With so many new decentralized finance (DeFi) protocols emerging almost daily on the Ethereum blockchain, those in the crypto space hear almost every day about newly minted millionaires, huge returns on tiny investments, and also the occasional rug pull. The DeFi hype is centered around protocols that offer lending solutions, or other traditional centralized financial […]
With so many new decentralized finance (DeFi) protocols emerging almost daily on the Ethereum blockchain, those in the crypto space hear almost every day about newly minted millionaires, huge returns on tiny investments, and also the occasional rug pull.
The DeFi hype is centered around protocols that offer lending solutions, or other traditional centralized financial products on the blockchain in a decentralized manner, with a particular focus on yield-farming protocols. These apps allow users to ‘lend out’ their cryptocurrency assets in return for fixed high yields, and the associated tokens of these platforms have driven a bull market throughout 2020.
As a result, one of the most frequently asked questions from new entrants into the DeFi space is where can you buy the latest DeFi tokens? Well, the easy answer to that question, and indeed the most trusted solution, is Uniswap. But what is Uniswap, and how does it work?
What is Uniswap?
Uniswap is a decentralized, peer to peer exchange developed specifically for the Ethereum network, also described as a decentralized protocol for automated liquidity provision on Ethereum. Launched in November 2018 by Ethereum developer Hayden Adams, Uniswap uses an automated market-making system powered by smart contracts to match orders on any ERC-20 token across the entire Ethereum blockchain.
Essentially, Uniswap is a smart contract for the exchange of ERC-20 tokens. It draws liquidity from liquidity pools, which we will explore later.
At the date of writing, Uniswap has over 8,484 unique assets that can be traded on the protocol. Here, we are going to explore how you can get started on the Uniswap protocol, but first let’s examine some of the core concepts behind the decentralized exchange.
What are Liquidity Pools?
Liquidity pools, which power the Uniswap platform, are essential to decentralized finance. Each liquidity pool is a pool of tokens locked inside a smart contract. These tokens, which are otherwise inaccessible to regular traders, are used to facilitate trading through the provision of liquidity.
Traditionally, most decentralized exchanges rely on these liquidity pools in order to match open orders on their books – as there always has to be a both a buy side and a sell side when a user places an order.
In traditional exchanges, such as stock exchanges and large, well-funded cryptocurrency exchanges like Binance, it is easy to match orders between users, and market makers are also used to ensure that there is adequate liquidity on the exchange at any given time.
However, with decentralized exchanges, who have fewer users, there is no guarantee that there will be someone willing to buy or sell the asset you wish to trade. Likewise, as decentralized exchanges work through the blockchain, using a traditional order book model would be incredibly slow and inefficient – because blockchains still only process a few transactions per second.
Instead, liquidity pools can be used to provide instant and price-steady trading between two assets within a decentralized exchange. Users can supply their ‘liquidity’ to a pool by supplying tokens, which generates a yield for the user via fees while their tokens are locked in the liquidity contract.
This has created both lucrative opportunities for yield-farming, enabled better liquidity on decentralized exchanges, and provided passive returns to long-term token holders. Uniswap leverages these pools to allow users to quickly swap between ERC-20 tokens, and as such it has become one of the most popular places to trade new tokens.
How Popular is Uniswap?
Although Uniswap got off to a somewhat slow start as users made their way tentatively into the DeFi space, it’s seen a huge upsurge in activity during 2020, powered in part by the rising interest in Ethereum-based DeFi protocols such as AAVE and DMM DAO.
In 2020, total liquidity on Uniswap reached $300 million, and 24-hour trading volume regularly exceeds over $200 million collectively on various pairings on the platform—even occasionally surpassing Tether in generated gas fees.
On August 30, 2020, Uniswap overtook Coinbase in daily volume, processing some $426 million in a 24 hour period, compared to just $349 million on Coinbase in the same period.
