What is an Interport Token? Why is it trending?

• Interport (ITP) is primarily a decentralized exchange (DEX) that offers users interchain swaps (cross-chain swaps) at the best rates.
• Due to its cross-chain liquidity aggregation of contracts, it sources over 250 DEXes and liquidity sources for the best price to its users.
• Although unclear, Interport Token is trending on the back of the news of its ecosystem expansion in October.  

Interport (ITP) is primarily a decentralized exchange (DEX) that offers users interchain swaps (cross-chain swaps) at the best rates. Due to its cross-chain liquidity aggregation of contracts, it sources over 250 DEXes and liquidity sources for the best price, giving the users a wide variable to choose from. Interport Token is the governance and reward token of the protocol.

As per the information provided on the website, the protocol leverages the cross-chain messages to communicate with contracts on other chains and construct transactions. Therefore, Interport users can always be confident in the desired tokens they will receive on another chain.

Why is Interport Token trending?

Although the exact reason the Interport Token is in the news is a bit unclear, it seems it is on the back of the news of its ecosystem expansion in October. Interport Token had created a buzz a year back in November on the back of its expansion announcement pre-sale announcement news, which piqued the crypto investor’s interest.

Alternatively, it also has a Stablecoin Farm, which aims to ensure efficient and fast transactions across chains. For this, the Interport protocol implements its own stables coin liquidity pools, which can be used for the swaps. Such pools will be available on every supported chain and limited to sustaining roughly 40% APR generated by fees.

In other words, any user can join the stables farming pool with a high utilization ratio, earning swap fees without any impermanent loss and a fixed, stablecoin position. All fees generated by the protocol are automatically used to buy back ITP Token from the market and distributed as farming rewards.

How does Interport Token work?

As previously said, the Interport Token allows you to perform any swap while finding the best rate for your transaction. Therefore, the same network is utilized for ETH to USDT swap or Interchain swap from CRV on Polygon to AAVE on Binance Smart Chain.

Thus, the swap assets on the source chain get converted or added into stables, and these stables get added to the Interport liquidity pool on the same chain.

Then, the Interport Token contracts at the destination chain will pull stables from the Interport liquidity pool, perform swaps, and send desired tokens to the user on the desired chain. This ensures that there is no third-party interference, and every transaction is done through smart contracts and is transparent in nature.

How is Interport Token faring?

As per Coingecko, Interport Token’s (ITP) price is $0.484782 and boasts a market cap of $1,908,711 as of 28 November 2023. With a total supply of 150,000,000 coins, the circulating supply of the ITP token is 4,662,958 coins.

As an investor, one must remember that cryptocurrency markets are often volatile, and its price can fluctuate at any given time. Therefore, investors must Always exercise caution and conduct thorough research before getting involved with any cryptocurrency or token.