Uniswap Creator Teases about V3 as 1Inch Protocol Launches Faster and Cheaper Version 3

As DEX aggregation protocol makes it cheaper to swap tokens on 1inch than on Uniswap, Hayden Adams says Uniswap seeing “real use and adoption.”

Decentralized finance (DeFi) application 1inch has released its version 3 with some new features, promising to offer its users the fastest trades at best rates.

The DEX aggregation protocol is targeting the pulse of the problem, high transaction fees on Ethereum that is making it difficult for smaller users to utilize different applications on the second largest network.

“We are thrilled to unveil version 3 of the 1inch Aggregation Protocol, which facilitates lower gas fees,” noted the team in its official announcement.

Reducing gas fees is actually the main improvement in V3, which is made possible through assembly code optimization.

This reduction in the transaction cost applies to swaps using DEX Uniswap V2 and its forks like SushiSwap and LuaSwap, among others.

The team shared how now swapping ETH for DAI on 1inch will be a lot less, over 10% less gas, than trading the same on Uniswap and nearly 5% less than on 0x. “It is now cheaper to swap tokens on 1inch than on Uniswap, as well as other popular protocols,” points out the team.

In reaction to this, Uniswap creator Hayden Adams tweeted out how the popular decentralized exchange is still dominating at 60% of DEX trading volume, which is close to its all-time high.

And that is three months since the end of UNI liquidity mining, “so this is from real use and adoption,” said Adams.

He then teased the community about how Uniswap will soon be launching its V3 as well, which has been a lot in the news but is yet to be released.

“I’ve heard a new and improved version of the Uniswap protocol is being announced soon.”

Already, the UNI token became the first DeFi coin to enter the top 10 crypto list, currently trading just under $30, up 560% YTD. UNI 1.43% Universe / USD UNIUSD $ 0.00
$0.001.43%
Volume 0 Change $0.00 Open $0.00 Circulating 88.03 m Market Cap 67.02 K
4 h Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC) 6 h Uniswap Creator Teases about V3 as 1Inch Protocol Launches Faster and Cheaper Version 3 1 d Aave Releases AMM Liquidity Pool, Uniswap and Balancer LPs Can Use their LP Tokens as Collateral in Protocol

While Uniswap has yet to release its much-anticipated V3, 1inch is bringing more liquidity to its users through cheaper swapping token features on the platform. As of mid-March 2021, the total value of liquidity available on 1inch 1INCH 14.64% 1inch / USD 1INCHUSD $ 5.03
$0.7414.64%
Volume 241.56 m Change $0.74 Open $5.03 Circulating 148.89 m Market Cap 748.28 m
6 h Uniswap Creator Teases about V3 as 1Inch Protocol Launches Faster and Cheaper Version 3 1 w Rug Pulled on Users as DeFi Project Meerkat Finance Disappears Along with $31 Million 2 w 1Inch Decentralized Exchange to Transition to Binance Smart Chain as Ethereum Exodus Begins
was $16.5 billion for Ethereum ETH 2.13% Ethereum / USD ETHUSD $ 1,827.25
$38.922.13%
Volume 24.4 b Change $38.92 Open $1,827.25 Circulating 115.09 m Market Cap 210.3 b
3 h Ethereum Wallet, Gnosis Safe Launches SafeSnap to Enhance Decentralized Governance in DeFi 4 h TRON Takes Aim at Ethereum’s NFT Market with the Launch of its TRC-721 Standard 4 h Alpha Begins its “Multi-Chain Ecosystem” with the Launch on Binance Smart Chain (BSC)
and another $2.3 billion for Binance Smart Chain (BSC).

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Author: AnTy

MyEtherWallet (MEW) Integrates 1inch DEX Allowing Direct Swapping of ETH & ERC-20 Tokens

  • DEX, 1inch.Exchange MyEtherWallet (MEW) Partner
  • Directly swap Ethereum (ETH) and ERC-20 standard tokens on their wallets.

In an announcement sent to our desks on Tuesday, 1inch.Exchange, a decentralized exchange (DEX), confirmed its integration with MEW, a nexus point for transacting ETH and ETH-based products. The partnership aims at providing options for decentralized token swaps across the MEW web-based and mobile apps. Furthermore, users will be offered more diverse options to stake their tokens on MEW in a bid to improve the overall user experience.

MEW is an open-source, free, and easy-to-access Ethereum wallet that provides a secure, self-custodial platform allowing anyone to take advantage of what ERC 20 tokens have to offer. With over 1 million active users, MEW integration of 1inch.exchange will enable these users to carry out any operation from their wallets directly.