Also contributing to Uniswap’s popularity has been the launch of their native token, UNI. Let’s explore UNI below.
The UNI Token
Introduced on the 16th September 2020, the Uniswap token, or UNI, is a governance token that allows users to take part in the future of the Uniswap protocol. Over 60% of the total UNI supply was distributed to community members, making it a fairly decentralized token, with only 21.5% given to team members and roughly 17.8% given to investors.
Around 150,000,000 UNI tokens were claimed by previous liquidity providers on the protocol, and 430,000,000 tokens were retained as governance treasury tokens. Around 5,000,000 community UNI tokens will also be available for yield farmers to claim through various stablecoin yield farming pools.
Uniswap will use the UNI governance tokens to promote community initiatives, provide liquidity mining, and fund other programs for the good of the protocol. If you have used Uniswap, you should be eligible to claim up to 400 UNI tokens just for connecting your wallet.
How to Find Uniswap Gems
Often, you may find cryptocurrency community members talking about ‘Uniswap gems’. As Uniswap offers easy peer to peer trading between any ERC-20 token with low gas fees, it’s often the first place users can access brand new Ethereum-based tokens, such as the latest DeFi protocol or utility token for example.
As a result, many crypto traders keep a close eye on new additions to Uniswap to make the most of brand new trading opportunities. These are often called ‘Uniswap gems’, and although most accept that these type of tokens are somewhat of a gamble, they usually share similar characteristics, such as low market capitalization, a small daily traded volume, and a relatively small number of existing token holders – all characteristics which give tokens a high upside potential, if they are sound projects.
There is little doubt that the number of Uniswap gems and the returns they have netted for users, has significantly contributed to the protocol’s success, especially during the more bullish 2020 market.
How to use Uniswap
There are a couple of things you will need before you get started on Uniswap. Firstly, you will need to have a browser extension or plugin installed which lets you interface with web 3.0 applications. The most common of these, and the one best supported by Uniswap, is Metamask.
There are also options to use WalletConnect, Coinbase Wallet, Fortmatic, and Portis wallets for ease of access. Coinbase wallet is a great option for users who are relatively new to cryptocurrency and have assets stored in the Coinbase mobile app. You can learn how to use Coinbase here.
This should make it much easier to transfer your assets across from Coinbase and swap them for ERC-20 tokens easily. Be careful though, as you can only use ETH and Ethereum-based tokens on Uniswap – don’t try and use Bitcoin, for example.
The swapping experience is simple on Uniswap. First, connect your chosen wallet extension. Once connected, in the top box, simply select the asset you want to swap and enter the amount, or click ‘max’ if you want to swap all of your asset. In the example below, we will swap ETH for UBT.
Select the asset you want to swap for from the list in the bottom box. Occasionally, you may have to manually search for the asset you want to swap to. The easiest way to do this is to paste the contract address of your desired token. This is also the safest way since tokens can have the same name as others and you can’t guarantee you are buying the real one without the contract address.
Once you are happy with the exchange rate and slippage tolerance, go ahead and click ‘Swap’. You will be shown another lightbox with more details of the swap. If you are happy to go ahead, click ‘Confirm Swap’. You will now be prompted to confirm the swap via your wallet plugin and select your gas price. We will explore more on this below.
If you’re already familiar with Metamask or using other Ethereum plugins for interacting with decentralized applications, or DApps, then using Uniswap should be a pretty easy and familiar experience, but there are a few things to keep in mind.
Let’s explore the most common things new Uniswap users stumble on when using the decentralized liquidity protocol.
Slippage occurs when the price you have opened a trade at, or wish to swap assets for, isn’t available anymore at the time of the execution of your order. This can happen for a number of reasons, especially in periods of high market volatility when many other users are trying to buy into a token – prices move quickly.
To make sure you don’t lose your transaction to slippage, which is particularly annoying on Uniswap because sometimes you will still be charged gas fees for initiating the transaction, navigate to the cogwheel in the upper right-hand corner of the exchange interface.
