today is a magical day for all who love Project Decorum
After an incredible 5 minutes I was able to add it to UniSwap. If you don’t know what UniSwap is, it’s something very magical UniSwap is new modern DEX where anyone can add liquidity, there are no book for orders and sales, no KYC and it is very easy to use!
You will only be charged ETH for the transaction if your order is fulfilled or if you want to cancel an order.
it costs a little gas to unlock the token.
If you want to use ETH, turn it into WETH first, (It’s a 1:1 conversion) you’ll save 18.4% on fees! This works because internally all ETH is wrapped or unwrapped to WETH inside UniSwap.
You can cut the gas cost by up to 42% by clicking the menu top right, then the dragon (CHI) top left. Costs a little to activate. You have to buy some CHI when gas prices are 2x lower than when you use it in order for it to be cheaper. To monitor when the gas price is low, use this Telegram bot @GasPriceTRackerBot. The command to set the notification is /level and number (for example, if you want to buy CHI when the gas is under 30 gwei, put /level 30):
Let’s see how cool UniSwap is with this little explanation
UniSwap is a smart contract on the Ethereum network. The keys are yours. No KYC. It is onchain. It is trustless. This is the right way. The crypto was invented to REMOVE counterparties, not add them…
How to join the liquidity pool for ETH-PDC. First you should have ETH and PDC. In the example I use MetaMask chrome extension and Ledger Nano S hardware wallet.
Looks interesting, I would say that their are counterparties gaining, just not in the old style exchange way.
You need to use gas, which costs, and enriches the miners.
Edit I’m really not keen on no order / offer books though.
You’re right about the day traders is not very good option… But it’s better for the end user. It’s better for the liquidity providers too - You have 1 transaction to send money in the pool. Then you can come back in 1 year to take the profit and pay only 1 transaction. You are not engaged daily, everything is automated…
I would say, that from Uniswap you can not profit from things like, when your market order is taken at really low price, while the price recover immediately. And the second difference is, that you do not see market depth or actual volume.
But for quick buys it looks very easy.
So your question became interesting to me and I decided to check it out with the following simulation:
We have an old exchange and UniSwap
The starting price of PDC on both exchanges is the same: 1 PCD = 0.0001 ETH
A trader wants to buy 1000 PDC for 0,05 ETH - ie price which is twice as low compared to the current one (we simulate a price crash) and for this he places an order on the old exchange the old way, like the good old days when he was giving his money to an counterparties
How much of a bad deal he’ll get at UniSwap if he does the same?
Old exchange VS UniSwap
Sell Order/Price
Sum old exchange
Sum UniSwap
1/0,0001
0
0,0001
10/0,0001
0
0,001
100/0,000092
0
0,0092
1000/0,00005
0,05
0,0506
If I calculate correctly in UniSwap the trader will miss 1,2% profit BUT in UniSwap he will take the whole movement down at a price of 0,0001/0,0001/0,000092 ETH so if you are not the best trader it seems that you are better off making more money on equal terms in UniSwap (If I calculate correctly and my logic is correct)
I was asked why I added PDC now to UniSwap after anyone could have added it earlier. I don’t want to sell my PDC. Obviously no one else wanted to sell, otherwise they would add it before me (it is not complicated and takes less than 5 minutes)
Then why?
We have a very bad history with the exchanges:
MasterXchange - closed, how much MAID remained there? Unknown (do you remember that we paid them 150 MAID withdraw fee?)
Cryptopia - hacked, how much MAID was stolen there? Unknown (I lost “only” a few thousand…)
Bitker - stole MAID from the MaidSafe company, how much? Unknown
Poloniex - delist MAID, how much MAID remained there? Over 10 000 000 MAID! (and let’s not forget before that they changed the fees from 10 MAID to 80 MAID!)
The normal thing, the responsible thing is that we as a community support and use DEXs. It’s anonymous. It’s cheaper. It’s safer. That’s the SAFE way!
Therefore, I urge the community not to allow the same thing to happen again. Even if an exchange is controlled by good people at the moment, let us not forget that exchanges are business first and not public utilities. If the business is successful, bigger business comes and buys it. If the business is not successful, they close and not everyone manages to pull their money back. Even if the fees are low today, tomorrow they may be higher.
Let’s not allow power to be concentrated in one place! We have an alternative. It is not 2014 anymore… DeFi is here! #safePDC#BeTheExchange#UniSwapPDC
So UniSwap IS public utility. There is NO counterparties who get enriched. IF you add liquidity You are the exchange, you TAKE all the fees.
UniSwap is new modern DEX where anyone can add liquidity, there are no book for orders and sales, no KYC and it is very easy to use!
for Project Decorum on UniSwap too, by adding some liquidity there as well? 
