ZilSwap - Exchange Review

ZilSwap came out, it looked like a big step for Zilliqa. Finally, there was a native DEX where you could trade ZRC-2 tokens without a middleman. People were excited. It also added farming, token launches, even some NFT stuff later on. At that time, it felt like the ecosystem was moving.

What It Offers

The exchange runs on an automated market maker model. You provide liquidity, earn fees, maybe stake and get rewards. They launched their governance token, ZWAP, so the community could have a say. On paper, everything looked right. Swaps, farming, a bridge, even support for NFTs.

But in reality, the user base stayed small. Trading pairs? Only a couple. Most activity goes through one pair, and that’s it.

Current Situation

The numbers are depressing. Liquidity pools hold less than a million dollars, and daily trades are in the low thousands. The site still works, but the market feels empty. Order books don’t exist here – it’s AMM – yet even swaps slip because of low liquidity. There’s not much buzz online, no hype, no active community.

The Good Side

To be fair, there are things worth noting.

It’s still the main place to trade Zilliqa-based tokens.
The contracts were audited, so technically it’s safe.
Farming rewards and governance options exist, even if few use them.
It has all the pieces to work if the ecosystem grows.

The Bad Side

And here’s why it struggles:

Liquidity is low, trades are small.
Very few tokens, almost no choice.
The community is silent, and new users rarely come.
No fiat, no margin, nothing to pull in traders from outside.

Verdict

Aspect Ratings

Aspect	Score
Vision	★★★☆☆
Security	★★★★☆
User Activity	★★☆☆☆
Liquidity	★☆☆☆☆
Growth Chances	★☆☆☆☆

Final Thoughts

ZilSwap had a good idea behind it. It gave Zilliqa users a real DEX, with farming, swaps, governance. But it stopped there. Without people using it, even the best code doesn’t matter.

If you’re deep into Zilliqa, you might still use it for swaps. For everyone else, it feels empty, like a platform waiting for better days. Right now, it’s more of a leftover from an earlier DeFi wave than an active marketplace.