Andre Cronje Teases Features for Ve(3,3) on Fantom

Key Takeaways

  • Andre Cronje has announced several new features for his ve(3,3) DeFi project on the Fantom blockchain.
  • The project will include an emission-based incentive structure and an automated market maker (AMM).
  • Cronje did not reveal all of the project’s features this week; he said that more information is on the way.

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Andre Cronje has published a series of blog posts teasing the features of his upcoming ve(3,3) project on Fantom.

Cronje Details Incentive Structure

Cronje revealed last week that he is working on a new project and token for the Fantom blockchain. “I’m deploying a new experiment on Fantom this month,” Cronje wrote on Twitter on Jan. 1.

Though Cronje is a prominent team member of Fantom, the project seems to be independent of his official role there. Developer Daniele Sestagalli, the leader behind DeFi projects such as Wonderland and Abracadabra, is also involved in the project.

In a series of blog posts over the last week, Cronje dubbed the project “ve(3,3).” He described the project as featuring an “emission-based token [that balances] ecosystem participants.”

Users will be able to deposit a base token in return for a non-transferable token, which will be locked in the protocol. In return, they will receive transferable incentive tokens as a reward.

Emission rates—or the amount of newly created tokens—will be determined by the circulating supply, and rewards will be greater if fewer tokens are locked across the entire protocol.

When users lock their tokens, that “lock” will be represented by a non-fungible token, allowing users to circulate those locks.

Unlike some projects, ve(3,3) will incentivize fees rather than liquidity provision. This approach aims to create an optimized system: because those who lock funds receive 100% of the fees generated by the pools they vote for, pools will in turn be able to set high fees.

Project Will Also Feature AMM

In his final post, Cronje noted that there will be a new automated market maker (AMM) introduced as part of the protocol.

The project will support swaps between most types of assets. Trades will have a 0.01% fee, paid out in base assets.

Cronje noted that the AMM ecosystem is “saturated” and that, as such, this AMM was designed to take a protocol-to-protocol approach rather than serve as a competing AMM in its own right. Existing AMMs will be able to integrate the AMM, and the AMM will also have a Uniswap v2 compatible interface.

Each week, 2 million new tokens will be made available as incentives and distributed based on voting weights. However, because there will be no voting initially, the project plans to distribute tokens to the top 20 DeFi projects in order to begin the process.

Cronje also noted that the project will not have a DAO, which implies that the project will not be governed by votes from token holders.

Users will be able to add pools and liquidity permissionlessly. There will be “native support for adding third-party tokens and incentives.”

It is likely that Cronje will reveal more news in the future. He noted that his most recent post listed only “core features,” and that an in-depth explanation ” is reserved for a later article closer to launch.”

Fantom is currently the 30th largest blockchain on the market, with its FTM token boasting a market cap of $5.7 billion.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. Andre Cronje is an equity holder in Crypto Briefing. 

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OpenSwap Announces New ‘Spot Price Queue’ Feature to Ensure Zero Slippage For Crypto Swaps

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OpenSwap’s Spot Price Queue feature is going to be a game-changer for on-chain swaps, guaranteeing zero slippage and spot market price execution for crypto traders, in contrast to the standard AMM architecture where traders have nearly zero guarantees of what the final price of their trade will be.

OpenSwap has set a date for the launch of its new Spot Price Queue feature, which will be available from the week of the 25th of October.

Spot Price Queue is another of the numerous products offered by OpenSwap, and it has been created for token pairs that already have liquid off-chain spot markets. Spot Price Queue uses secure oracles through its Secure Adaptor Protocol, an oracle controller module that protects against sudden price hikes, manipulation and front-running.

There will be two varieties of Spot Price Queue, one designed for traders who need to exit their position quickly, while the other is meant for low time-preference traders.