Moreover, MEW is compatible with many webs, mobile, and hardware crypto wallets such as Ledger, Trezor, MetaMask, and Coinbase. This allows seamless transfer of Ethereum-based tokens across any platform – with the wallet offering non-custodial protection.

Kosala Hemachandra, MyEtherWallet’s founder and CEO, praised the decentralized efforts by 1inch DEX aggregator that allows users to compare prices across several exchanges and select the best prices for you. In his statement on the partnership, Hemachandra said,

“Working with them to make their platform more accessible to MEW users was an easy decision for us.

DeFi is still in an experimental stage, and companies like 1inch are paving the way for greater adoption.”

The integration opens up a gateway for over 1 million participants to use a 1inch DEX aggregator in its quest to be the biggest DEX platform. Sergei Kunz, CEO of 1inch exchange said,

“With the MEW integration, they will have more options for swapping tokens directly in their wallets, as coin offerings will substantially expand.”

The latest integration follows MEW’s integration of Maker protocol earlier this year, as the wallet provider targets to take over the decentralized finance (DeFi) market. MEW has pushed itself to transform itself from being a simple wallet to a full-service wallet, mobile app, and block explorer, and trading platform.

Also Read: 1inch Exchange Upgrades Its DEX to V2; Enhanced UI & Faster Response Times

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Author: Lujan Odera

Serum Blockchain Launches New Automated Market Maker, To Challenge Ethereum’s High Fees

Project Serum announces its own automatic market maker (AMM), the Serum Swap, based on the Solana blockchain. This is a direct challenge to the Ethereum blockchain, which has witnessed a lag in transactions and high gas fees as the DeFi application growth exploded in the past few months.

The new Serum Swap AMM will work similarly to other decentralized AMMs in that you can join a liquidity pool and trade cryptocurrencies on the platform seamlessly.

Serum is a platform launched by Sam Bankman-Fried, CEO of FTX Exchange as a competitor to Ethereum – providing a faster and cheaper platform to complete your decentralized finance, DeFi, trades. While Ethereum promises up to 15 transactions per second, the Solana-based Serum Swap “takes about 1 second” to settle a trade or pool addition/removal, and the gas fees at a low of roughly $0.00002 per trade.

At launch, SBF Almeda, as Sam is known on Twitter, announced the Serum Swap platform would offer users over 1 million SRM tokens, native to Serum, to incentivize saving and trading on the AMM. Liquidity providers and traders on the platform will receive these airdropped SRM tokens as additional rewards for their kick-starting actions until November 25 – representing a 600% APY.

Serum continues its fight in the DeFi space with the Swap launch following the recent addition of Circle’s USDC stablecoin – a widely used asset in the ecosystem – and the launch of the Solana-Ethereum bridge, named “Wormhole.” The bridge aims at offering DApps on Ethereum, a direct channel to a scalable and low fee transaction platform.

The platform charges a taker’s fee of 0.3% payable in SRM – 0.25% goes to the liquidity providers (LPs), 0.04% goes to an SRM buy/burn depending on profits and losses made 0.01% goes to the GUI hoster.

While Ethereum’s Uniswap remains the largest swap and AMM in DeFi, with over $2.87 billion in locked value (TVL), a jam and fee raise experienced in the last bullish run could see several investors switch to cheaper and faster platforms.

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Author: Lujan Odera

MetaMask Launches A ‘Token Swap’ Feature In the Battle For A Share of the DeFi Market

MetaMask, the ConsenSys backed Ethereum app, introduces a token swap feature, promising the best trading fees in the decentralized finance (DeFi) ecosystem. This aims to take a share of the market from the prevailing decentralized exchanges which used Metamask connection to transfer funds to the trading wallet.

At launch, MetaMask will release the ERC-20 token swapping feature on Firefox web browser extension with other web extensions and its mobile app to come later. The token swapping feature will source its data feeds from multiple decentralized exchanges and their aggregators to offer the best prices and gas fees on the platform.

“We get the best prices because we simultaneously aggregate the most liquidity sources (DEXs) and many different methods for splitting the order across the DEXs (aggregators),” Jacob Cantele, head of product at MetaMask.

The token swapping feature is set to open a gateway to users to directly swap their tokens without the need for a third-party service. Previously, a user needed to connect their MetaMask wallet to a DEX such as Paraswap or Uniswap to swap their ERC 20 tokens to obtain them. With the direct swap, users will not choose to transfer their tokens to another party – reducing the number of steps.

The wallet will support data feeds from Uniswap, Paraswap, Kyber Network, 0x exchange, and 1.inch exchange, among other decentralized platforms.

According to ConsenSys, the fees will range across users depending on the order size, with trading fees expected to range from 0.03% to 0.085% on the platform.

