Cross-chain DEX Chocoswap has reached a strategic partnership with ONTO, Ontology’s self-sovereign data wallet

Recently, Chocoswap, the cross-chain decentralized exchange has announced the strategic cooperation with ONTO, Ontology’s self-sovereign data wallet, which allows users to visit Chocoswap via their mobile devices.

Chocoswap aims to solve the existing issues in the DEX sector by providing instant transactions, lower fees, cross-chain asset exchange, improved user experience, and many other benefits. Moreover, the dual token economy model (utility token: Choco; governance token: VNLA) will incentivize users to provide liquidity and trading volume, thus facilitating the sustainable development of the Chocoswap ecosystem.

Thus, Chocoswap applies a dual token mechanism to separate governance and utility tokens, so that ecosystem members can enjoy the development of Chocoswap while guaranteeing unbiased DAO governance. Choco is the utility token in the ecosystem, while VNLA is the governance token in the decentralized autonomous organization.In addition, Chocoswap will return all profits to ecosystem members, including buying back Choco from secondary market and sharing dividends to Choco holder, so that it could reach a win-win result eventually. Also, VNLA applies the halving model similar to Bitcoin, which will form a deflation economy model.

In addition to being able to solve the problems of the current decentralized exchanges, in view of the various problems currently appearing in the centralized exchange. Chocoswap, as a better decentralized trading platform, can not only enable users to hold their own crypto assets, solve the problems of the current centralized exchange, but also have the user experience similar to the centralized exchange. At present, Chocoswap is built based on the Ethereum network and it is planned to migrate to Ontology mainnet in early 2021.

ONTO(https://www.onto.app/), Ontology’s self-sovereign data wallet, is a one-stop mobile application for the management of your digital identity, data and assets, giving users the power to control the value of their data.

Based on this cooperation, ONTO will integrate the DeFi mining feature of Chocoswap, and users can easily join the mining through ONTO entrance. It is expected for Chocoswap to be listed on the ONTO wallet in the next two weeks, and the defi mining function will be available next month.

In the future, ONTO will combine Chocoswap’s cross-chain trading service to ensure users can easily participate in the cross-chain swap, transaction mining, decentralized referral program, and many other functions. In addition to the cooperation in terms of products, ONTO will give Chocoswap more support regarding marketing, media, communities, etc.

Ontology will provide technical and marketing support to help the technical iteration and development of Chocoswap, thus facilitating the sustainable development of the Chocoswap.

As for this cooperation, Shawn You, co-founder of Chocoswap, added, “we are delighted to build the cross-chain decentralized exchange, and are really thrilled to reach strategic cooperation with ONTO. The large user base of ONTO will become the cornerstone of Chocoswap’s further development. We will be striving to bring users a safer, smoother and more user-friendly decentralized trading experience. At the same time, we will do our best to help the continuous development of the Ontology ecosystem.”

Vincent, product manager of ONTO wallet, said, “ONTO self-management data wallet cooperates with chocoswap, a cross-chain decentralized trading platform, to provide comprehensive asset management, stake and cross-chain swap services for users of both sides, continuously reducing the threshold of users’ participation, and bringing smooth user experience. It also shows the common expectations of both parties in the cross-chain field. Look forward to further cooperation with chocoswap.”

About Chocoswap

Chocoswap(https://www.chocoswap.org), the cross-chain decentralized exchange on the Ontology, aims to solve the existing issues in the DEX sector by providing instant transactions, lower fees, cross-chain asset exchange, improved user experience, and many other benefits. Moreover, the dual token economy model will incentivize users to provide liquidity and trading volume, thus facilitating the sustainable development of the Chocoswap ecosystem.

About ONTO

ONTO(https://www.onto.app/), Ontology’s self-sovereign data wallet, is a one-stop mobile application for the management of your digital identity, data and assets, giving users the power to control the value of their data.

The First Cross-Chain Decentralized Exchange built on Ontology(Formerly called Ontoswap)