In this review and tutorial, I take you through the Kyber Network, and the decentralized exchange KyberSwap. Kyber is an on-chain liquidity protocol that aggregates liquidity from a wide range of reserves, powering instant and secure token exchange in any decentralized application. Also connect your wallet directly to Kyber to instantly swap Ethereum and ERC20 tokens quickly and easily.
KyberSwap is a decentralised way to exchange Ethereum and different ERC20 tokens directly from your wallet instantly with no waiting, deposits or KYC required. Users can connect up their Ethereum wallet to connect which include the likes of Metamask, Ledger, Trezor and Torus. Then create simple trades for more than 70 tokens including the likes of DAI, USDC, USDT, digital gold DGX, as well as MKR, LINK, KNC, and WBTC (Wrapped Bitcoin).
For users that don’t already have an Ethereum or an Ethereum wallet, you can purchase some on their site. To provide the “purchase ETH with fiat” option, KyberSwap has integrated with Torus (a 3rd party service provider) that in turn offers various purchase ETH options which are done via the likes of Moonpay and Wyre.
How Does Kyber Swap Work?
Kyber uses a diverse set of liquidity pools, or pools of different crypto assets called “reserves” that any project can tap into or integrate with.
So instead of using order books to match buyers and sellers to return the best price, the Kyber protocol looks at all the reserves and returns the best price among the different reserves.
Kyber Swap Limit Orders
KyberSwap allows you to set non-custodial limit orders too, so that you don’t have to monitor volatile crypto markets 24×7 and you can place orders to buy (or sell) at the rate that you define.
What’s interesting about creating a limit order in a decentralised exchange, is that you don’t have to deposit any funds. Normally with a centralised exchange you have to deposit and withdraw, costing you in fees. However KyberSwap have eliminated this, so that you can create a limit order just by connecting your wallet. You’ll be paying fees as little as 0.1% for successful limit orders. You’ll also find that KNC holders will get reduced trading fees.
It sounds a bit strange that you’re not depositing funds, but a user signs the transaction, allowing the KyberSwap smart contract to swap the token on users’ behalf, at the rate and quantity set. With the signed data, once limit order conditions are met, KyberSwap will broadcast the transaction to the Ethereum network.
One thing to note is when creating limit orders, you will need to register for an account, and this involves providing an email address or linking the likes. of Gmail, Twitter or Telegram.
Users can also create their own reserves and contribute funds to a reserve, however that process is still fairly technical one–something Kyber is working on making easier for users in the future.
Reserves represent decentralised liquidity powered by the community. It’s built up of dedicated liquidity providers that are connected to diverse stakeholders in the ecosystem. Entities such as large token holders, fund managers and token teams can easily become reserves, they can rebalance their portfolio plus they can provide liquidity and value for the ecosystem.
Kyber’s aim is to integrate with other protocols so they’re developer-friendly. Providing architecture and technology to let anyone incorporate the technology onto any smart-contract powered blockchain.
As a result, a variety of different dapps, vendors, and wallets use Kyber’s infrastructure including Digifox, InstaDApp, and the Coinbase wallet.
Plus they also integrate with other exchanges such as Uniswap, sharing liquidity pools between the two protocols.
What is KNC Token?
Kyber Network have their own token Kyber Network Crystals (KNC), named after the crystals in Star Wars used to power light sabers.
The Ethereum based ERC20 token is now available on centralised exchanges such as Coinbase Pro and Binance and can be used to help reduce fees on the Kyber Network.
Kyber also plans on a major protocol upgrade called Katalyst, which will create new incentives and growth opportunities for all stakeholders in their ecosystem, especially KNC holders. The upgrade will mean more use cases for KNC, including to use KNC to vote on governance decisions through a decentralized organization (DAO) called the KyberDAO.
Staking KNC Tokens
Kyber Network has now added a new staking option for token holders. Meaning that holders of Kyber Network Crystal (KNC), can stake KNC to vote on important proposals. In return, they receive rewards in Ethereum from network fees collected from trading activities in Kyber Network.
Aave is a DeFi lending protocol that enables users to lend and borrow a diverse range of cryptocurrencies. This may sound similar (in terms of lending and borrowing) to the likes of Compound Finance. However where Aave differs from some other lending platforms is that it offers more diverse assets, both stable and variable interest rates for lending, plus flash loans.
Who are Aave?
Aave was originally launched as ETHLend, a lending platform that was founded in 2017 and then rebranded to Aave in September 2018. The name itself is Finnish and translates to “ghost” in English. And the ghost represents Aave’s focus of creating a transparent and open infrastructure for decentralized finance.
Aave supports a diverse range of assets that you can lend or borrow on the platform. And the list of assets currently include;
Flash Loans are an advanced concept aimed at developers. Therefore you must have a good understanding of Ethereum, programming, and smart contracts to take advantage of them.
