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Home Platforms Onsen Swap
Onsen Swap reviews

Use anonymously. No KYC required.

Decentralised exchange.

Reviewed by Yunis
22 June 2023 (Updated 13 April 2024)

Onsen Swap Crypto Platform

OnsenSwap, formerly known as AegisDEX, is a decentralized swap built on the zkSync Era. It is a relatively new player in the DeFi space and migrated from AegisDEX on Arbitrum to zkSync in 2022. While there is limited information available about the founders, team, investors, and backers, the protocol maintains an active presence on social media. Onsen is currently in its V1 version and has plans to announce a promising V2 version.

Onsen offers various features for its users, including Swap, Pool, Farming, Launchpad, and Bridge. The platform has a simple and easy-to-navigate design. Users can connect to the platform by clicking the "Connect Wallet" button on the top right of the main page. It is a permissionless platform, allowing anyone to use it anonymously, without the need for KYC or credit scores. Users can create pools and add liquidity. There are currently only two liquidity pools on the platform; ETH/USDC and ON/USDC pools. ON is the platform's utility token. The bridging services are directed to its partners, including Rhino.fi, Orbiter, Celer Network, and Meson. Onsen actively engages in partnerships with other zkSync projects in the ecosystem.

Onsen is a fork of different protocols, including Uniswap V2 and Stable pair protocols. While Uniswap now has V3, the main difference lies in yield autocompounding. V3 requires users to manually claim rewards and add them back to the liquidity, while V2 auto-compounds rewards, generating higher yield. Users seeking better yields on crypto may consider using V2 for a higher return. Onsen is not open-source, and its code is not publicly displayed on the website. Comparison tools can be used to find the best yields on crypto.

Zero Knowledge technology is a promising feature in the blockchain industry, gaining momentum and hype. ZkSync is a zero-knowledge-based Ethereum layer-2 solution with a thriving ecosystem. Similar momentum is observed with other layer-2 projects, such as Polygon, Scroll, zkSnark, and Linea chain. The implementation of zk technology on the blockchain appears to have a bright future.

Onsen Swap has its utility token called ON, which also serves governance purposes. The protocol aims to be a community-driven project and grow its audience. The total supply of ON tokens is 1,000,000, with 25% of the supply used to provide liquidity on the DEX. Almost half of the tokens are planned to be allocated to the team and contributors.

The positive aspect is that there are no reported hacks or exploits regarding OnsenSwap or its previous form, AegisDEX. DeFi is a rapidly growing industry that is still in its early phase. While many DeFi projects provide audit reports, some have still experienced unwanted incidents. Onsen does not provide an audit reportor team KYC on the website. Having an audit report is a good sign of transparency and security when compared to crypto exchanges. Investing in early-stage crypto projects can be highly rewarding but also carries the risk of losing all capital. Crypto exchanges with a considerably long history often appear to be more secure investment options.

Pros

tick Built on a promising network ZkSync
tick Active on social media
tick No hack or exploit in history

Cons

cross New Dex with a short history
cross No details about the founders and team

Onsen Swap Staking Yields

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Onsen Swap Supported Currencies

Onsen Swap supports over 2 currencies including Ethereum.

Onsen Swap Key Data

Company
Decentralised tick Yes
Products
Savings accounts tick Yes
Loans cross No
Crypto to crypto exchange tick Yes
Fiat to crypto exchange cross No
Pro exchange marketplace cross No
Peer to peer exchange cross No
Margin trading cross No
Corporate accounts cross No
Instantly buy crypto with fiat tick Yes
Integrated crypto wallet cross No
Crypto withdrawals to private wallet tick Yes
Fast account verification tick Yes
Futures exchange cross No
DEX aggregator cross No
Chain agnostic cross No
Security
Know your customer cross No
Credit check cross No
Support
24/7 support cross No
Email support tick Yes
Phone support cross No
Chat support tick Yes
Investment Strategy
Liquidity pools tick Yes
DeFi products tick Yes
Unsecured loans cross No

Useful Links

Onsen Swap Contact Details

https://app.onsenswap.xyz/

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