BitCash recently launched transformed BitCash (tBITC), which means you can trade tBITC (ERC20) on Uniswap. There is some liquidity provided to get the ball rolling, however, it is very important to further improve the liquidity pool (LP) of tBITC. See how to swap your BitCash for tBITC (ERC20) HERE.
The timing of tBITC is great, as centralized exchanges continue to experience hacks, exploits (Livecoin, Altilly, etc.), and delistings (XMR, DASH, etc.), decentralized exchanges provide flexibility and no listing fees.
Uniswap is a trustless decentralized exchange for Ethereum E(RC20 Tokens) which allows third party individuals to setup their own LP and contribute to it. This allows for you to trade any ERC20 token for Ethereum or any other ERC20 token. Users of the DEX basically are trading against the LP. Anybody can swap tokens at any point of time. Since you are swapping directly from your own Metamask/Ethereum wallet, your funds are always in your own control, as opposed to centralized exchanges in which the exchange controls your funds.
The fees per swap are 0.3% of the total swapping volume. LP providers share the fees which are accumulated during every swap through Uniswap, based on the proportion you have contributed to the LP. e.g. if you contributed 10% of the total LP, you shall receive 10% of the total fees. These fees are automatically contributed to the LP, so your total personal LP contribution keeps on increasing according to accumulated fees.
What else can you do with LP on Uniswap?
Users can create a new Uniswap pair for any token combination you wish. For example, a user can add liquidity to the LP of tBITC-ETC or they could also create a new LP for tBITC-AMPL or tBITC-USDT.
To provide LP to a pool, the user needs to provide an equal amount in USD value for both tokens. e.g. if you want to contribute to $1,000 to tBITC-ETH LP, you need $500 in tBITC and $500 in Ethereum. As a result, if a regular user uses Uniswap to swap tBITC for ETH, the tBITC ends up in the LP and the Ethereum ends up in the user’s wallet. Based on the swapping behavior, the ETH and tBITC in the LP will fluctuate, while the LP providers accumulate trading fees.
Early LP providers will be eligible for 10,000 BITC that will rewarded to one random provider.
We are working to find other unique ways to reward LP providers. Join us in discord and stay tuned!
BitCash is not affiliated with this third-party service. We offer no guarantees on the third-party service. It is always important to do your own research and use at your own risk.
BitCash Official Links:
Discord — https://discordapp.com/invite/7P4YcXU
Twitter — https://twitter.com/ChooseBitCash
Bitcointalk ANN — https://bitcointalk.org/index.php?topic=5106123.0