Uniswap, one of the largest and most popular crypto exchanges in the market has added support to the recently launched USDD, the newest algorithmic stablecoin of TRON.
USDD on Ethereum: https://t.co/DwWvBJHEDn
Here is a #USDD on Uniswap V3 Operation Guide.
— USDD (@usddio) May 5, 2022
Currently, the USDD trading pairs available on the Uniswap are the following:
Uniswap users would only need to select the USDD token and swap it with either USDC (USD Coin) or USDT (Tether) to receive USDD on their account.
Besides Uniswap, Ellipsis Finance, Kyber Network, Sun.IO, Poloniex, and Curve Finance are among the first platforms to support the newest stablecoin of TRON.
What is Uniswap?
Uniswap is one of the largest and most popular decentralized cryptocurrency exchanges in the world and it was founded by Hayden Adams. The decentralized exchange was launched in November 2018 and supports hundreds of tokens/coins available on the platform.
Uniswap has received several investments from top VCs such as Andreessen Horowitz, Paradigm Venture Capital, and Union Square Ventures just to name a few.
1/✨ Today, we’re excited to announce the launch of the Swap Widget which allows users to seamlessly swap tokens anywhere across the web 🙌
— Uniswap Labs 🦄 (@Uniswap) April 14, 2022
As of April 2021, Coinbase reported that Uniswap is currently the fourth-largest cryptocurrency by market cap.
The exchange is known to be a pioneer when it comes to AMM or Automated Market Maker in which users of the said platform would supply Ethereum tokens to the liquidity pools in the platform and algorithms set market prices based on supply & demand.
Uniswap also has its own governance token called the UNI which allows users to vote on key protocol changes and was initially first distributed to early users of the protocol.
Users in any continent in the globe would be able to trade and use Uniswap, as there are no restrictions on who can trade compared to other known crypto exchanges. It’s one of the most user-friendly platforms and no account signup or personal details are required.
What is USDD?
USDD or the Decentralized USD is the newest stablecoin on the TRON blockchain and it is an algorithmic stablecoin that is issued as a TRC token on the TRON network.
It will leverage the power of mathematics and algorithms to achieve the overarching goal of financial freedom for all. This is similar to the other algorithmic stablecoins such as TerraUSD (UST) and Frax Finance (FRAX).
— USDD (@usddio) May 5, 2022
The recently established TRON DAO Reserve would serve as a transparent mechanism to fully manage the reserves backing the USDD.
As explained in the open letter to the community:
When the USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX and when the USDD’s price is higher than 1 USD, users and arbitrageurs can send 1 USD worth of TRX to the decentralized system and receive 1 USDD.
The Decentralized USD algorithm will ensure that the newest stablecoin on the TRON blockchain maintains its US dollar peg regardless of the market conditions.
USDD is also available on Ethereum and BNB Chain through the BTTC cross-chain protocol.
The recently launched USDD has been a success and has generated positive feedback within the community after a few hours of being launched.
Which platform do you expect to add support to USDD in the next few days? Let us know in the comments section below.
For more news and updates, see Tron Spark.