What is ParaSwap and the PSP Token?

Another week, another big airdrop, this time from ParaSwap. But what exactly is ParaSwap, what does the PSP token do, and were you lucky enough to get a claim?

What is ParaSwap?

You may have heard of Decentralised Exchanges (DEXs) like Uniswap, Curve, Balancer, SushiSwap, ShibaSwap and the rest. There are loads of them now. But how do you know which one to visit to get the best price? Do you search each one in turn?

ParaSwap is a DEX aggregator, that aims to make the process a whole lot easier – by automatically searching and finding you the best price for your ethereum token swaps. 

If you want to swap one token for another, instead of shopping around you could just visit ParaSwap (or use a wallet that has a ParaSwap integration), connect your wallet, and let ParaSwap find and execute the best price for you.

The ParaSwap system will also soon go live on zkSync so you can make your swaps without the high gas fees.

What is PSP?

No, PSP is not a currency for a new Sony portable gaming system, PSP is the new Ethereum token from ParaSwap that has been designed to “…to make the protocol more efficient and decentralized”, but what does it actually do?

Staking

ParaSwap users can stake their token in ParaSwapools to get better exchange rates and higher rewards.

ParaSwapDAO

PSP acts as a governance token in the ParaSwap Decentralized Autonomous Organization (DAO). 

Essentially anyone who holds the token has a say in how ParaSwap is run.

What is the PSP Airdrop?

Like the Ethereum Name Service (ENS) airdrop, the ParaSwap airdrop is part of a wider decentralization push. To make it fair, and to get people involved who actually use the platform, the team decided to airdrop 7.5% of the total token supply to their most active users.

How Do I get the PSP Airdrop?

To check if you have the PSP airdrop just head over to paraswap.io, connect your wallet, and click the PSP at the top.

ParaSwap and PSP on Numio

In July we announced how Numio had integrated ParaSwap into our mobile app for quick and easy token swaps on the go. We will soon also be launching Layer 2 swaps using ParaSwap on the zkSync network

So if any of you have used ParaSwap on the Numio app you may be eligible for the airdrop – why not check your wallet to see. You can view the PSP drop requirements from ParaSwap here

If you do have the PSP token then you will be pleased to know that it will be live on Numio very soon for sending, storing and of course trading/swapping.

Also keep your eyes peeled for Wallet Connect going live in-app very soon which will make airdrop claims and dApp interactions even easier.

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