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Utilise This Guide to Alternative Cryptocurrency Exchanges to Combat Government Bans (When it Drops)
Although a primary goal of cryptocurrency is to decentralise and avoid regulation, market prices are still heavily influenced by government regulatory policies.
In 2021, whether in China or the United States, regulatory agencies and departments have become more stringent with regard to cryptocurrency, and policies have been significantly tightened.
Recently, Chinese blockchain users came to a complete halt: over a dozen cryptocurrency companies announced their intention to discontinue providing relevant services to Chinese users and to exit the Chinese market entirely.
Chinese users are unquestionably an indispensable source of liquidity in global cryptocurrency trading, and the blockchain industry is opposed to their exit.
Therefore, how should Chinese users handle existing assets that are about to be liquidated on the exiting exchanges?
Additionally, where should China's new and experienced cryptocurrency investors look for new investment opportunities in the post-exit era?
Faced with this plethora of remaining exchanges, which one is best suited for Chinese users subject to stringent policies?
Numerous seasoned users have already begun to focus on decentralised platforms/exchanges. It's almost as if the demise of centralised exchanges in China has directly resulted in an increase in the volume of transactions flowing to those decentralised exchanges.
Uniswap
The majority of Chinese users prefer well-established decentralised exchanges such as Uniswap.
Due to the platform's completely decentralised nature, numerous projects can be launched directly on it without extensive verification, allowing anyone to list counterfeit protocols, MLM schemes, and entice inexperienced users to exchange assets for worthless rug-pull tokens...
As a result, this press recommends that users with a longer and more comprehensive understanding of blockchain technology use this type of decentralised exchange.
dYdX
dYdX, which launched in 2018, has grown to become the largest perpetual contract trading platform for digital assets. dYdX's average daily trading volume has surpassed 11 billion US dollars, outpacing that of centralised exchanges such as Coinbase.
dYdX utilises an order book, is non-custodial, and supports advanced order types, allowing for the trading of a variety of DeFi derivatives. Its most significant innovation is that, even after fully transitioning to Layer 2 in November 2021, its API can still provide a comparable user experience to centralised exchanges, with almost no learning curve for investors who have been investing with centralised exchanges for a long period of time.
dYdX ensures high security and low GAS fees with its ZK-Rollups technology. Simply put, its Rollup technology enables multiple transactions to be integrated off-chain and the transaction status to be updated on-chain. It is close to Layer 1 in terms of security because it is based on constantly generated zero-knowledge proofs that ensure the consistency of the state of Layers 1 and 2.
This is a critically important and promising technology included in the Layer 2 expansion proposal, and it is also the first choice for investors seeking safer transactions. Simultaneously, dYdX has developed a derivatives platform comparable to the most mature centralised exchanges through close technical cooperation with StarkWare and Chainlink.
dYdX, on the other hand, is far from ideal. For instance, the settlement asset for dYdX trading pairs is currently USDC, which is the only accepted token. Additionally, with the exception of stablecoin trading pairs, dYdX only supports a limited number of spot transactions and leverage services, which are insufficient to meet users' needs for diversified project investments.
Additionally, for newcomers and investors looking to have fun with DeFi, the company's professional UI/UX design may be overwhelming.
ZKSwap
ZKSwap, which has a more intuitive UI/UX design than dYdX, is also based on ZK-Rollups technology and utilises Layer 2 with an AMM mechanism.
However, while ZKSwap has stated that it will support the BSC, HECO, and OKEX chains following the launch of its V2 mainnet, it currently only supports the ETH mainnet, which frequently discourages investors with decentralised assets and cross-chain needs.
SwapAll
For users who require cross-chain transactions but are unwilling to invest time in an excessive number of cumbersome technologies and interfaces, the Toronto-based SwapAll Exchange is an excellent choice. It is operated through a user interface/user experience (UI/UX) design and modules of the highest quality.
As is the case with dYdX, this exchange has a strong technical connection to Chainlink. SwapAll users can continue to use the mobile APP or Layer 2 after complete decentralisation. Layer 2 contains the user's assets. SwapAll currently supports the cross-chain trading of ETH, BSC, HECO, and HSC, and will soon support additional popular chains.
Additionally, its functions are sufficient for Chinese users who value DeFi diversity.
SwapAll's team has developed secure liquidity pools, cross-chain deposits and withdrawals, mainstream cryptocurrency transactions and swaps, non-fungible tokens, community governance, and additional gameplay for users under dedicated supervision. It reduces the risk of users being duped by unknown issuers to a certain extent.
The exchange is currently growing, and every month, mainstream coins and reward events will be launched on this platform. It is suitable for users who wish to explore the world of blockchain technology in a relatively safe environment through the use of a simple and straightforward platform.
The world and the haze created by China's blockchain ban can create a sense of foreboding and hopelessness among blockchain users.
As a promising industry where risks and opportunities coexist, users in this new era can still choose a decentralised trading platform that suits them. Regardless of how turbulent the blockchain industry is, we hope that blockchain investors from China and around the world will uphold the fundamental spirit of decentralisation, continue to pursue a more free and open financial world, and continue to advance.
