Let’s shed some light on the ultimate goal of 123SWAP, as we all know that the 123SWAP platform is a decentralized finance ecosystem that allows for smooth peer-to-peer crypto-asset trading. It offers simple, transparent, and convenient exchanges, as well as income and investment management options, a1`ll without the need for a middleman. The platform aims to streamline the bitcoin trading mechanism while minimizing slippage.
The goal is to make the management of crypto-assets easier.
How is 123SWAP making the management of crypto-assets easier?
But first of all, we should look at other platforms problems that a user from a non-technical background may face.
Complicated Interface & Tedious Registration Process
The number of indicators, graphs, ordering, and other components might quickly overwhelm an unprepared user. The verification procedure on specific platforms is somewhat complicated, and it might take days, weeks, or even months for a new user’s account to be verified.
On the one hand, although most decentralized financial aggregators want to handle just ERC20 or BSC tokens, multi-chain aggregators are custodial and not decentralized. As a result, investors have restricted access to crypto-asset trading pairings.
Unsecured Wallets for Cryptocurrency Assets
A private key can be used to retrieve a public key (which is used to receive crypto assets). If investors lose or forget their private key, they will be unable to access their crypto assets. Investors typically utilize hot wallets to prevent losing all of their crypto assets if they forget their keys. Hot wallets are digital cryptocurrency wallets that have existed since Bitcoin’s creation. Such wallets have proven to be the world’s most susceptible wallets. Security keys and codes are stored on all digital wallets’ internet servers, which are vulnerable to hacker assaults, scamming efforts, and other ill-intentioned acts. Sure, most of the high-profile hotties are Wallet-offering websites and businesses have extensive security procedures in place, yet all it takes is a single security flaw for all of the investors’ money to vanish forever.
High Trade Fees & Other hidden Fees
Although centralized exchanges typically state their terms openly, their opaque nature allows for a lot of abuse. Traders must pay at every stage of their trip, from the deposit to the ultimate withdrawal, to conduct a simple transaction and swap one cryptocurrency for another. As a result, traders are constantly unsure of the final amount they will get in their wallets.
Issues Faced During Token Swap
As the cryptocurrency industry develops, new initiatives emerge with their blockchains and tokens to achieve specific objectives. Some aim to outperform Ethereum by providing developers with increased scalability, low or no fees, and other benefits. Others are designed only to be utilized in decentralized applications.
Eventually, the enormous variety of possibilities necessitates swapping one cryptocurrency for another, just as it is done with dollars, euros, and yen.
Cryptocurrencies are a complicated world. Traders must use caution while sending bitcoins from one address to another. A single mistake can result in cash being lost forever, with no way of recovering them. When a trader attempts to send Bitcoin to an Ethereum address or vice versa, the same thing happens.
Several exchange services allow users to purchase and sell cryptocurrencies in return for traditional currencies or other cryptocurrencies on the market. Users who wish to buy directly between two crypto tokens are sometimes impossible due to the restricted liquidity and number of trading pairs available on each exchange.
With these emerging problems, there came a ray of hope, as 123SWAP avail opportunities.
And the market continues to expand. According to Tokeninsight’s Cryptocurrency Derivatives Exchange Industry Report from July, the cryptocurrency derivatives market’s trading volume for the second quarter of 2020 was $2.159 trillion, based on data from 42 exchanges. This marks a 2.57 percent increase from the previous quarter and a whopping 165.56 percent increase year-over-year from the second quarter of 2019, demonstrating exactly how stratospheric crypto-derivatives growth has been over the last year.
As a result, the recent explosion in the market for cryptocurrency futures is likely to fuel demand for token swaps.
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