The latest developments follow the Metamask mobile wallet’s launch on iOS and Android, allowing users to buy Ethereum (ETH) using Apple Pay directly. The developments will be key to onboard more customers, recently announcing they had reached 1 million active digital wallet users.

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Author: Lujan Odera

Stablecoin Issuer Tether To Move $1B In USDt From TRON To Ethereum; Total Supply Unchanged

  • Tether announces a chain swap transaction containing $1 billion worth of its stablecoin, USDt, from the Tron blockchain to Ethereum.

In an announcement made on Monday, the stablecoin issuer stated the swap will be completed in two tranches, starting Tuesday, September 15. A tweet from the official page of Tether vaguely stated the swap will be completed by a Tier 1 exchange, which asked to perform the swap. The tweet reads,

A token chain swap is a process of moving tokens from one blockchain to another. This process allows users to directly trade on one blockchain instead of another e.g. a user can move their tokens from the Ethereum blockchain to Omni or Tron. It happens solely on the demand by users and issuers have no power over the chain swap.

This does not change the total market capitalization and supply of USDt.

The latest Tether chain swap from TRON to Ethereum comes three weeks following a similar move in August. As the decentralized finance (DeFi) space grows, investors are moving their capital to Ethereum in a bid to capture the gains from the emerging field.

This will set the TRON blockchain aback to about 43.7 billion in total supply hosted by the blockchain while ERC-20 based USDt market cap surges to $9.8 billion.

Tether is opening up its borders to faster and more scalable blockchains such as Solana and Algorand in a bid to ease the congestion on Ethereum. However, the demand for ERC-20 based USDt does not seem to end any time soon as exhibited by the latest chain swap.

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Author: Lujan Odera

Crypto.com Forks Uniswap & Launches DeFi Swap on Ethereum

Hong Kong-headquartered Crypto.com has launched a DeFi Swap service, which allows users to swap and farm DeFi tokens.

A fork of Uniswap V2, the platform is powered by its native token CRO, the 10th largest cryptocurrency by market cap, which is trading at $0.160, up nearly 6%.

Other coins supported are Wrapped ETH (WETH), Tether (USDT), USDC, DAI, Chainlink (LINK), and Compound (COMP), with more to be introduced in the future.

One can start farming by using any WalletConnect enabled mobile wallet, which the company says will soon be coming on its DeFi Wallet.

Gains & Losses

The liquidity providers (LPs) will be rewarded with 0.3% of the respective liquidity pools’ trading volume. For selected pools, LPs will also receive tokens that are redeemable for coins of the participating DeFi projects.

Crypto.com is guaranteeing a minimum reward pool of 14 million CRO for the first 14 days on this Ethereum-based decentralized protocol.

Meanwhile, those who stake CRO can “boost their yield by up to 20x and harvest the daily yield in as little as 30 days.”

These services, however, are restricted to the residents & citizens of over 30 countries, including the US, Mainland China, Hong Kong SAR, Iran, Iraq, and Venezuela.

Much like any DeFi project, the company clearly states using it at your own risk as it cautions of risks involved that aren’t limited to the loss of virtual assets, collapse in liquidity, changes in the smart contacts, extreme volatility, counterparty risk, attacks, hacks, defects, loss of private keys, and regulatory uncertainty.

“Not a Bubble”

The ongoing mania has resulted in the DeFi space exploding with the total value locked in it amassing nearly $10 billion, which after the recent correction, is currently under $8 billion.

However, “DeFi is not necessarily a pure bubble about to burst,” said Crypto.com in its report on decentralized finance. The report continued,

“It might deflate once the hype subsides, but as globalisation progresses and the business ecosystem further shifts towards new-generation business models built upon shared governance and decentralisation, there will be a growing demand for solutions like DeFi which will provide new ways banking, trading and investing – perhaps even setting the standard for economies to climb out of the shadows.”

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Author: AnTy

Bitfinex Derivatives Rolls Out New Perpetual Swaps to Speculate on BTC Dominance

Bitfinex’s derivatives platform has launched a new perpetual swap product for traders based on Bitcoin’s market dominance.

Bitcoin’s dominance refers to the overall market cap share of the crypto market and is considered among one of the key metrics for cryptocurrencies. Bitcoin, being the king of cryptocurrencies, has the highest market dominance which currently stands at 68% at the time of press.

Coin360-5-7
Source: Coin360.com

The Bitifinex derivatives platform claimed that its Bitcoin Dominance Perpetual Swap is the first of its kind, believing that it is much more of a capital-efficient than a traditional long and short futures trade.

The derivative platform also claimed that its newly introduced perpetual swap is also less volatile than other products.