The former, Spot Priority Queue, executes single-price transactions ordered by the trader’s desired priority, which is expressed by staking OSWAP. The higher the amount, the more tokens will be sold at optimal execution parameters (no slippage) given available liquidity from the other side of the queue.

With the second type, Spot Range Queue, liquidity providers can set price brackets to make their liquidity available for sale. This is designed for low-priority trades common to high timeframe traders, who are more interested in being generally right rather than catching the precise bottom or top.

OpenSwap is also planning to release other liquidity queue types in the next few weeks. One of them, called Restricted Group Queue, is an “anti-rugpull” system, which offers protection for participants in Initial DEX Offerings (IDO) by avoiding them from total loss due to failure to list or the team running away with the money.

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Bruce Chau, CEO of OpenSwap, said:

“On-chain transactions and AMMs lack the flexibility and choice of centralized exchanges. OpenSwap’s objective is to solve these inefficiencies in the DeFi ecosystems by introducing new technologies and concepts such as our liquidity queues, a way to introduce the flexibility of order books without the associated transaction costs.”

Committed to becoming the most comprehensive one-stop DeFi hub offering the best on-chain pricing and multi-chain arbitrage and trading, OpenSwap allows users to experience revolutionary benefits through optimizing their trades with OpenSwap’s unique features: Liquidity Queues, Hybrid Routing, DEX Aggregator, and Inter-Chain Liquidity Swaps, all on a one platform.

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Sushi Gives Away “LSD” NFTs to Announce Trident AMM

Key Takeaways

  • Sushi has announced the launch of a new automated market maker, Trident.
  • The new AMM aims to improve on capital efficiency and lower gas fees for users and will compete with existing DeFi applications.
  • Sushi has released a limited edition LSD-themed NFT called “Bad Trip” to commemorate the launch.

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The Sushi team announced its new automated market maker by giving away copies of an LSD-themed NFT titled “Bad Trip”. 

Sushi Reveals New AMM “Trident” 

Sushi is looking to compete with other best-in-class DeFi applications.

The project’s CTO Joseph Delong announced a new automated market maker (AMM) called Trident at the Ethereum Community Conference (EthCC) in Paris Tuesday. Sushi had teased the project on Twitter over several weeks.

The new automated market maker introduces three “prongs” designed to increase capital efficiency and improve user experience. 

Trident’s first prong is its integration with the existing Sushi feature BentoBox. Users can allocate funds to the BentoBox to use as collateral or lend out to earn interest. Normally, this process of stacking “money legos” would require several costly transactions. However, by using BentoBox, funds will be committed to the application in a single transaction, saving users time and money. 

The second prong is an expansion of pool-type options. Trident will standardize the pool interface, allowing new pool designs to be integrated seamlessly. In addition, several new pools will allow for more flexibility when providing liquidity. 

Firstly, the introduction of constant product pools means users will no longer need to provide equal amounts of two assets to provide liquidity. Instead, the AMM will exchange deposits in the background, making sure assets are evenly distributed. The new AMM also introduces weighted pools. Similar to constant product pools, weighted pools allow liquidity providers to move away from equal distributions when providing liquidity, instead allowing for a percentage-based split. The DeFi project Balancer already provides weighted pool functionality and will therefore compete directly with Sushi’s Trident. 

The next pool to be introduced through Trident allows for concentrated liquidity. Here, users are able to provide liquidity to a specific price range, similar to the functionality of Uniswap V3. The Sushi team hopes concentrated liquidity will help alleviate yield dilution in popular pools. Users will need to provide liquidity to specific ranges instead of the entire pool, offering higher interest from fees in the selected range.

Lastly, Trident also introduces hybrid pools, allowing users to swap like-kind assets at reduced price impacts, similar to Curve’s stablecoin pools. However, Sushi boasts that Trident’s hybrid pools will allow for up to 32 different assets.  

After an array of new liquidity pools, the third and final prong of Trident is the AMM’s new routing engine, Tines. The new router is touted to improve capital efficiency and save users money by querying many pool types, considering gas costs, price impacts, and graph topology to generate the best price solution.