Flash loans require zero collateral to use and Aave charges 0.30% fee on these. Instead of guaranteeing repayment with collateral, Flash Loans simply rely on the timing of the loan’s repayment. As long as the loan is used and paid back in full within the same block it was issued, it is approved. However, if the loan is not paid back within the same block, the entire transaction fails.
The AAVE token, was migrated from the token formerly known as LEND. These ERC20 tokens are used to allow users to participate on the Aave protocol governance and can also be staked within the protocol’s Safety Module. In the event of a shortfall in the DeFi protocol, staked tokens would be used as collateral as a last resort.
In July 2020, Aave unveiled plans to hold a token swap. This means that the 1.3 billion AAVE tokens in circulation would be swapped for the newly minted AAVE cryptocurrency at a ratio of 1:100, creating a total supply of 16 million AAVE.
Customize this widget
The first Aave Improvement Proposal has ended, with overwhelming votes in favour of the token migration from LEND to AAVE. This migration is the first step in the Aavenomics. Migrating from the LEND to AAVE tokens allows users to participate on the Aave Protocol Governance and stake within the protocol Safety Module. Similar to the likes of Compound and more recently Uniswap.
The ratio of the tokens work out to be 100 LEND to 1 AAVE, so if you migrate 100 LEND you will get 1 AAVE token.
The process to migrate from LEND to AAVE is quite similar to a deposit. need to approve and then upgrade your tokens and I’ll take your though that in a moment.
If you have LEND in exchanges or other places, these exchanges will be announcing themselves if they will handle the migration from their side. Binance has announced their support for the new AAVE token and have also stated that their users can use their token swap functionality on their site to swap from LEND to AAVE.
However, if you have LEND on an exchange that won’t be allowing it to migrate, then you will have to withdraw to whatever wallet you’re using to connect to Aave Protocol and migrate from there.
How to Migrate LEND to AAVE Tokens
The process to migrate from LEND to AAVE is quite similar to a deposit where you’ll need to approve (to allow the migration contract to move your LEND tokens to migrate them to AAVE), before upgrading your tokens. Plus, you’ll also need some Ethereum to pay for the gas fees.
Once you’ve connected your wallet (containing the LEND tokens) to the Aave site, you simply need to head across to Migration Portal from the left of the screen. Then Approve, pay a gas fee. Then Upgrade your tokens, and pay another gas fee!
How to Stake AAVE Tokens
Once you have your new Aave tokens you can now stake them. Staking consists of depositing your AAVE tokens within the protocol Safety Module. The purpose of staking is to act as a mitigation tool in case of a shortfall event. As an incentive for this service Safety Module stakers will receive Safety Incentives.
The initial rewards are 400 AAVE/day and will be distributed among the stakers. Stakers will also receive a percentage of protocol fees, but that will come later if the governance votes on it.
Now there are some risks to staking too… In the case of a shortfall event, the Safety Module uses up to 30% of the assets locked to cover the deficit. This protocol protection won’t be active on the initial launch and they will inform users when the slashing is activated.
To stake your tokens head across to “Staking” on the left-hand side of the screen. Select the amount. Then approve, pay a gas fee. Then stake and pay another gas fee! When that’s confirmed, your tokens will be staked in the Safety Module.
Your staked AAVE tokens will then appear on the right-hand side of the screen. It will show you the amount you’ve staked. The amount that’s claimable and the AAVE per week and per month.
How to Unstake
If you want to Unstake you’ll need to do this after the cool-down period has been activated. This cool-down period is currently set to 10 days. So to unstake you first need to pay for a transaction to activate the cool-down period. And then pay for another transaction to unstake after this period is complete.
Aave Token Migration and Staking Tutorial
Aave released V2 of their protocol on December 3rd 2020. Bringing with it new features, making the protocol more flexible and efficient. For more information and to take a look at the platform click this link for my tutorial.
Compound Finance is a decentralized service that allows users to lend and borrow crypto assets. Most investors look to buy and store their crypto assets safely in a wallet or on an exchange without earning any interest in the sense that a traditional bank or savings account would. However, Compound Finance is on a mission to change that.
Compound Finance allows users to easily earn interest on their Ethereum, Dai, BAT etc. As well as lending you can also use your assets as collateral and borrow against your crypto. Allowing both lenders and borrowers to get more out of their cryptocurrency. In this tutorial, I will show you how to get started and this can all be done within a few minutes and without the headaches or rules of traditional banks.
Who Are Compound Finance?
Compound Finance are a San Francisco based company who have the backing of some very prominent investors such as the lieks of Polychain Capital, Bain Capital and Coinbase who have also recently annouced the support for the governance token COMP.
What are COMP Tokens?
The COMP ERC20 token is given to lenders and borrowers to incentivise them to participate in the different markets across the compound protocol.
Every day 2,880 COMP tokens are distributed to lenders, suppliers and borrowers and this is done proportionally to how much interest is being paid to each market. With the majority being paid to whichever has the most interest.
COMP tokens can be collected and withdrawn or exchanged on the likes of Uniswap. Or you can use them to vote on proposals for the Compound protocol. Which you can vote for manually or you can delegate this out to another user if you wish.
