Everyday we get asked about our plans to list TecraCoin on a new exchange - we can finally share the good news! TCR is going to be listed on Uniswap at the turn of March and April!
What is Uniswap?
Uniswap is one of the leading decentralized cryptocurrency exchange protocols that runs on the Ethereum blockchain. The exchange facilitates automated transactions of cryptocurrency tokens with the use of smart contracts. As of the beginning of 2021, Uniswap is estimated to be the largest decentralized exchange and the fourth biggest cryptocurrency exchange overall by daily trading volume - crypto assets worth over $3 billion worth are locked away on its protocol.
What makes Uniswap different?
The platform was launched in 2018. It was built on top of the Ethereum blockchain, which is one of the biggest cryptocurrency projects in terms of market capitalization. That means that Uniswap is compatible with all ERC-20 tokens and the related infrastructure.
As Uniswap is a fully decentralized exchange, it means that its users, unlike in case of centralized exchanges, retain control of their private keys and funds at all times. Implementation of decentralized solutions also means that the exchange is not owned and run by a single entity. Uniswap uses a different type of trading model to traditional centralized exchanges called automated liquidity protocol, which is an alternative to an order book-based trading.
An order book is the list of orders that a trading exchange uses to record the interest of buyers and sellers in a particular asset. For a trade to be successful in this system, a buy order needs to be matched with a sell order on the other side of the order book for the corresponding price and amount of the same asset. This particular mechanism can create problems with liquidity - the depth and number of orders on the order book at any given time. If the liquidity is low, traders may not be able to complete their orders.
Automated liquidity protocol in practical terms means there are template smart contracts that define a standard way to make liquidity pools and corresponding markets that are compatible with each other. There is no orderbook, no centralized party and no central facilitator of trade. Each pool is defined by a smart contract that includes a few functions to enable swapping tokens, adding liquidity and more.
The biggest benefits of using Uniswap:
Low transaction fees.
No KYC required.
Maintaining control over funds.
Access to new coins / tokens.
How to use Uniswap?
Getting started with Uniswap is very simple. First you’ll need an Ethereum Wallet and some ETH. Once that step is completed, you can head over to the Uniswap app to start using the protocol to provide liquidity or swap tokens. Keep in mind that each transaction on Ethereum costs ETH (it is called the “gas fee” and it’s a commission to miners to keep the network running).
Most ERC-20 compatible wallet services give you three choices when making a payment over the Ethereum blockchain: slow, medium or fast. Slow being the cheapest option, and fast the most expensive. This determines how quickly your transaction is processed by Ethereum network miners.
Uniswap created a very user-friendly environment. It builds state of the art open source apps to access the Uniswap protocol. For the convenience of users it provides necessary tools, explanations, and you can always look up FAQ on their website if any issues or questions occur while using their exchange.
What does the new exchange mean for Tecra’s community?
We didn’t choose to list our currency on this exchange at random. Uniswap is one of the biggest and most trustworthy cryptocurrency exchanges in the world, and what’s more - it’s characterised by a significant trading volume. That’s why it will come with many benefits for TecraCoin holders.
Firstly, listing on Uniswap will bring forth many new exciting developments for TecraCoin holders. Listing on a new exchange, and especially on a one of this size and renown, will provide new trading opportunities and change in TCR value.
Additionally, entering Uniswap means that we will have to create a ERC-20 token that will be the equivalent of the original TecraCoin. Having a TCR token on ERC-20 will open the door for us to enter even more big, trustworthy exchanges. It will be vital in our mission to strengthen and grow our cryptocurrency even further.
We expect our new cooperation will bring us a dynamic growth in the months to come, and we invite you to witness and experience it along with us!