Clicking the cogwheel will show a lightbox with multiple settings, but at the top, you will see ‘slippage tolerance’. The general concept of slippage is simple. If you set a slippage tolerance of 0.1%, the most you will pay for your assets is 0.1% above the spot price – the current market price of the asset.
If you set 0.5% you are willing to go that much higher than the spot price to secure your assets, and so forth. You can choose from 0.1% to 1% slippage from the pre-set options, or set your own slippage tolerance using the manual section.
Sometimes, in rare circumstances and at times of high market volatility, you may even have to go up to 5% slippage to successfully process a transaction. This is only recommended if you really feel you need to get an entry into a token, and you want to make sure you get a good position. Setting slippage tolerances above 5% isn’t recommended, as you are essentially just paying a premium for the asset.
Like everything powered by Ethereum, you will have to pay gas fees in ETH to process transactions on the Uniswap protocol. Even though you are able to swap one ERC-20 asset for any other supported ERC-20 asset directly, this transaction would still cost you gas payable in ETH, so you need to ensure you have some ETH handy in your linked wallet to successfully process this transaction.
Gas fees on the Ethereum network can get incredibly high at busy periods, or in times of high network congestion, and indeed the recent Uniswap and DeFi craze have added to the rising gas costs on the Ethereum blockchain.
Setting gas fees too low on Uniswap can cause your transaction to stall, or fail completely. Be warned, even if your transaction fails due to low gas, you may still lose some ETH funds for initiating the transaction.
Instead, it’s best to either use the network recommended gas prices at the time (medium speed), or opt to pay more gas for a faster transaction to ensure your swap completes successfully. If you aren’t in any rush to swap your assets, consider checking back in on Uniswap when gas prices are down, to bring down your costs.
As we described above, settling too low of a gas fee, or insufficient slippage tolerances, can cause your transaction to stall, or in the worst case, fail completely. You do have to use caution setting a transaction on Uniswap and simply leaving your computer.
In periods of high market volatility or high gas prices, you may pay the initial transaction fee but your swap won’t process – and you will lose some funds. In periods of high gas, this can be quite a significant sum of money.
As a result, you may want to set transaction deadlines. Navigate to the same cogwheel menu as you did for setting slippage, and you will see the option to change the transaction deadlines. The default is 20 minutes, although this might still be too high for some. Essentially, if your swap hasn’t been filled in 20 minutes or the given amount of time, it will be automatically canceled.
We recommend everyone ensures they have a transaction deadline set up. The exact length is up to your risk profile and slippage tolerance, but it is a great tool to ensure your transaction doesn’t get lost in the ether!
Here’s a little disclaimer before we teach you about Expert mode – if you’re not an expert, don’t use it! Expert mode allows ultra-high slippage trades, which can often result in poor rates of exchange between assets, and even make you lose part of your original asset or funds.
So, why might you use Expert mode in the first place? If you are an experienced trader, there may be opportunities that arise which you just don’t want to miss. For example, some DeFi coins have made astronomical daily gains during the past couple of months, and it can be difficult to get a position in a coin using normal slippage tolerances in a fast-moving market.
Instead, by setting high slippage and turning off confirmation transaction prompts, you can settle swaps far quicker than the average user. However, it’s highly likely that you will get less of the asset you are swapping for in terms of current market value. Therefore, Expert mode really is only for experienced traders who are sure they can turn a profit from a trade, despite the unrealized losses they may make on the initial swap.
If you are familiar with using decentralized applications through a browser extension, such as Metamask or Portis, then you should have little trouble navigating Uniswap. However, do make sure you are careful to avoid some of the common mistakes new users make on Uniswap to avoid losing your funds or missing out on a great trading opportunity.
Just getting started and want to buy ETH to swap for the latest DeFi coins on Uniswap? Find out how you can buy Ethereum here.