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To commemorate the announcement, those who attended the EthCC event were able to receive a special Sushi card allowing them to claim a limited edition NFT titled “Bad Trip.” For those who weren’t able to attend, a fractionalized version of the “Bad Trip” NFT is being auctioned off in 20 parts on Sushi’s MISO platform. The NFT is listed under the ticker symbol “LSD,” with each token redeemable for a 900 tab piece of blotter paper. 

With the announcement of Trident, the Sushi team is showing their dedication to building a comprehensive DeFi ecosystem. While the introduction of Trident’s new pools aims to compete with existing DeFi “blue chips” such as Balancer, Uniswap, and Curve, users will have to wait until launch to see if the new AMM will live up to the hype. 

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and less than $25 of SUSHI.

This news was brought to you by ANKR, our preferred DeFi Partner.

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Curve Finance V2 Aims to Compete with DeFi’s AMMs

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DeFi Project Spotlight: Bancor, The Dark Horse Decentralized Exchange

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In 2017, Bancor pioneered automated market makers (AMMs) to replace order books using a native reserve asset, the BNT token. After losing ground to other decentralized exchanges such as Uniswap or Sushiswap, Bancor’s v2.1 showed that the project is far from over. 

Re-Introducing Bancor

Understanding Bancor can be tricky because of the system’s complexity, but there is a reason why the total value locked in the protocol has skyrocketed in 2021.

Bancor’s USD monthly volume. Data from Dune Analytics
Bancor’s USD monthly volume. Data from Dune Analytics

In October 2020, Bancor released v2.1 to an enthusiastic user base. Still, it took the market some time to notice that Bancor has been working to solve some of the most significant problems users face when they stake their coins. 

To understand these improvements, a broader explanation of Bancor’s system is needed. 

In 2017, Bancor came up with a method to trade coins on-chain through a new system. Instead of leveraging order books, the protocol introduced pooled trading. By creating different pools of ERC-20 tokens and Bancor’s native token, BNT, traders could effectively exchange with the pool instead of each other. The more liquidity provided to the pool, the lesser the price impact for any transaction. To attract funds, liquidity providers were promised part of the swap fee from these transactions. To this day, this system is fundamentally unchanged in all of DeFi. Decentralized exchanges all function with liquidity pools used by traders to exchange currencies.

The next big innovation in decentralized exchanges was creating pools between any two ERC-20 tokens, removing the necessity for a central currency. Largely, Ethereum took on that role as it makes up $3.4 billion out of Uniswap’s $7.6 billion current liquidity. This convenience is largely why Bancor struggled to keep up with Uniswap or Sushiswap, especially during the summer of 2020.

BNT is at the center of Bancor. All liquidity pools are divided equally between an ERC-20 token and BNT. In that sense, BNT is a sort of neutral unit of exchange. Interestingly, this idea of a neutral exchange currency to facilitate global trade stems from economist John Maynard Keynes. 

At the Bretton Woods conference, he proposed a supranational currency called “bancor,” which would be used internationally to settle transactions between different national currencies.

Current ranking of decentralized exchanges by total value locked. Data from DeFi Pulse
Current ranking of decentralized exchanges by total value locked. Data from DeFi Pulse

However, Bancor’s unique system allows specific innovations which would be impossible for its competitors. In v.2.1, for example, Bancor introduced impermanent loss protection and single-sided liquidity provision. 

The Project’s Advantages

When users stake funds in a liquidity pool, they expose themselves to impermanent loss. In simple terms, this means that they will become increasingly exposed to the weaker asset they provided over time. As the price of both assets change, originally supplied equally, the liquidity pool automatically updates the user’s liquidity to keep a 50/50 split in value between the two. 

In a blog post, the Bancor team illustrated this issue by comparing holding LINK from April 2019 to April 2020 and supplying liquidity to an AMM like Uniswap in the same period.

