London, Dec. 10, 2024 (GLOBE NEWSWIRE) -- - Tap Protocol, leading the charge in Bitcoin Layer 1 development, is proud to announce the launch of Taparoo Swap–the world’s first decentralized exchange (DEX) on Bitcoin. This first-of-its-kind launch makes decentralized finance (DeFi) accessible on the Bitcoin blockchain, removing the need for roll-ups or Layer 2 solutions. It represents a major milestone, unlocking new functionality for the original blockchain.
Taparoo Swap brings peer-to-peer swaps and liquidity pools directly on Bitcoin’s primary layer. Its launch follows a highly successful beta-testing phase where more than 2,000 swaps were executed, moving about 4 Bitcoin–even with a $50 advisory limit per swap. The trial highlights the strong demand for on-chain DeFi solutions on Bitcoin and underscores Taparoo’s potential as a driving force in advancing Bitcoin's utility in the DeFi space.
Utilising smart contracts to complete transactions, Tap Protocol and Taparoo Swap enable this functionality directly on Bitcoin–no roll-ups or Layer 2 solutions required. It also drives efficiency on the chain, solving a challenge faced by developers seeking to enhance Bitcoin’s utility.
“It’s been a long-standing belief that you cannot build on Bitcoin without enhanced developments or updates across the chain. Taparoo Swap is just one example of how Tap Protocol is making this possible” said Benny the Dev, developer and CEO of Tap Protocol.
The growing community of users and supporters on the platform is already rallying behind Taperoo Swap’s vision—mirrorint the transformative impact that similar platforms have achieved on chains like Ethereum and Solana.
Already the platform’s growing community of users and supporters is rallying behind Taparoo Swap’s vision to mirror the transformative impact that similar platforms have achieved on chains like Ethereum and Solana.
“Taparoo Swap represents a monumental leap forward for Bitcoin,” said Neil Fitzhugh, Head of Marketing of Tap Protocol. “By unlocking DeFi directly on Bitcoin Layer 1, we’re redefining what’s possible for the world’s most prominent blockchain and empowering users to engage with Bitcoin in entirely new ways.”
Features of Taparoo Swap
Taparoo Swap provides users a seamless, intuitive experience, offering the following capabilities:
- Connect Tap Wallets to access liquidity pools, swap Bitcoin, trade tokens in the marketplace, and utilize Ethereum bridges for enhanced interoperability.
- Engage with Robust Security Protections, featuring anti-frontrunning features that prioritize buyers and strengthen overall transaction safety.
Taparoo Swap is driven by Tap Protocol’s advanced tools and decentralized indexing capabilities, utilizing TRAC Network to support the creation of decentralized applications (dApps) and DeFi protocols. Tap Protocol offers developers the opportunity to build on Bitcoin while benefiting from cross-chain accessibility.
Launching today out of beta, Taparoo Swap is available for users to swap Bitcoin and trade tokens in its marketplace. Find out more by visiting taparooswap.com.
ENDS
Media Contact
Natasha, Luna PR - natasha@lunapr.io
About Tap Protocol
Tap Protocol is dedicated to advancing the interoperability of blockchain networks by providing solutions that bridge the gap between Ethereum and Bitcoin. With its focus on user experience and accessibility, Tap Protocol empowers users to leverage the full potential of decentralized finance.