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This episode is a discussion from Stellar’s Meridian conference, in which I moderated the panel, Crypto on Every Corner: Driving Adoption, featuring Jeremy Allaire, cofounder, chairman and CEO of Circle, and Meltem Demirors, chief strategy officer at CoinShares. In this discussion, we cover:
what adoption means and looks like
why cryptocurrency is at a particularly interesting inflection point
how central bank digital currencies could affect that
how blockchains will recede into the background
how existing fintech payment apps will use blockchains and/or crypto
where on the road to adoption the industry currently is
the significance of Crypto Twitter as a marketing tool
what the crypto industry needs to do in the next year to grow the industry
why it would have been easier to start a bank than a crypto business
why the separation of money and state is one of the most interesting experiments in history
how we’ll see new corporate-like organizations without any connections to any existing legal or financial systems driven by tokens
what their favorite crypto adoption success story is
Greenheart PUNT approved for listing on leading global crypto exchange DigiFinex
Greenheart PUNT, the new sustainable Defi token led by Greenheart, is delighted to announce that the PUNT token has been approved for listing on the leading Singapore digital exchange DigiFinex.
DigiFinex is a Top 12 global crypto exchange and regularly trades in excess of $2 Billion dollars per day in volume and liquidity. The exchange trades approximately 200 leading coins and has over 4 million customer accounts – of which 800,000 are active daily users.
The listing on DigiFinex is in addition to Greenheart PUNT’s initial (December 1st) listing on the LAToken exchange and is designed to maximize liquidity and trading volume for PUNT token holders and investors.
The Greenheart PUNT token is scheduled to begin trading on DigiFinex on Wednesday 2nd December 2020.
Greenheart was founded two years ago in Ashbourne, County Meath, and was formed two years ago by childhood friends Mark Canavan and Paul Walsh. The company produces a full range of sustainable oils – and shortly – edibles and balms for the retail market. Although Greenheart only began selling its oils in January 2020, it already has over 1,500 customers, a customer return rate three times the industry average and over seventy trusted 5-star reviews on its website.
Before launching Greenheart, Paul and Mark spent years researching extraction methods to produce the most effective agricultural products, for the end consumer with full traceability from seed to shelf. The company is the first sustainable producer in its market to use the full scope of cutting edge technology in its cultivation and production. This includes Big Data, Artificial Intelligence (AI), Machine Learning, and Blockchain technology at each stage of the planting, harvesting, production, and retailing process.
Greenheart Punt Token
The Greenheart Punt token is being backed by a real commodity – 1,000 liters of Greenheart’s oil in year 1 (with a retail value of $4 million US dollars) – allowing token holders to redeem their tokens directly for Greenheart oil.
The company also plans to continue deploying pioneering sustainability technology and cold press extraction, while also launching an Innovation Centre to teach farmers and the wilder public about the benefits of growing hemp and sustainable crops in Ireland.
Many philanthropic organizations initially suffered due to the cancellation of in-person donations. However, the initial pause in traditional donations caused by the pandemic was seemingly momentary, as charity donors began shifting to crypto donations.
Major fundraisers across the United States had to be cancelled, causing them to lose massive amounts of tickets and revenue that would have been generated by the events. Organizations backed by government contracts feared the repercussions of the epic loss once the fiscal year ended. Furthermore, the need for social services like food banks were outpacing revenue.
Officials of Eve’s Place — a non-profit that provides empowerment-based programs to victims of domestic, sexual, and teen dating abuse — had to shut down their annual charity event when the nation was placed on lockdown, and needed to find a way to counteract the loss of revenue.
Initially, the thought of welcoming digital currency had been a conversation that arose but was not considered a high priority until the lockdowns happened, sending their fundraising initiatives to a screeching halt. Then the organization received a generous $65,000 donation in cryptocurrency.
Charities are now proliferating, having adapted to the crisis and evolved their methods by accepting cryptocurrencies, because fiat is by no means the only option.
