Defi Corner | Uniswap
Hi guys and welcome to the end of a not so amazing week, we experienced dumps here and there, with many altcoin seeing a new low after months of climbing and also others diving too deep and all hope seeming lost but that said, after a dump comes the rise so let's cheer up and keep hope alive.
This is a newly addition to our Crypto Weekly and Time to DApps.
On Defi Corner we are going to take closer looks into some Defi projects, how the fair over the week, liquidity and volume.
To begin this adventure, many would like to understand the very concept of Defi and what they bring to the table that's totally different from pre-existing DApps or rather why should I go into Defi or think Defi?
Defi to begin with is a short word for decentralized finance.
After years of been ruled by the centralized finance system were little to no control is giving to users who owns asset but rather the financial system manages it all, Defi platform is currently changing this and giving power back to consumers to take the gains, lose, and also manage their risk appropriately as they see fit.
While it is not controlled by any centralized system, Defi is totally based on trust and a smart contract which ensures a fair system.
On today's Defi corner, we will look into a popular Dex exchange that allows users to swap their Eth based token for Eth itself provided there is enough liquidity to support this swap.
Built on the Ethereum Blockchain, Uniswap has over time gain reputation and trust making it paired to the likes of Binance when it comes to daily transactions carried out on this platform.
The funniest part is that even though the cost to make a single transactions as far exceed our possible imaginations, some users and project still prefer this easy to use DEX exchange over CEX.
Uniswap allows users to provide liquidity and get rewarded for doing so, this is achieved with the use of smart contract as we have mentioned earlier on and individuals can easily trade/swap this coin when such liquidity is available without asking the devs of such projects to provide liquidity when the coin/token is already available to public. This is all done in an automated pattern.
Uniswap daily info
While transaction cost goes as high as $10 to perform a single transaction and most times more, Uniswap is still able to provide traded volumes close to $876.07m and liquidity above $1bil, one might consider the anonymity as one of the determining factor when it comes to Uniswap daily trades.
Below is a screenshot that shows the coins/token which contributed to today's high volume and also their various amount
As usual, ETH took the highest and then usdt which might have been caused by users who dive into arbitrage trading or simply some users rather tether their coin this period to avoid the continuously dump in the price of Crypto.
Uniswap is available on TokenPocket wallet, a DApp browser and cryptocurrency assets management, users can easily access Uniswap via TokenPocket after creating or importing an ETH based wallet.
Download the latest version of TokenPocket wallet https://www.tokenpocket.pro
Create an ETH account or import one if you had any prior to now
Clicked on market menu from your asset page to access Uniswap
To swap ETH based tokens to ETH is quite easy and shown on screen, but if you have any questions relating to the above, pls leave a comment behind and I will be sure to answer ASAP.
With all this said, this is today's end of Defi Corner and hope to meet you in good health some other time, until then do stay safe