Support us!
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By Crypto PiratesAlthough a primary goal of cryptocurrency is to decentralise and avoid regulation, market prices are still heavily influenced by government regulatory policies.
In 2021, whether in China or the United States, regulatory agencies and departments have become more stringent with regard to cryptocurrency, and policies have been significantly tightened.
Recently, Chinese blockchain users came to a complete halt: over a dozen cryptocurrency companies announced their intention to discontinue providing relevant services to Chinese users and to exit the Chinese market entirely.
Chinese users are unquestionably an indispensable source of liquidity in global cryptocurrency trading, and the blockchain industry is opposed to their exit.
Therefore, how should Chinese users handle existing assets that are about to be liquidated on the exiting exchanges?
Additionally, where should China's new and experienced cryptocurrency investors look for new investment opportunities in the post-exit era?
Faced with this plethora of remaining exchanges, which one is best suited for Chinese users subject to stringent policies?
Numerous seasoned users have already begun to focus on decentralised platforms/exchanges. It's almost as if the demise of centralised exchanges in China has directly resulted in an increase in the volume of transactions flowing to those decentralised exchanges.
Uniswap
The majority of Chinese users prefer well-established decentralised exchanges such as Uniswap.
Due to the platform's completely decentralised nature, numerous projects can be launched directly on it without extensive verification, allowing anyone to list counterfeit protocols, MLM schemes, and entice inexperienced users to exchange assets for worthless rug-pull tokens...
As a result, this press recommends that users with a longer and more comprehensive understanding of blockchain technology use this type of decentralised exchange.
dYdX
dYdX, which launched in 2018, has grown to become the largest perpetual contract trading platform for digital assets. dYdX's average daily trading volume has surpassed 11 billion US dollars, outpacing that of centralised exchanges such as Coinbase.
dYdX utilises an order book, is non-custodial, and supports advanced order types, allowing for the trading of a variety of DeFi derivatives. Its most significant innovation is that, even after fully transitioning to Layer 2 in November 2021, its API can still provide a comparable user experience to centralised exchanges, with almost no learning curve for investors who have been investing with centralised exchanges for a long period of time.
dYdX ensures high security and low GAS fees with its ZK-Rollups technology. Simply put, its Rollup technology enables multiple transactions to be integrated off-chain and the transaction status to be updated on-chain. It is close to Layer 1 in terms of security because it is based on constantly generated zero-knowledge proofs that ensure the consistency of the state of Layers 1 and 2.
This is a critically important and promising technology included in the Layer 2 expansion proposal, and it is also the first choice for investors seeking safer transactions. Simultaneously, dYdX has developed a derivatives platform comparable to the most mature centralised exchanges through close technical cooperation with StarkWare and Chainlink.
dYdX, on the other hand, is far from ideal. For instance, the settlement asset for dYdX trading pairs is currently USDC, which is the only accepted token. Additionally, with the exception of stablecoin trading pairs, dYdX only supports a limited number of spot transactions and leverage services, which are insufficient to meet users' needs for diversified project investments.
Additionally, for newcomers and investors looking to have fun with DeFi, the company's professional UI/UX design may be overwhelming.
ZKSwap
ZKSwap, which has a more intuitive UI/UX design than dYdX, is also based on ZK-Rollups technology and utilises Layer 2 with an AMM mechanism.
However, while ZKSwap has stated that it will support the BSC, HECO, and OKEX chains following the launch of its V2 mainnet, it currently only supports the ETH mainnet, which frequently discourages investors with decentralised assets and cross-chain needs.
SwapAll
For users who require cross-chain transactions but are unwilling to invest time in an excessive number of cumbersome technologies and interfaces, the Toronto-based SwapAll Exchange is an excellent choice. It is operated through a user interface/user experience (UI/UX) design and modules of the highest quality.
As is the case with dYdX, this exchange has a strong technical connection to Chainlink. SwapAll users can continue to use the mobile APP or Layer 2 after complete decentralisation. Layer 2 contains the user's assets. SwapAll currently supports the cross-chain trading of ETH, BSC, HECO, and HSC, and will soon support additional popular chains.
Additionally, its functions are sufficient for Chinese users who value DeFi diversity.
SwapAll's team has developed secure liquidity pools, cross-chain deposits and withdrawals, mainstream cryptocurrency transactions and swaps, non-fungible tokens, community governance, and additional gameplay for users under dedicated supervision. It reduces the risk of users being duped by unknown issuers to a certain extent.
The exchange is currently growing, and every month, mainstream coins and reward events will be launched on this platform. It is suitable for users who wish to explore the world of blockchain technology in a relatively safe environment through the use of a simple and straightforward platform.
The world and the haze created by China's blockchain ban can create a sense of foreboding and hopelessness among blockchain users.
As a promising industry where risks and opportunities coexist, users in this new era can still choose a decentralised trading platform that suits them. Regardless of how turbulent the blockchain industry is, we hope that blockchain investors from China and around the world will uphold the fundamental spirit of decentralisation, continue to pursue a more free and open financial world, and continue to advance.
Support us!