Since adapting to the current climate, there has been momentous progress in adopting cryptocurrencies and blockchain technology in the philanthropic sector by some governments and intercontinental organizations.
Overflow, an organization that helps charities accept online donations of publicly-traded stock, told BeInCrypto that it sees non-cash asset donations continuing to grow, noting the changes that have taken place this year:
“As a stock donation platform, one significant change that we noticed is that stock gifts tend to be much larger than cash donations. Compared to traditional donation platforms, we’re seeing a higher average gift per person — $2,150 vs $128 — which shows that people are much more generous when they donate stock instead of cash.”
It’s no longer thought of as a “fringe” method of support, but is evolving into a donation method that is becoming more mainstream. In January, Deutsche Bank reported predictions that there will be 200 million global crypto users by 2030, with the crypto hardware wallet industry anticipating a continued growth by an annual 25 per cent.
Blockchain facilitates donors to view and analyze the migration of their donations, from the moment it was given to the instance the charity spent it, which purportedly safeguards a greater element of transparency and eradicates the possibility of misreporting.
The beauty of digital currencies is that it ostensibly has shown resilience during the pandemic when social-economic conditions have negatively affected nearly all facets of the natural rhythm of things. Because of its borderless, neutral nature — not to mention its ability to transcend censorship — crypto has an all-inclusive choice for use in philanthropic enterprises.
Global crypto donations are rising
According to the Global NGO Technology Report, which interviewed over 5,000 non-profit organizations around the world, digital currency donations represent 2 per cent of payment methods used in the US and Canada, which is up by 1 per cent from the previous year. It was also found that they reach 5 per cent in Africa, 4 per cent in Asia, 2 per cent in Australia and Europe, and 1 per cent in Latin America.
The expansion of digital currency donations, which also encompasses both bitcoin (BTC) and altcoins, is something worth mentioning. In 2018, this form of payment reportedly covered 1 to 4 per cent of donations, while this year alone it has advanced intercontinentally, reaching up to a 100 per cent increase in contrast to the previous amount in the US, Europe and Australia.
Overflow explained from their experience which is the most popular way to donate, saying:
“After cash, some of the most common ways to give are stocks and Bitcoin. Donating stock and Bitcoin can drive significant tax savings and since donors are becoming more and more tax-savvy, stock and crypto donations are also becoming more popular.”
While these payment methods remain the least used in comparison to digital wallets such as Paypal, credit and debit cards, cryptocurrencies are gaining momentum.
Benefits with tax implications
For non-profit organizations, crypto donations come with a variety of perks that go beyond the most obvious, i.e. revenue — more precisely, it is another source of revenue that supersedes dollar bills.
Even though cryptocurrency is taxable by the Internal Revenue Service (IRS), it isn’t regulated by the Federal Reserve, nor by the stock market and other platforms fiat performs on. Accepting cryptocurrency contributions could keep non-profit organizations from sinking, possibly protecting a layer of protection against the fluctuation of traditional markets.
However, most laws that apply to other assets do apply to BTC. This means people are still accountable to tax laws, though BTC and altcoins are normally considered an intangible personal property as opposed to being thought of as currency. Therefore, they are not generally recognized as legal tender in the US or most other countries.
The IRS explains that if the charity is recognized under IRS rules, crypto donations will not result in income, gain or loss, and thus crypto is treated as other capital assets, including stocks. Elaborating on the issue, Overflow said:
“Consider non-cash contributions to drive more tax savings and make a bigger donation to a non-profit of your choosing.”
More money goes to non-profits due to low-to-nothing processing fees. Receiving crypto donations ultimately means that more money ends up with the organization, and less ends up in taxes.
The element of transparency is revolutionary in many ways. Blockchain enables ordinary people to trace the movement of money, and makes it insusceptible to tampering without somebody noticing, as the flow of crypto is open to all eyes, without third party involvement.