LINK/ETH profit LP vs. holding. Source: Bancor
LINK/ETH profit LP vs. holding. Source: Bancor

As the price of LINK quickly grew during that year, AMMs consistently sold it for Ethereum to conserve a 50/50 split of assets in the liquidity pool. While both LINK/ETH liquidity providers and holders made a profit, the fees generated by supplying funds to Uniswap were insufficient to cover the impermanent loss.

In v2.1, Bancor aimed to solve the impermanent loss (IL) issue by subsidizing potential impermanent loss. Everyday funds are staked in Bancor; users receive 1% of impermanent loss “insurance.” After 100 days, liquidity providers are entirely insured from any losses they might have suffered because their preferred asset’s price grew much quicker than the second one in the liquidity pool.

Besides this impermanent loss protection, Bancor’s BNT system is uniquely suited to allow single-sided liquidity. This means that, contrary to other decentralized exchanges, users can choose to supply only one of the two assets in Bancor’s liquidity pools. While Balancer offers a similar service, they immediately sell part of the supplied coin for the other one. Bancor, however, co-invests in pools with its native coin BNT to keep the pools balanced. 

When users invest in a Bancor pool, Bancor essentially provides as much value in BNT as in the users’ token. From this invested BNT, the protocol earns swap fees and uses them to reimburse any impermanent loss incurred by the users during their time in the liquidity pool. However, when users add BNT to the pool, the protocol burns its added BNT and the fees accrued, diminishing the total amount of BNT in circulation.

Visualization of Bancor’s monetary policy and impermanent loss insurance. Source: Bancor
Visualization of Bancor’s monetary policy and impermanent loss insurance. Source: Bancor

As Uniswap founder Hayden Adams, the creator of Uniswap, explained, users face two types of risks when they supply funds to a liquidity pool. 

First, there are unavoidable impermanent loss risks in a liquidity pool between two tokens whose value is unrelated. Eventually, as the price of the two tokens diverges, users end up with different quantities of each token, changing the user’s amount of exposure to these two tokens. But, just as problematic, one takes inventory risk by supplying two tokens in equal measure while expecting much better results from one of the two.

With v2.1, Bancor solved inventory risk by allowing single-sided liquidity and subsidizing any impermanent loss in the liquidity pools. This system is made possible by Bancor’s unique model and can’t be replicated by decentralized exchanges such as Uniswap, Sushiswap, or Curve.

To further incentivize participation, Bancor has also started offering substantial liquidity mining rewards on certain pools selected by governance. The current liquidity mining rewards for providing major cryptocurrencies such as LINK, ETH, WBTC, SNX, or AAVE hover between 10% and 20% APY while supplying BNT to these pools can pay up to 70% APY in BNT. These rewards are voted on by governance roughly every two months.

Current Bancor liquidity mining rewards.
Current Bancor liquidity mining rewards.

The Shortcomings of Bancor

According to DeFi Pulse, Bancor has $1.78 billion currently staked in its smart contracts, 31% of the current biggest decentralized exchange Uniswap. In contrast, Uniswap did $1 billion in volume over the last 24 hours, according to CoinGecko. Compared to that, Bancor’s $70 million in volume only represents 7% of its competitor.

In essence, while Bancor is doing a phenomenal job at incentivizing users to provide liquidity on their platform, they do not seem to attract as much traffic and volume on their exchange. This is an important issue as volume represents liquidity provider fees. If those disappear, then the incentive to LP on Bancor disappears as well.

This lack of volume could be due to two different issues—first, the strength of network effects. Uniswap became the dominant exchange during DeFi summer and has been the go-to address for any project launching its coins. In contrast, Bancor’s whitelisting process adds a lot of security to its pools but lacks the speed and openness of Uniswap. 

