracts in mapping ERC-20 tokens to Cardano Native Tokens (CNTs). Rewards can be earned over time through an on-chain gamified vesting program, with a strong focus on community participation.

CSWAP Dynamic Minter (CIP-68 Enabled)

• The CSWAP team has created a dynamic minting tool which they use for all of their mints, including the recent Allies (CIP-68) mint.
• This robust and scalable minter will be extremely useful for use cases including: custom financial instruments, tokenized real world assets, NFT asset fractionalization, ticketing systems, rewards programs, receipt systems….and much more!
• Those who mint CSWAP NFTs have experienced a process that is smooth and predictable, with wallet integration, and dynamic feedback.

CSWAP NFTfi Staking — Origins, Partner, FINSO

• CSWAP has created one of the most flexible and scalable staking platforms on Cardano. Origins NFTs can be staked custodially, Partner and FINSO NFTs can be staked non-custodially/off-chain. In the near-term, the NFTfi staking platform will be expanded to incorporate CSXP, a gamified reward system to encourage platform activity.
• There are 10 partner staking projects. Prior to the release of the CSWAP token, partners could stake any number of NFTs to earn daily $CSWAP rewards.
• The FINSO, or Fair Initial NFT Stake Offering, was the first of its kind. During this 10-day period, participants were able to stake NFTs for an additional 10 projects to earn special $CSWAP rewards. Projects like Minswap and others have utilized a FISO to distribute their token via different stake pools; with FINSO, CSWAP created an NFT equivalent fair distribution method.

CSWAP Origins™

• The CSWAP Origins NFT collection offers dual utility.
• 1) NFTs can be staked custodially to earn daily $CSWAP
• 2) NFTs can alternatively serve as ISPO boosters. ISPO participants w/ Origins boosters earn more $CSWAP in the ISPO (CSWP1/CSWP2). This option offers more $CSWAP for larger ADA delegators (> 50K ADA) than the NFT staking program, which is great for smaller ADA holders.

CSWAP Allies™

• This innovative NFT collection is like an index fund with valuable utility. Each CIP-68 NFT contains embedded LP pairs composed of ADA, CSWAP, and one of five different partner tokens.
• You can see the estimated value of the embedded LP here: https://app.cswap.fi/allies-value .
• 1) When our fungible DEX launches, you will be able to burn these NFTs to extract the underlying embedded LP, should you desire to do so.
• 2) In addition, Allies can also act as LP boosters for the NFTfi Marketplace (NFT DEX), meaning higher rewards for LP providers (Details to be revealed soon).

CSWAP NFTfi Marketplace

• We delivered the first NFT DEX on Cardano, an orderbook/AMM hybrid. You can try it out here: https://app.cswap.fi/marketplace
• Throughout beta testing, with only team liquidity in the collection pools, the NFTfi marketplace has already achieved over 2 million ADA in all-time volume. As of the release of this article, CSWAP NFTfi marketplace is the second largest NFT marketplace on Cardano.

• In the coming weeks, plans are to open up the platform to community liquidity so that anyone can provide NFT/ADA liquidity. This major update will give users the power to become their very own marketplace.
• The community liquidity program should increase TVL and volume substantially. As the community takes advantage of the opportunity to provide liquidity, putting their assets to work, they will earn ADA as well as $CSWAP rewards.

CSWAP Multi-Asset Pools

• These multi-asset liquidity pools are the first of their kind in all of crypto. These pools have created an impressive initial token utility for $CSWAP, with much more to come.
• Multiple NFT collections are paired with our token $CSWAP, and with a gamified dice roll users can use $CSWAP to win random NFTs out of these pools.
• Users can also dump supported NFTs into these pools for instant $CSWAP liquidity.

CSWAP DEX

• CSWAP DEX, for fungible tokens, leverages the latest and greatest Cardano smart contract protocol — Aiken — enabling new functionality, efficient transactions, and cutting-edge performance.
• Cardano’s newest DEX will be simple and easy to use, offering generous rewards to liquidity providers. Users will also be able to stake $CSWAP to earn a share of the platform fees, enabling early participants to grow with the protocol.
• CSWAP DEX is truly the first of its kind as the only hybrid DEX in crypto — users will have access to a powerful fungible DEX and NFT DEX side-by-side. This opens up so many exciting possibilities that we can’t wait to share with you!

Expanding our horizons

CSWAP recognizes the need for blockchain technology in the “real world”. With the innovative hybrid DEX foundation in place, CSWAP can be a real catalyst for tokenized assets across different industries, disrupting the status quo. There are many inefficiencies in Web 2 that can be greatly reduced or eliminated with blockchain technology. CSWAP can be a facilitator for change in making that happen.

The CSWAP team is also laying the groundwork for Cardano’s first decentralized academic journal, and have just submitted a joint proposal to IOHK along with Thesis & Dysmorphia in an effort to further explore this initiative.

How can you support CSWAP / become part of the community?

• Delegate your ADA to CSWAP ISPO (99% margin), ticker: CSWP1. This is a very cost-effective way to get $CSWAP. Instructions on how to delegate can be found in our Gitbook here:
  https://docs.cswap.fi/cswap-token/how-to-earn
• Join CSWAP DEX Discord, Telegram, & Twitter communities.
• Mint CSWAP Allies and Origins NFTs, which are released periodically to support team operations, and create additional value for the community. Most of the proceeds of NFT sales have been used to create liquidity for $CSWAP and the NFTfi Marketplace/Multi-Asset Liquidity Pools.
• Try out CSWAP products (they are literally designed to help folks take advantage of opportunities to earn/save when it comes to NFTs, and soon CNTs).

The CSWAP team thrives off of community support and will continue working tirelessly in order to innovate and truly push the space forward. If anything can be taken from this short historical body of work, its that CSWAP is creating an impressive platform with broad appeal. With continued support, this team can really help put the Cardano ecosystem on the map.

In the midst of a bear market, many have become so focused on price and utility that they have forgotten about one very important thing: having fun!

At CSWAP Systems, we are tackling this problem head-on, and are thrilled to announce a new product feature that caters to the hidden degen within us all: Degen Pools!

Degen Pools are similar to CSWAP’s existing NFT liquidity pools, but with a few fun twists:

1. Each pool consists of multiple NFT collections, with a range of NFT values, instead of a single collection.
2. Pools consist of NFTs and CSWAP. No ADA.
3. When you buy out of the pool, you buy with CSWAP, and receive a random NFT from the pool.
4. When you “dump” into the pool, you receive CSWAP (not ADA).
5. Degen pools are a fun way to get instant liquidity for your NFTs.
6. There are no “Max” Nfts, and pools will never run out of CSWAP, because of a special “Seed Mode” that gets turned on when the pool needs to grow! Seed mode encourages dumping with better than average CSWAP rewards!

Let’s dive in to the Degen Pools and have fun together, Cardano!