DeFi Swap is a new platform for trading DeFi tokens and real-world assets. It’s a decentralized exchange that allows you to swap one token for another, including popular currencies. DeFi Swap allows you to trade any asset, including those listed on other decentralized exchanges
It’s a new, growing market that’s still in its early stages and has yet to be fully explored by the crypto community.
What is DeFi Swap?
The DeFi Swap platform allows anyone to create an account and start trading. Users can then choose one of the available tokens and trade it for another. The platform also offers premium features like instant deposits, low fees and no transaction limits, which are designed to attract users who want to make frequent trades.
DeFi Swap allows users to trade in the same way they would with a centralized exchange, but without having to trust that exchange. The system is built using the Ethereum network and relies on smart contracts to facilitate trades between users.
The DEFi Swap platform uses an automated matching engine to match buyers and sellers of cryptoassets, making it easy for anyone with an internet connection to purchase crypto assets and sell them quickly at market rates.
DeFi genuinely looks to be a bit more than simply a craze after Bitcoin (BTC) and altcoins. Decentralized exchanges are one of the key components of the DeFi industry, which is currently worth over £9 billion (DEXs). To exchange the Ethereum-based ERC-20 tokens, they employ smart contracts (ETH).
The core of the DeFi industry are decentralised exchanges, which enable users buy new tokens by trading them for tokens they already have in their digital wallet. Uniswap is without a doubt the king of decentralised finance (UNI). This DEX made news during the DeFi summer of 2020 when its trade volumes surpassed those of Coinbase, the largest cryptocurrency exchange in the world.
The DeFi Swap page on Crypto.com does first resemble the Uniswap website somewhat. This is not unexpected considering that DeFi Swap is just Uniswap V2 forked. Crypto.com makes no effort to conceal the fact that it exemplifies the open innovation ethos.
The research and development teams at Crypto.com were able to buy the Uniswap source code because it was available for free, and they used it to produce a version with their own style. The same idea also applies to the DeFi Swap platform’s code, which is immediately accessible.
Now is a good moment to point out that the field of decentralised finance is still relatively young. Therefore, even if investing may have a big potential gain, it may also result in losses, so you should exercise caution.
Why Did Crypto.com Build DeFi Swap?
You might wonder why a dominant player like Crypto.com would want to build a DEX of its own. The solution is largely a philosophical one. Since its inception in 2016, Crypto.com has aimed to provide everyone access to financial, personal, and identity control. DeFi and its smart contract technologies provide more than three million users of Crypto.com a means to pursue financial independence.
How Does DeFi Swap Work?
Many of the top tokens in the DeFi market may be found on DeFi Swap. How do you swap them then? When you visit DeFi Swap, the first thing you must do is link your cryptocurrency wallet. Metamask or ConnectWallet are the currently available links. After that, you may start exchanging tokens!
Sadly, DeFi does not imply there are no transaction costs. In actuality, all costs are displayed to you prior to validating a transaction, and they are used to cover platform expenses. Practically speaking, liquidity providers (LPs) on a DEX enable all exchanges, therefore they defray a portion of transaction costs.
You may become one of these liquidity providers on DeFi Swap in addition to exchanging tokens, earning interest on your capital. To achieve this, select “Add Liquidity” from the “Pool” menu. You can decide to provide liquidity to other DeFi Swap users based on the tokens you own and then earn interest on the token pair that you make accessible to the exchange.
On DeFi Swap, how do I utilise CRO?
CRO, the utility token of Crypto.com, also plays a significant function in addition to facilitating token swaps and generating interest by supplying liquidity for the numerous DeFi Swap pools, since it enables you to fully take use of this innovative platform.
Just select the “Boost” tab. You may increase the interest you get on your DeFi Swap investment by staking CRO. If you bet the highest amount for the longest possible length of time, you can increase your interest rewards by up to 20 times. Keep in mind that during this time, your investment is “locked in” to the platform; as a result, you must wait between 30 and 90 days before making another withdrawal.
By supplying liquidity for the token pairings of the DeFi Swap partner exchanges, you may also earn extra rewards. For instance, right now, if you provide TrueFi with liquidity, you can earn additional interest (TRU). There are a total of 100,000 TRU available as LP awards. Other tokens in the future will undoubtedly receive this boost as well.
Tradable Cryptocurrencies on DeFi Swap
The DeFi Swap platform offers a number of different trading pairs including ETH/USD, BCH/USD, XLM/BTC and others. The team behind DeFi Swap claims that they are “the fastest exchange on the blockchain” due to their use of smart contracts for all transactions.
Although Crypto.com constantly adds new tokens, the following are some of the most popular ones at the moment:
- Ether (ETH)
- Tether (USDT)
- USD Coin (USDC)
- Dai (DAI)
- Chainlink (LINK)
- Compound (COMP)
- Crypto.com Coin (CRO)
- Yearn Finance (YFI)
- Wrapped Bitcoin (WB
- Uniswap (UNI)
- Harvest Finance (FARM)
- Swerve (SWRV)
- UMA (UMA)
- REN (REN)
- NEST Protocol (NEST)
- Aave (AAVE)
Trading Tools & Features
DEFI Swap is a cryptocurrency exchange that aims to provide a user-friendly experience while offering access to a number of trading tools, features and services. They offer their customers access to an array of tools and features that help them make better trades. These include:
- The DeFi Swap Review app is available on both iOS and Android devices. Users can access this app from anywhere they have internet access. The app provides users with real-time market data and price alerts so they can monitor their portfolios at all times.
- Users can also use the DeFi Swap Review platform to securely store their cryptocurrencies in an offline wallet. This feature helps keep their funds safe from hackers or thieves who may try to steal them while they’re online or while they’re at work.
- The platform supports multiple currencies including Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC) and Binance Coin (BNB). Users can easily deposit or withdraw funds using fiat currencies such as USD or EURO and then exchange them for other digital assets like BTC or ETH via credit card payments or bank transfers
- DEFI Swap’s main feature is its security system that has been developed by an expert team of developers from around the world. The exchange has also partnered with several experts in order to ensure that its customers have access to a wide range of advanced services.
Staking on DeFi Swap
You may increase the interest you get on your DeFi Swap investment by staking CRO. If you bet the highest amount for the longest possible length of time, you can increase your interest rewards by up to 20 times. Keep in mind that during this time, your investment is “locked in” to the platform; as a result, you must wait between 30 and 90 days before making another withdrawal.
Are you curious about the potential profitability of CRO on DeFi Swap? Just have a look at the specifics of the multipliers shown above dependent on how much CRO you now possess. On the platform, there is a specific yield calculator option if you want to obtain a more precise notion.
Conclusion
DeFi Swap is a cryptocurrency exchange that’s committed to the development of the blockchain ecosystem. It has been around since the past couple years, and it’s one of the most popular platforms for users who want to swap their cryptocurrencies at a fair market rate.
DeFi is still very much in its infancy, so there are many differences between it and traditional investing. But one thing is clear: DeFi is coming for financial institutions like banks and brokerages — and they’re going to have to adapt or get left behind.
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