Even though blockchain meticulously keeps track of transactions. The beauty of the technology is that the specific personal identities of individual crypto holders is not a necessary component in transactions.
The unique characteristics of cryptocurrencies are quite attractive, such as a layer of anonymity within a decentralized arena, which provides the opportunity to curtail banks and government regulations, which have no power over the digital currencies, since they are not regarded as legal tender.
When non-profits meet crypto
Bitcoin, as well as other digital currencies, have even begun assuming leading roles in facilitating payments that are not associated with banking systems.
For example, Bail Bloc founder Rachel Rosenfelt launched a unique charity initiative to employ monero (XMR) mining to give underrepresented and undocumented immigrants a better opportunity at fair treatment in the US courts.
The initiative allows the project to collect XMR to help individuals avoid pretrial incarceration for cases involving US Immigration and Customs Enforcement. Unlike traditional charity initiatives, Bail Bloc isn’t focused on utilizing the usual means to finance a charity operation, but rather the computer processing power of those who participate.
Earlier this year, Irvine Valley College began accepting cryptocurrency donations, which put them among the first colleges that can accept donations through BitPay, a Bitcoin payment solution. Since 2017, BitPay has reportedly managed over $50 million in donations.
As per Alex Wilson, a co-founder of charity-related startup The Giving Block, “universities have received some of the largest cryptocurrency donations in the non-profit sector; however, not many universities accept Bitcoin or other cryptocurrency donations yet. According to a Coinbase study, 56 per cent of the top-50 universities now have at least one course on blockchain or cryptocurrency.”
Wilson revealed that the project has seen hundreds of millions of dollars worth of crypto donated to non-profits over the last few years, with a large portion going towards universities.
GiveTrack is another blockchain-fueled project that is supported by Bitcoin non-profit organization BitGive. It was created with the precise goal to empower donors with the ability to follow transactions on a public platform in real time, providing total transparency for donors to know where their money is going.
Earlier this year, BitGive announced that they had partnered with Direct Relief, GiveDirectly, and One Fair Wage Emergency Fund in an effort to collectively leverage blockchain technology in administering financial assistance to individuals impacted by the pandemic.
The initiative dubbed the BitGive COVID-19 Emergency Relief Fund works to provide personal protective equipment for medical professionals, financial help to individuals, whose employment was impacted, as well as global funding for people in need.
The American Red Cross is one of the biggest and certainly most identified humanitarian organizations, and has been accepting BTC donations since 2014. This opened up the doors to allowing charity givers more flexibility in their opportunities to contribute.
Though the American Red Cross has been accepting BTC donations for a while now, earlier this year, the Italian Red Cross announced that they would also now be accepting BTC donations to raise relief funds for individuals impacted by the pandemic. All donations received from the enterprise will reportedly be utilized to establish a second-level advanced medical post.
In 2019, the International Children’s Emergency Fund (UNICEF), which is an agency of the United Nations, launched an experimental crypto fund, empowering the organization to accept contributions in BTC and ether (ETH). The organization is tasked with the responsibility of rendering humanitarian and developmental assistance to children and young people around the world.
The first donation received by the UNICEF came from the Ethereum Foundation, which gave somewhere around $150,000 worth of BTC and ETH to UNICEF, in October 2019. Then, in January 2020, Ethereum Classic Labs donated $1 million dollars to the non-profit. UNICEF executive director Henrietta Fore said, at the time:
“The creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”
The future ofphilanthropy
“Due to the rise of the stock and crypto markets, we believe that philanthropy will become accessible to everyone. In the past, philanthropy was mostly popular among high net worth individuals, while now more and more people are turning to charitable giving to support the causes and charities they are passionate about,”Overflow offered the projection, conceptualizing the future of philanthropy.
