Thanks to decentralized exchanges, we can enjoy convenient trading without custody and know your customer (KYC). With Uniswap, trading becomes much more simpler with just the press of the button. Unlike centralized exchanges (CEX) where we need to:
- Register and verify our email address.
- Today, binding phone number for identity.
- Setting 2FA for security.
- Verifying identity by uploading identity document and taking a selfie.
- Sometimes, proof of address for very strict exchanges.
in convenient decentralized exchanges (DEX) we only need to:
- Choose a token and swap.
- Installing a web3 supported wallet like Metamask or Trust Wallet.
- Filling the wallet with the native cryptocurrency for gas fee which is Ethereum in this case and any token we want to exchange.
- Click the connect button to connect our wallets.
Not only that, Uniswap allows anyone to provide liquidity and earn a portion of the transaction fees.
Sushiswap made the next development which is yield farming where we not only earn portion of the transaction fees but rewarded with their native token Sushi. Eventually, all decentralized exchanges…