Decentralized finance (DeFi) has become a staple of the cryptocurrency industry as users, companies, and entrepreneurs continue to democratize financial services for the world. A recent report found that the total value locked (TVL) – a popular metric to gauge the industry – is nearly $14 billion across all DeFi protocols.
When thinking about DeFi, the first thing that comes to mind for many people is Uniswap, the decentralized exchange (DEX) that has grown to surpass trading volume on many large centralized exchanges. Not only are cryptocurrency users more sophisticated than before, they now prefer using DEXs as a way of purchasing, trading, and being incentivized with their cryptocurrency.
The benefits of Uniswap are clear. As a DEX, users are always in control of their funds and are immune to common issues on centralized exchanges such as hacks, technical outages, and even interference from third-parties. DEXs do have some drawback. When the Ethereum network is clogged, it can result in high fees and slower processing times. Thankfully, these drawbacks are usually temporary.
One company, Swapfolio, is at the center of this movement as a portfolio management tool that offers a wide array of services and resources for Uniswap users. At the core of Swapfolio’s value proposition is simplicity in how the app functions and with cryptocurrency in general. Recently, Swapfolio announced the release of its alpha product which offers a portfolio manager, personalized price monitoring, trading assistance, and sponsored listings.
Swapfolio was developed by an experienced blockchain team in Southeast Asia with a passion for products that are clean, intuitive, and enjoyable. This led to the realization that the DeFi space was in great need of a tool that provided the most commonly tools used by both experienced and casual traders. This led to the inspiration behind Swapfolio.
Swapfolio team member Barry Chen described the application as a “natural progression” for the industry as users look to adopt more resources that will help them become better traders. Naturally, in the past the DeFi industry was too nascent and resources such as Swapfolio did not exist. This led some traders to resort back to centralized exchanges, which have had their fair share of bad luck this year.
Kucoin, Bitmex, Bitmax, OXEk, and others have all experiences either hacks, outages, or regulatory intervention causing users to experience panic. These were all steady examples that DEXs are much safer in general, especially when users develop a baseline foundation of knowledge.
Chen expanded on the importance of simplicity in a recent Hackernoon article to say, “Our goal is to get casual crowds to feel at ease while using DEX or trading DeFi tokens,” he said, “But this time we want to simplify the experience and make it as easy as possible, with a one-click setup and you’re ready to go. Something intuitive this time.”
A Simple 3 Step Process to Using Swapfolio
Users can set up a Swapfolio dashboard in three simple steps. First, users need to input their public Ethereum (ETH) address or log in via Metamask, a popular browser wallet. Wallets are always configured securely and safely. Second, users can populate all of the tokens they are holding and see them in Swapfolio’s user interface. Lastly, users can start enjoying Swapfolio’s functionality such as seeing prices and trading in just one click.
One important aspect to note is that Uniswap is currently being plagued by projects looking to take advantage of users. This happens through the creation of spoof tokens (which resemble real ones) and rug pulls (trapping and stealing funds from users), and other clever techniques. The industry is growing at such a pace that it is difficult to provide oversight, especially on a DEX. Swapfolio alleviates this burden as they only list and populate tokens that have been proven to be genuine. This eliminates all user error around accidentally buying a spoof token. This is extremely important for the sustained growth of DeFi.
Overall, Uniswap acts as an all-in-one resource to cover all Uniswap needs in real-time. Swapfolio is currently adding more features to the app and focusing on continued development, including building out a watchlist, adding functionality for additional tokens, and closing partnerships with other blockchain companies.