The company further listed three main reasons why the philanthropy world started changing so rapidly:
Millennials are more socially aware than the prior generations as they grew up in the age of digital and social media. As a result, donating to charity makes people feel more connected to their communities and gives them a higher sense of purpose.
It is now possible to make donations online and choose from numerous donation types, such as cash, stocks and cryptocurrencies. An abundance of donation options is making philanthropy accessible to people of all income brackets and asset classes.
People are becoming more aware of the significant tax benefits that charitable donations can drive. Charitable giving is becoming a popular way for people to support their favorite causes and save on taxes.
Speaking about how to make donations “smarter,” Overflow said that there are several strategies that can help people maximize their impact as well as their tax deductions. According to the organization, it is necessary to “always check whether your company offers a matching gift program. This way, you’ll be making two donations instead of one!”
Overflow continued, saying:
“Imagine a scenario in which you sell your securities first and donate the proceeds to a non-profit. After selling the stock, you will have to pay a capital gains tax, which can be anywhere from 15 per cent to 20 per cent depending on your tax bracket. As a result, you will end up paying a massive tax and making a donation that is 20 per cent less than you would have made had you donated your securities directly to the charity.”
“Always research the organization you’re supporting. It’s important to know how your donations will be used and what portion of the non-profit’s budget is going towards their charitable programs. One of the most transparent non-profits we know is the New Story Charity that separates all donations for their home building programs from any operational expenses.”
The world has changed, and is changing. While the future at this juncture in time still remains uncertain, innovators around the globe have pushed the envelope, so to speak, escalating yesterday’s technological limitations, breaking barriers and opening up the door to new possibilities. So that life can continue moving forward undeterred, while we experience what appears to be a new era in innovation.
Jesse McGraw is a writer, information security researcher, and a prison reform activist. He is also a former black hat hacker and founder of the hacktivist group known as the Electronik Tribulation Army. He is also known by the moniker “Ghost Exodus.” He has holdings in stocks and in Bitcoin, but nothing worth writing home about.
Digital banking solution Cryptoenter allows financial institutions to offer a full range of DeFi services without any extra blockchain infrastructure. The platform already has 15,000 active users and recently received a prestigious award at the IBM Think 2020 event.
The First DeFi Platform for Banks
Cryptoenter is the flagship product of Smart Block Laboratory a ready-to-use digital banking infrastructure that can turn any bank or business into a DeFi hub. Any financial institution that implements CryptoEnter can immediately offer a wide range of crypto-related services:
Issuing digital derivatives, stablecoins, and NFT tokens;
A social network for investors, and much more.
Cryptoenter is the first DeFi product to use Hyperledger Fabric – a fast and scalable blockchain infrastructure that enables speeds of up to 20,000 transactions per second. As of November 2020, the project is fully operational and running an MEO (Market Expansion Offering) – a limited token sale aimed at scaling.
Cryptoenter Honored by IBM
In June 2020, Cryptoenter was featured at PartnerWorld – part of the IBM Think virtual event.The digital banking platform was named “Most Promising Fintech Solution Using IBM Cloud Services.” It’s worth noting that the developer, Smart Block Laboratory, is an IBM Silver Business Partner, and the platform itself uses many solutions by IBM, including Cloud Object Storage and Kubernetes Cluster.
Banks around the world can already integrate with Cryptoenter through IBM Marketplace. The platform has been thoroughly audited by IBM specialists and will soon become available in open search on IBM Cloud.
Cryptoenter already boasts over 15,000 active users. A few weeks ago, the platform signed up SKS Bank – a popular Russian financial institution. Soon all SKS customers will gain access to P2P loans in cryptocurrency, instant transfers, blockchain-based investments, and many other DeFi services. Negotiations with several more banks are underway, paving the way for a close and productive partnership between traditional finance and the world of DeFi.
The Smart Block Laboratory team expresses their gratitude to IBM for the award, which comes after three years of intense development work. Learn more about Cryptoenter and join the MEO (Market Expansion Offering).