PuddingSwap Decentralized Exchange Review

PuddingSwap is a decentralized exchange that works on the HOO Smart Chain. It boasts several features that provide lucrative earning opportunities. It is a quick, cheap, and easy-to-access platform that is user-friendly. As per the vendor, the DEX enables you to tap the maximum potential from your crypto asset via trading, earning, and winning tokens. 

PuddingSwap background

As per the Twitter profile of the company, it was launched in December 2020 and is based in Hong Kong. We could not find further info such as the team members, the reason for the formation of the brand, etc. 

PuddingSwap overview

PuddingSwap is an AMM (automated market maker) that enables the exchange of tokens on the HOO Chain (HSC). The HSC is a scalable high-performance public chain that is easy to access. It powers simple and efficient interlinking of values across blockchains via cross-chain modules.

Pros $ cons

Pros

• Low transaction costs
• Faster transactions

Cons

• Absence of vendor info
• Risk of impermanent loss

Funding methods:	Cryptocurrencies
Cryptocurrencies supported:	99+
Countries:	N/A

Interesting features of PuddingSwap

Some of the important features of the DEX are listed below:

• It allows instant swapping of crypto tokens without the need to create an account or register with the platform.
• The transactions on the DEX are cheaper as it works on the HSC blockchain, which is reputed for its low fees. 
• You can trade from your wallet app directly and the exchange does not hold your crypto while you trade so you will maintain full control over your assets.
• PUD is the native token of the DEX and is primarily used for providing liquidity to the DEX
• You can earn PUD using the Yield Farms.
• The PuddingSwap pools allow the addition of liquidity by adding your tokens to the liquidity pools.

What wallets does it support?

The wallets that this DEX supports are: 

• TokenPocket
• Metamask
• Trust Wallet
• WalletConnect

To connect your wallet to this DEX here are the steps to follow:

1. Set up a wallet that is compatible with the Hoo Smart Chain
2. Fund the wallet with ORC20, which is the native token of HSC. You need to convert any token you want to trade on the DEX to the ORC20 version. This can be done by withdrawing tokens as ORC20 using your HOO account
3. Now connect the wallet with the DEX and you can start staking, trading, etc.

How does PuddingSwap work?

The DEX allows the following features:

• Earn PUD and other tokens for free with very high-interest rates.  
• Stake PUD and earn free tokens. You can earn millions of free tokens every week from major projects.
• Stake LP tokens and earn PUD which has a high APR that offsets the risk associated with the exposure to market fluctuation when compared to ePUD Pools.
• Earn trading fees by staking your tokens in the liquidity pools.

What can you buy with PuddingSwap?

Some of the popular tokens available on the DEX are: 

• Hoo
• 9CAT
• AIB
• AAVE
• AVAX
• BND
• BTC
• BCH
• DOGE
• CRV 
• and more

Are there any risks with PuddingSwap?

As per the info provided by the vendor, the smart contracts of the DEX have been audited for security risks by CertiK, and formal verification passing with flying colors. However, there is no mention of the security methods the platform uses to protect user data. Further, the vendor mentions that providing liquidity can make you vulnerable to impermanent loss.

PuddingSwap fees

When you trade on the DEX, you pay a trading fee of 0.25% which is split up as shown below:

• 0.15% is returned to the liquidity pools as a free reward for liquidity providers
• 0.05% is sent to the treasury
• 0.05% is used for buyback and burn features
• You can redeem the funds by removing the liquidity

Deposit methods

The platform allows the use of HSC tokens (ORC20) and PUD for the swapping. You can use ETH tokens on your Metamask wallet for conversion to the ORC20 tokens.

Should you buy it?

The absence of registration or account setup, cross-chain functionality, and low fees are attractive options for new and experienced users. However, the lack of vendor transparency and the risk of impermanent loss are influencing factors you need to consider.