Slingshot is an easy-to-use DeFi app, that lets you find, send, receive, and swap over 50,000 types of cryptocurrencies. It's known for offering the good prices and doesn't charge any fees for swapping. First launched on the Polygon network, Slingshot now works on other networks too and plans to add even more.
What is Slingshot
Here's how it works:
- Great for Trading: It's designed to solve common problems for Web3 users and traders on decentralized platforms, ensuring they get the most value from their trades.
- Smart Aggregator: Slingshot acts like a smart system that looks at many different sources to find the best trading options for whatever cryptocurrency pair you're interested in.
- Positive Slippage: This is a cool feature. If there's positive slippage during a trade (which means the price changes in your favor), Slingshot lets you keep the extra value.
- Like a Search Engine: You can find almost any token that has on-chain liquidity on a network supported by Slingshot. It's like Google for crypto tokens!
- Runs its own Nodes: Slingshot isn't dependent on outside sources for transaction data. They run their own blockchain nodes, which means they can show live transaction data directly.
In summary, Slingshot is more than just a trading platform. It's a comprehensive tool for DeFi that gives you access to a wide range of cryptocurrencies, helps you get better deals on trades, and provides real-time data.
Team of Slingshot
Clinton Bembry
Founder
Clinton Bembry was the Co-founder of Astro Wallet and also worked as a software engineer at Coinbase for several months after Astro Wallet has been acquired by Coinbase.
Funding of Slingshot
$5,200,000
Venture round
VCs are not disclosed.
$15,000,000
Series A
Led by Ribbit Capital. Other investors were K5 Global, Electric Capital, Framework Ventures, Shrug Capital.
$3,100,000
Seed round
Led by Framework Ventures. Other investors were Volt Capital, Robot Ventures, Winklevoss Capital, IDEO CoLab Ventures, Electric Capital, Coinbase Ventures.
Slingshot review
Pros
Positive Slippage
Slingshot grants users any additional profit if the trade becomes more profitable during execution, offering a unique advantage in trading.
In-House Nodes
By operating its own blockchain nodes for each supported network, Slingshot ensures reliable and independent service, without relying on third-party providers.
Multichain Support
Slingshot caters to a diverse audience by supporting various chains like Ethereum, Arbitrum, BNB Chain, Optimism, Canto, and more, broadening its usability.
Cons
Security Concerns
There have been reports of users losing funds on Slingshot, possibly due to security breaches. Whether these incidents are due to user mistakes or platform vulnerabilities, they highlight the risks involved in using Slingshot.
Opportunities
AirdropMainnet
Minimal cost: ~30 USD
Slingshot
Use the Slingshot dApp and participate in other missions to be eligible for any future rewards!