Anyone can make a pool on Uniswap at any time. In a sector as fast-paced as DeFi, this is an incredible advantage that can turn dangerous very quickly. Rugpulls, scam tokens, and many other issues can arise from this policy. For now, though, these drawbacks aren’t enough for the Uniswap team to reconsider its stance.

The second issue is the gas fees, which are exacerbated by the current congestion on the Ethereum blockchain. One of the most important innovations of Uniswap was gas optimization. 

In a test swap operated on Apr. 9 at fast gas prices of 126 gwei, an identical swap between ETH and DAI cost $90 on Bancor compared to $41 on Uniswap. If the transaction included BNT, the gas fee on Bancor dropped to $55.

This is almost unavoidable due to the structure of Bancor. Bancor doesn’t have an ETH/DAI liquidity pool. To swap ETH with DAI, the protocol must use BNT as a medium of exchange. Due to the rise in the price of ETH and blockchain technology’s inherent limits, gas fees have become a significant issue.

Looking Ahead

Before v2.1, liquidity providers needed to supply equal parts BNT and their token of choice to Bancor’s liquidity pools. The addition of single-sided liquidity was nothing less than a game-changer for Bancor by removing this problematic barrier. The new liquidity provision system also allows for improved tokenomics and subsidizes the tricky issue of impermanent loss. 

As the numbers show, the future looks bright for Bancor. Liquidity has grown, but most importantly, the amount of unique users has also seen a sharp rise. Liquidity providers have taken notice and with improved liquidity comes improved prices for traders with lower slippage. This creates a positive spiral that improves the protocol as more people use it.

Number of unique wallets benefitting from Bancor’s impermanent loss protection system. Source: Dune Analytics.
The number of unique wallets benefitting from Bancor’s impermanent loss protection system. Source: Dune Analytics.

In the last few months, Bancor has also doubled down on adding features facilitating access to the protocol. In March, they added a fiat ramp allowing users to access Bancor directly from their fiat bank accounts.

The tokenomics of Bancor have also been given additional thought. Starting with their next update, Bancor will use 5% of all swap fees to repurchase vBNT from the open market and burn it. As vBNT is received by users when they lock BNT in the protocol, this will gradually lock an increasing amount of BNT in the liquidity pools forever, reducing the circulating supply.

While gas optimization will be a determining factor for Bancor’s future, the hottest topic in DeFi right now is layer 2 solutions. 

Bancor suffers from Ethereum congestion and high gas fees like many other DeFi protocols. With Uniswap’s v3 announcement, the pressure on other protocols to offer layer 2 solutions has increased. On a call with the Bancor team, Crypto Briefing learned that this is something they’re keeping a close eye on. The team insisted on the necessity of doing it right and not rushing an incomplete solution. 

More information on a layer 2 solution can be expected in the coming weeks.

Disclaimer: The author held ETH, BNT, and several other cryptocurrencies at the time of writing.

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Balancer Partners with Gauntlet, Launches Dynamic-Fee Pools

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Gauntlet is bringing dynamic-fee pools to Balancer. 

Dynamic-Fee Pools Coming to Balancer 

Balancer is introducing dynamic-fee pools. 

The DeFi keystone is partnering with Gauntlet, a simulation platform for on-chain risk management. Using techniques developed in algorithmic trading, Gauntlet’s involvement in the automated market maker will optimize returns for Balancer V2 liquidity providers. 

Making adjustments to trading fees means that liquidity providers can be paid fairly according to the current market conditions, rather than earning a fixed price. Fernando Martinelli, CEO at Balancer, said of the update: 

“It’s a privilege for Balancer Protocol and its liquidity providers to be able to tap on the galaxy brains of the Gauntlet team to maximize pool returns. The idea of dynamic-fee pools has been top of mind for Balancer for a long time. It is better for all stakeholders for fees to constantly adapt to the market conditions.