The newly launched Bitcoin dominance perpetual swaps are bound to be less volatile, given Bitcoin’s market dominance has remained stable over the time of its existence. Its volatility is way less than its spot market price.

For example, Bitcoin’s dominance a year ago was 55% and has remained between 60-70% since June of 2019, except for the recent market crash on March 12th.

One of the representatives from the exchange explained the thought process behind the launch of such unique perpetual swaps saying:

“Bitcoin has proven time and time again to be a safe haven for traders and it is continuing to be seen as digital gold.

Since global markets crashed in March as the COVID-19 crisis took hold, we have seen a huge increase in trading volume, reaching over $2B over a 24-hour period during the crash on March 13th. We believe the demand will still be there after the halving whilst the supply will be halved.”

Bitfinex’s subsidiaries continue to thrive and launch new products, despite its parent company iFinex being in hot waters for lawsuits filed against it on charges of market manipulation at the start of the year.

Last month, Bitfinex launched its own social media platform for traders – called Bitfinex Pulse – to help traders communicate more efficiently. Along with that it also launched a staking service at the start of the last month.

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Author: James W

It’s the Final Deadline of Zilliqa (ZIL) Token Swap Before they get Frozen

Today is the deadline for the final token swap of ERC20 ZIL tokens to Mainnet ZIL tokens after which you can lose your coins forever.

The token swap is the mechanism to convert your ERC20 ZILs from the Ethereum network to the native ZILs on the Zilliqa network at a ratio of 1:1. After today, the trading of ERC20 ZILs will be frozen and they will become obsolete.

This means you won’t be able to use various decentralized applications (Dapps) in the Zilliqa ecosystem as the native tokens are needed as gas just like ETH tokens in the Ethereum network.

Make the Swap Today

In order to swap, you can deposit your ERC20 ZILs on the supported exchanges including Binance, Huobi, KuCoin, and Coinhako and get native ZILs in return when withdrawing from the exchange.

As per the official announcement, 94 percent of tokens have been swapped and the Zilliqa team has also completed swapping their tokens.

Price Sees Action

A permissionless distributed network, Zilliqa aims to increase the transaction rates as its network expands through sharding. It’s latest throughput is over 2,800 transactions per second (TPS).

Back in January 2019, the network announced its transition to mainnet becoming the “first public blockchain platform to successfully implement sharding.”

Then in December, they launched Zilliqa 6.0.0 to improve the user interface along with faster block times, decreasing the generation of Tx blocks from 75 seconds to 45 seconds, easier data access, and support for smart contracts with multiple messages.

In the price realm, ZIL registered a jump of over 13% in the past 24 hours while trading at $0.0095. The cryptocurrency is up 100% in the past month alone but still down 96% from its all-time high of $0.23.

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Author: AnTy

Harmony To Start Rolling Out ONE Token Swap To Native Blockchain

Holders of Harmony’s ONE token who want to participate in the network activities should prepare to swap their BEP-2 (Binance chain) and ERC-20 (Ethereum) tokens for Harmony’s native blockchain coin.

The announcement that the Harmony’s token swap is ready to start was made on a blog post Thursday and it said:

“The native ONE token of Harmony blockchain will serve as the bridge for building an open platform without sacrificing performance, decentralization, community-based governance, and verifiable security.”

No Way to Conduct the Swap Manually

Different from token swaps that have taken place before, like EOS for example, this swap doesn’t allow users to conduct it manually. This means they’ll have to load their tokens onto an exchange that participates as a Harmony bridge. As soon as the ERC-20 or BEP-2 based tokens are sent to the exchange, the tokens will become available for withdrawal, returning as the ONE coins on the native chain.

Bitmax Is the Only Exchange Operating the Swap at the Moment

After the initial coin offering boom, token swaps were happening everywhere back in 2018. However, things have changed since then, as companies no longer sell cryptocurrency before being functional. A spokesperson from Harmony says Bitmax is the only one with the swap live at the moment. Binance is also supposed to operate the swap until February 3.

The staking service HonestMining and the exchanges Huobi, Kucoin, and Gate.io are expected to enable the swap very soon too. Holders will have the ability to earn more ONE coins through staking and if they have the native version of the coin.

Harmony Integrated Offline Storage Wallets

Harmony has made sure it has integrated a few offline storage wallets like SafePal and Ledger. While some features of it are not live yet, the Harmony network is. Validating nodes is permissioned and expected to open soon. Validators will receive ONE tokens as rewards for keeping the network secure, under the Proof-of-Stake (PoS) system from Harmony.

The company had a 12.6 billion pre-mine of ONE tokens that were issued on Binance and Ethereum chains. It sold 36.9% of them in the launchpad and seed sale. A deadline for the swap hasn’t been given yet.

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Author: Oana Ularu