The COMP price has rocketed recently which may be due to Coinbase announcing their support.
What Are Compound Finance Rates?
Lending rates with Compound Finance are variable and not fixed and will depend on the market conditions at the time. However, below is a list of current rates for lending and borrowing.
What Tokens Are Available with Compound Finance?
Users can lend and borrow popular cryptocurrencies which currently include; Tether (USDT), USD Con (USDC), Ether (ETH), Basic Attention Token (BAT), 0x (ZRX), DAI (DAI), Wrapped BTC (WBTC), Augor (REP) and Sai (SAI).
Compound Finance Loans
Many Compound Finance users fixate on the high-interest rates that can be achieved for lenders. However, taking out a loan is an easy process too. All you need is some crypto to deposit as collateral and because it’s decentralised there are no credit checks, income statements, or delays.
You can use the assets that you currently have as collateral to take out Compound Finance loans. However, please do be careful, as there is a liquidation clause. So don’t ever over-borrow.
Digifox, is an all-in-one finance application created by popular YouTuber Nicholas Merten (AKA DataDash). With DigiFox you can buy and swap crypto and send your money globally, at fees as low as $0.15. Plus, they have an “Earn” feature, using integrated platforms such as Celsius and Compound. This enables you to earn interest of between 5-9% (please note that these rates can change) which is far better than any standard savings account.
What is Digifox Wallet?
Digifox is a financial platform, where you can buy crypto, earn interest, and send money globally. Plus the ability to earn interest on your crypto with built-in apps Compound Finance & Celius Network. The Digifox mobile app is available for iOS and Android includes 4 different features.
The Digifox “Wallet” allows you store Ethereum or ERC20 tokens and you can fund your wallet through purchasing tokens or receiving these from an external address. Purchases of the USD-C stable coin can be made via debit/credit card or via bank transfer with USD. There’s also “swap” functionality, which is powered by KyberSwap enabling you to easily exchange from one cryptocurrency to another, all without ever having to leave the app.
With their “Earn” feature you can earn interest on various assets held within Digifox, using integrated partners Celsius and Compound Finance. There are a whole host of available assets to choose from which can earn you between 5-9% (although rates do vary) which is fare greater than the amount you could earn in a standard savings account.
Digifox Debit Card
The “Spend” option is ‘coming soon’ but will feature a debit card that you can use to spend money with any visa merchant.
With “Contacts“, you can easily add friends, family or clients by simply searching for them by username. When you send funds across, their receive address will automatically pre-populate. Plus, you can send your funds to anywhere around the world are really cheap rates and as little as $.015!
invite friends or family members to Digifox and earn $5 free USDC once they have signed up and linked their bank account. Each additional referral you sign-up, the more you will earn.
Earn a percentage of fees from your referrals
Lower trading fees
Lower lending aggregation fees
The Digifox app is very intuitive with a slick design and was released in June 2020. So you may experience some initial teething problems like you would expect from any new app or software release. However, I’ve personally used their support which was really responsive and very helpful.
Digifox makes it really easy for beginners getting into crypto with all the services they need in 1 place. With their integrations with the likes of Kyber and Compound built-in, users don’t need to leave the app to trade or invest. Nor will they need to connect up external sources to these services which may have deterred new users in the past.
One of the things that scare people off, putting funds into a wallet is having to remember and secure their recovery seed phrase. However, Digifox is a non-custodial solution that allows users to use the likes of email and 2-factor authentication without the need for seed phrases.
I’m looking forward to some of the new features such as the DigiFox debit card and the ability to buy via bank transfer from the UK which I’ve been informed is coming soon. Plus, I also personally had an issue with purchasing via a Debit card as I was unable to select United Kingdom in the country billing details. But again, this was a minor issue which is currently being resolved.
Overrall, Digifox is definitely an app worth checking out and I’ll be interested to see how it evolves in the future.
How to Claim UniSwap UNI Tokens with Digifox
As Digifox wallet user, you may not have noticed that in the background, built into the Digifox app, the UniSwap platform is used to swap tokens. Therefore, Digifox users who have traded prior to the 1st September 2020 could be eligible for over 400 UNI tokens from the current Uniswap airdrop. At a current price of $4.21, 400 UNI tokens are worth $1,684, so it’s definitely worth checking!
To claim your tokens, you’ll just need some crypto to pay for the fees required for claiming and follow the steps outlined in the below tutorial.
In this tutorial, I explain how to download and export Facebook photos and videos to Google. If you’re thinking of leaving Facebook, or if you just fancy keeping a copy of all your photos and videos as a backup, then you might be interested to hear you can transfer these out of Facebook.
To get started you’ll need a Google account, as you’ll be transferring your photos and videos to Google Photos. This isn’t ideal for those moving away from Facebook because they are concerned about their privacy. However, you could potentially move your Facebook media to another service (outside of Google) afterwards, if you wish.