He also suggested that fixed-fee pools may one day be a dated format for automated marker makers, drawing a comparison to taxis and ride-sharing apps. Gauntlet’s COO John Morrow also shared his enthusiasm for working with the Balancer team. He said: 

“Balancer’s vision for their V2 pools is perfectly suited for our simulation platform. We’re looking forward to launch, but we’re even more excited for what comes after – our optimization platform gets smarter as we incorporate more live data.”

Optimizations are a key point of focus for automated market makers due to the competitive nature of the market. Attracting sufficient liquidity to run a successful protocol can be challenging when liquidity providers can so easily move to another protocol. As such, it makes sense for automated market makers like Balancer to ensure that the rewards for each pool are sufficient. 

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Research has shown that the price volatility of assets in a pool can help liquidity providers profit when there’s an appropriate trading fee. Gauntlet will look at volatility and other inputs leveraging off-chain automation to optimize the trading fees in Balancer’s pools. Gauntlet has built an optimization model that will provide parameter recommendations and integrate data fees. 

Balancer recently announced its V2 update, placing focus on capital efficiency and gas efficiency. The Gauntlet partnership shows a commitment to improving the protocol, where liquidity providers will be the first to benefit. According to the press release announcing the collaboration, there could be further improvements in the pipeline. “Updating trading fees is only just the beginning,” it read.

Disclosure: At the time of writing, the author of this feature had exposure to BAL in a cryptocurrency index. 

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Aave Launches AMM Liquidity Pool, Hints at “New Frontiers” Beyond Ethereum

Key Takeaways

  • Aave has launched an AMM liquidity pool allowing Uniswap and Balancer users to deposit liquidity provider tokens as collateral.
  • Users who deposit the tokens will be able to borrow a variety of assets, while others can deposit assets to borrow the tokens.
  • Aave alluded to “the potential” for the liquidity pool “to be included on other networks as well.”

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Aave, one of Ethereum’s leading DeFi protocols, has announced a major upgrade. 

Aave Goes Multi-Market 

“In DeFi, there are no Aave users, and there are no AMMs users. There are only DeFi users.”

The lending and borrowing protocol will now allow Uniswap and Balancer liquidity providers to deposit liquidity provider tokens as collateral in what it’s calling an “AMM Liquidity Pool.” In doing so, users will be able to borrow DAI, USDC, ETH, wBTC, and USDT. Similarly, other users can borrow liquidity provider tokens by depositing DAI, USDC, ETH, or wBTC. 

Liquidity provision is one of the core principles of decentralized finance. It’s used in automated market makers like Uniswap.

When someone deposits assets to a liquidity pool, they can earn a liquidity provider token representing their assets plus any returns they accrue, usually from trading fees. Liquidity provider (LP) tokens often represent ETH and another asset in a 50/50 ratio. 

By enabling users to collateralize LP tokens from Uniswap and Balancer, Aave helps DeFi become more composable, meaning that each protocol can be used in different combinations to benefit the end-user. DeFi’s composability is often referred to interchangeably with so-called “money legos”—building bricks of value that can be stacked on top of one another. 

Aave previously tested the multi-market approach, launching an Aave Uniswap V1 market that supported Uniswap LP tokens. Now, support has been added for a wide variety of Uniswap V2 LP tokens.


For Balancer users, WBTC/WETH and BAL/WETH LP tokens are supported. 

Interestingly, Aave noted on Twitter that the AMM liquidity pool would initially launch on Ethereum, “with the potential to be included on other networks as well, opening up ‘new frontiers’ for the community.”

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The tokens’ value will be gathered using Chainlink’s oracle, and ConsenSys Diligence has audited the smart contract that calculates the value. 

In the blog post announcing the update, Aave suggested that more liquidity pools could be added in the future, pending the community’s decision. Any additions would have to be decided by AAVE holders who participate in governance. 

The announcement concluded with an inspiring message related to the DeFi ecosystem. It read: 

“In DeFi there are no Aave users and there are no AMMs users. There are only DeFi users.”

