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Southeast Asia DeFi Week 2- Day 5

Event on September 02, 2020 by Malvinder Singh Gill

 

1INCH

 

 

1inch exchange has emerged as an essential part of the booming decentralized finance (DeFi) movement. What initially began as a one-stop-shop for aggregating liquidity has morphed into a swiss army knife of utility. The platform’s continued efficacy has much to do with the fast-changing world of DeFi. 1inch.exchange is a DEX aggregator that helps route trades from all around the DeFi sector. Integrations with other DEX providers thus offer 1inch users the cheapest trades, lowest slippage, for a wide range of ERC-20 tokens. Platforms include Uniswap, Kyber Protocol, Aave, Curve.fi, Airswap, mStable, Balancer, dForce Swap, 0x API, 0x Relayers (Bamboo, Radar Relay), Bancor, and Oasis. There are also a variety of other liquidity sources, including private market makers. Often, 1inch.exchange routes swaps through more than one platform. The majority of this trade will occur on Uniswap, with just a small percentage also happening on Balancer. These percentages fluctuate based on the ever-changing rates on each platform. Though the dashboard is slightly intimidating, the user experience is relatively intuitive even for the novice user after just a few minutes. Yield farming is essentially the practice of moving idle cryptocurrencies to various lending and borrowing platforms and earning interest on those holdings. At current, Avee is boasting impressive rates for the stablecoin DAI. If a user is holding DAI, the procedure is relatively simple: They go to Aave and convert their DAI to aDAI, the interest-bearing version of the stablecoin. Here’s another thought example of the difficulties that 1inch solves. If a user is holding aDAI, but the rates for aSUSD, Aave’s interest-bearing version of Synthetix’s stablecoin SSUD , are better, users will want to make that switch. The primary reason that this specific trade is so expensive is simply due to the high gas costs on the Ethereum network. Gas Token allows users to speculate on gas prices. When prices are low, users can purchase and store this gas to be used at a later date. Sergej Kenz and  Anton Bukov created 1inch Exchange during the ETH New York Hackathon in June 2019. 1inch has become renowned for releasing simplified post-mortem reports on DeFi exploits. Several such reports have been published, the most recent of which covered the Balancer and Bancor exploits. Before 1inch, the team attended Hackathons to build arbitrage bots for DeFi. DeFi liquidity is fragmented across several pools – Uniswap, Kyber, Balancer, Bancor, 0x, and Curve are the major players responsible for most DEX liquidity. In the future,

liquidity pools will probably just be the backend of the user experience as DEX aggregators gain prominence.

 

 

LOOPRING

 

Loopring is a decentralized exchange protocol and an “automated execution system” built on Ethereum that will allow its users to trade assets across exchanges.  It isn’t a decentralized exchange.  Rather, it facilitates decentralized exchanging through ring-sharing and order matching.  Decentralized and centralized exchanges alike will be able to implement Loopring, giving the exchanges access to cross blockchain and cross exchange liquidity and giving investors access to the best prices available on the broader market.  Moreover, Loopring is blockchain agnostic, meaning that any platform that uses smart contracts (e.g., NEO, Ethereum, Qtum) can integrate with Loopring. When using Loopring, traders never have to deposit funds into an exchange to begin trading. Ring-miners make sure that orders can be filled (or partially filled) through order rings until the desired trades are completed for all parties involved.  In compensation for this service, ring miners can receive a fee in LRC (Loopring’s token) or a split-margin on the final purchasing amount of an order. An order ring allows for ring-matching, a process by which a series of trades are strung together to fulfill each other’s orders.  In addition, if an order cannot be completed with a single trade, order sharing allows this order to be split into partial orders until the original order amount is completely filled. Serving as its head, Loopring founder Daniel Wang used to run a centralized exchange called Coin Port back in 2014.  “At that time,” he told Coin Central in an interview, “[I was] trying to solve the problems of centralized exchanges, and then I realized that it’s not possible.  Those problems are inherent to the centralized exchange model. Obviously, Loopring is entering the field of centralized and decentralized exchanges, and on the surface, this makes Loopring look like it’s got some stout competition.  But actually, Loopring wants to implement with these exchanges to provide them–and exchangers–with much needed liquidity. Other competitors include Bancor, Blocknet, and Kyber Network.  Bancor and Kyber Network offer order matching and liquidity pools to ensure that trades are met across blockchain smart contracts, while Blocknet offers the same services solely through order matching. Loopring is listed on a handful of exchanges, but the majority of its volume comes through Binance, OKEx, and Gate.io.  All three offer BTC and ETH trading pairs, while OKEx and Gate.io offer USDT pairs, as well. There are a couple of key takeaways from Loopring that distinguish it from decentralized exchanges and other decentralized exchange protocols.  For starters, it’s not trying to beat out DEXs and centralized exchanges–it’s trying to connect to them.  In addition, ring orders separate Loopring from other decentralized exchange protocols.  Ring-matching could increase liquidity even further, as it will mean that three or more orders can be paired with each other to execute numerous trades at once.

 

 Do check out the full video here: https://www.facebook.com/Asiablockchaincentre/videos/3257868220901390/ 

 

 

 

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About the Author:

Malvinder Singh Gill is a Digital Marketer for Blocklime, a writer by day and a reader by night. He is loathe to discuss himself in the third person but can be persuaded to do so from time to time.

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