Humswap, an innovative DeFi/NFT dApp, has been accepted into Neo Global Development’s N3 Early Adoption Program. Early Adoption Program is an initiative designed to support the burgeoning Neo N3 ecosystem. Moving forward, NGD will work closely with Humswap by offering resources and incubation opportunities to accelerate the project’s growth.
Humswap is one of the Neo Frontier Launchpad Excellence award winners, and was developed by Mario Lopez and Jason Tezanos — two excellent engineers at PayPal. As a two-man team, Humswap is bringing together the worlds of DeFi and NFTs by creating unique NFTs that have potential benefits such as stackable yields, yield multipliers, lower swapping fees, and much more.
The highlights of the project are as follows:
The intersection of NFTs and DEXs
At the very beginning, the Humswap project was inspired by two blockchain-based use cases. First was CryptoPunks, the randomly generated collectable art NFTs on the Ethereum blockchain. Second was trading on decentralized exchanges like Binance’s Pancakeswap and Ethereum’s Uniswap. These two typical cases made them wonder: what if these two functions were integrated into the same dAPP? What if NFTs had other uses besides being an NFT and could be used in a DeFi product? In the end, the intersection of NFTs and DEXs led the pair to design Humswap.
The Humswap founders want to give NFTs utility and purpose on their forthcoming DeFi platform built on the Neo N3 blockchain. Humswap will offer liquidity pools for various tokens, a marketplace for NFTs, and token swapping. Users can play PitaToss to win both PITA or rare NFTs, participate in Auctions to win NFTs, or purchase an NFT directly with PITA tokens. Rare NFTs may have unique uses, such as incentivizing liquidity providers with NFTs that multiply LP rewards or offering bonus Pita Toss chances.
Innovative, fun and forward-looking approach to gaming
Beyond its DeFi use cases, the Humswap founders seek to make the platform fun for its users to visit and participate. They wanted to include carnival-like games in their application to make it more engaging for users. But instead of throwing darts at balloons to try to win a giant stuffed teddy bear, users are rewarded with NFTs.
The platform’s first game, “Pita Toss,” allows users to spend a small amount of GAS to randomly generate a pita NFT (99% chance) or a hummus NFT (1% chance). A rare NFT, such as hummus, could offer the owner bonuses or unlock other features on Humswap. Ultimately, the team seeks to integrate new utility into NFTs that will encourage more users to engage with the Humswap platform.
Moving forward, both parties will deepen their partnership by leveraging their strengths to accelerate NFT and blockchain development.
Humswap has long recognized the full functionality and developer-friendliness of Neo as a blockchain development platform. Humswap looks forward to working with Neo to pioneer the future of NFT use cases, including but not limited to DeFi integrations along with the introduction of new games.
Likewise, Neo anticipates working closely with the team to help them achieve their milestones and realizing the smart economy of the future on N3 together.
Know more: The Neo News Today Podcast with Humswap