Disclosure: At the time of writing, the author of this feature owned ETH, AAVE, SNX, and several other cryptocurrencies. They also had exposure to AAVE, SNX, UNI, MKR, REN, BAL, and YFI in a cryptocurrency index. 

This news was brought to you by ANKR, our preferred DeFi Partner.

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Beginner’s Guide: How to Use Matcha, the DEX Aggregator on Ethereum

Key Takeaways

  • Matcha is a decentralized exchange (DEX) aggregator built on Ethereum.
  • The tool can be used to connect with leading DEXes like Uniswap, Balancer, Curve, and Kyber.
  • Matcha finds the best rate for the user across the various networks.

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One of the most groundbreaking developments in the decentralized finance landscape today is the steady rise of Automated Market Makers (AMMs). But with so many AMMs, the need for aggregators like Matcha has become essential.

AMMs are currently the most popular type of decentralized exchange. They use smart contracts to create liquidity pools, and token pairs are traded based on an algorithm rather than an order book. 

Examples include Uniswap, Balancer, and Curve, all of which run on Ethereum. They are powerful tools that enable open and permissionless trading on the blockchain.

As AMMs use liquidity pools to calculate trading prices, there’s often a difference in price between the various decentralized exchanges at any one time. That’s why aggregators can be useful: they combine networks to find the user’s best rate.

One of the most popular DEX aggregators on Ethereum is Matcha, a tool built by the 0x team.

It integrates many leading DEXes, including Uniswap, Kyber, Curve, Bancor, and Mooniswap. This guide explains how it works with a simple step-by-step guide. 

How to Use Matcha

1. Connect Your Wallet

To make trades on Matcha, you’ll need to start by connecting your wallet.

Select “Connect Wallet” in the top right-hand corner. Matcha supports MetaMask, WalletConnect, Coinbase Wallet, and Bitski Wallet.

2. Choose Your Token Swaps

Select the tokens you want to swap. For this guide, we’ll swap UNI for ETH.

You can find the pool you need to make the trade by searching for either token in the search bar or selecting “Explore” and clicking on your token of choice. 

3. Select Tokens and Enter Trade

Select the tokens under “You Pay” and “You Receive,” ensuring that the pay and receive tokens are selected in the right order. Matcha presents a chart showing the ratio between the two assets. Once selected, enter the amount.

For this trade, we’ll exchange 650 UNI for the equivalent value of ETH.

4. Review Order

When the amount “You Pay” is entered, a quote for the amount “You Receive” will appear—select “Review Order” to proceed. 

5. Place Order

Matcha gives you 30 seconds to review the order until the quote expires. On this trade, Matcha has quoted 3.587907 ETH in exchange for 650 UNI.

This quote represented the best rate for UNI and ETH when “Review Order” was selected. To confirm the order, select “Place Order.” 

6. Confirm the Contract Interaction in Your Wallet

The contract interaction must then be confirmed in MetaMask or your wallet of choice. It requires a gas fee to interact with Matcha. 

7. Confirm the Trade

Finally, the trade must be confirmed in your wallet. This also requires a gas fee.

To work out the gas price to select, Crypto Briefing recommends checking the network congestion level via ETH 

8. Check Etherscan  

Once confirmed, you may want to check the transaction and address balance using Etherscan. 

As a sidenote, Crypto Briefing didn’t confirm the UNI/ETH trade for this tutorial due to high gas fees at the time of press. Other than that, the above includes the entire process.

While decentralized finance can feel daunting for many people, more so when trying to ensure that you’re getting the best deal possible, Matcha makes the process easy. Thanks to its integration of the leading decentralized exchanges on one simple interface, finding the best trading price on Ethereum is now possible with only a few clicks. 

Disclosure: At the time of writing, the author of this feature owned ETH and UNI, among a number of other cryptocurrencies. 

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