- New DeFi Tokens Added to Edge
Brett Maverick Musser
Just now·10 min read
In the latest release of Edge we’ve added a fairly large basket of ERC-20 assets to the wallet. We’ve all watched DeFi (Decentralized Finance) on Ethereum explode over the last year and a half, all while the actions of our legacy institutions have made it hard to ignore the importance of permission-less and transparent financial markets.
Given this backdrop we want to give our users as much exposure as possible to the most innovative projects in decentralized finance, setting the stage for deeper integrations with protocols that give users access to financial resources and opportunities they may have never had before.
Keep in mind these projects are on the frontier of finance and technology, as are all of the assets we support, so you should expect the prices of these assets to be highly volatile over the short to medium term with no guarantee of their future success. Always tread carefully and prudently with your hard earned money.
All of this is new for everyone involved and we’re learning along side everyone else. We encourage curious users to dig into these protocols and applications, try them out, and look to participate in the governance process of some of these protocols if you can. Interacting with the applications and communities themselves will give you the best perspective on what works well, what doesn’t, what can be improved, and even what might be ultimately fatal or uncompetitive.
How to Add Ethereum Tokens in Edge:
- Login to Edge
On your home screen you should see an ETH Wallet. Tap down on your ETH wallet and gently slide it to the right. You should see three dots pop out on the left side of the wallet.
Tap on those dots and a screen should slide up from the bottom of your wallet with different options.
Tap on the “+ Add/ Edit Tokens” button. You’ll be taken to a scene where you can see all of the tokens we list by default.
Tap on any and all assets that you want added to your ETH wallet.
Check to see that all of the tokens you selected are now listed under your ETH wallet.
Below is a video demonstration of the instructions outlined above:
To swap into the tokens you’ve added to your wallet, tap on the “Exchange” button on the bottom right corner of your screen. Pick a “Source Wallet” to exchange out of and pick one of the added tokens as your “Receiving Wallet”. Enter an amount and then tap “Done” or “Next” and an exchange scene should be created for you. Make sure the details of your swap are correct and then “slide to confirm” your exchange. Your tokens should show up in your wallet anywhere from 10 min to an hour. If you have any issues or questions reach out to our support at firstname.lastname@example.org.
SushiSwap is a fork of the long running decentralized exchange (DEX) Uniswap (UNI). Like Uniswap, SushiSwap utilizes Ethereum smart contracts to run an automated market making (AMM) protocol. The SushiSwap AMM allows users to create liquidity pools consisting of two assets, such as ETH and DAI, that are then traded against each other, with the price determined algorithmically. Instead of an exchange like Coinbase matching buy and sell orders which then determines price, AMMs like Sushiswap use mathematical functions that automatically adjust asset prices to reflect changes in the supply ratio between the assets. Although a fork of Uniswap, Sushiswap was first to tokenize via the SUSHI token and quickly added incentives to their pools to attract a flood of users and liquidity. Holders of the SUSHI token are able to participate in governance of the protocol.
Curve is an AMM designed to support low slippage swaps of like-kind ERC-20 assets, such as swaps between various dollar stablecoins and different versions of synthetic bitcoin. For example, a holder of USDT would use Curve to swap into DAI to preserve much of their purchasing power in a private, automated, and non custodial manner. The CRV token is used to govern the parameters of the protocol.
Balancer is a synthesis of an algorithmic decentralized exchange, asset manager, and investment bank. At its most basic, users of Balancer can exchange assets and/or lend assets to a Balancer pool in exchange for liquidity provider (LP) tokens that earn fees on asset swaps facilitated by the underlying pool. Balancer distinguishes itself in the automated market maker (AMM) space from projects like Uniswap and Sushiswap by enabling the creation of multi-asset exchange pools, as opposed to pools that only allow two assets to be exchanged against each other. As a side effect, multi-asset Balancer liquidity provider (LP) tokens can be thought of as an ETF like token that derives its value from a basket of crypto-assets in a particular multi-asset Balancer liquidity pool. And lastly, Balancer can be used as a decentralized investment bank through its Liquidity Bootstrapping Pools (LBP), which help new projects create liquidity and distribution for their protocol’s token. The BAL token is used to govern the Balancer platform.
Yearn finance is a yield optimization and strategy platform. Yearn sits on top of and in between other protocols, acting as an aggregator, enabling users to maximize their return on Ethereum based assets within the DeFi ecosystem while also reducing gas costs for each individual depositor. Yearn “vaults” act as money robots for depositors, moving assets between other DeFi protocols, always seeking the highest yield and best opportunities in DeFi. YFI is the token that governs the platform and is eligible to earn fees.
Idle finance, like Yearn finance, is a decentralized yield optimization and strategy platform. Idle allows users to choose strategies that automatically and algorithmically manage their crypto-asset allocation among a growing ecosystem of DeFi protocols. The IDLE token is used to govern the IDLE protocol.
The CREAM protocol is a fork of the Compound money market protocol. The CREAM protocol provides money markets (lending & borrowing) for some of the more illiquid and speculative assets in DeFi that the Compound protocol doesn’t support. Like in other money markets, users lend out assets in exchange for some form of yield and can use their lent assets as collateral for a loan in another asset. CREAM is the governance token of the CREAM protocol.
Pickle finance is another yield optimization and strategy platform. On the Pickle platform, like Yearn & IDLE, users deposit assets into what Pickle finance calls “Pickle Jars” that act as money robots seeking yield throughout the DeFi ecosystem. PICKLE is the governance token of Pickle finance.
KeeperDAO is an ambitious project attempting to incentivize and coordinate disparate Ethereum arbitrageurs into an aware digital collective. Acting individually, these profit seekers in the Ethereum ecosystem incur high gas fees, can only profit from their own transactions, and are at the mercy of miners and other sophisticated entities looking to front run their profitable trades. KeeperDAO seeks to pool the costs, opportunities, and infrastructure necessary for its users so that the risks of being front-run are minimized. Members of the DAO can share in the profitable opportunities exploited by other members, all while reducing their collective gas costs. ROOK is the governance token of the Keeper DAO allowing holders of ROOK to manage the treasury, parameters, and upgrades to the protocol.
Badger DAO is an Aragon powered DAO dedicated to building DeFi services for Bitcoin holders on Ethereum. The Badger DAO has created two products — SETT, a yield optimization engine, and DIGG, its own native synthetic asset that tracks the price of Bitcoin. The BADGER token governs the DAO and its treasury.
Nexus Mutual is a community owned insurance cooperative operating on Ethereum. Nexus Mutual’s flagship product, Smart Contract Cover (SCC), lets members purchase protection against financial loss due to negligence, fraud, and various other forms of smart contract exploitation. The SCC is very flexible and customizable according to the needs of the member and the specific contract the member wants coverage for. The NXM token is used for paying cover, governance, and incentivization of honest risk-and-claim-assessment through staking.
The Index Coop is a digital collective aimed at creating and maintaining the best crypto indices in the market. The Coop creates crypto ETPs (exchange traded products) that help users get broad exposure to different sectors or themes across the crypto landscape. Index has created the DeFi Pulse Index (DPI) that provides broad DeFi exposure for its users by holding one token.
The DeFi Pulse Index (DPI), created by the Index Coop (INDEX), is an index token that represents a basket of governance tokens of the most used, battle tested, and promising projects in DeFi on Ethereum. Currently DPI tracks the price of AAVE, MKR, UNI, SNX, COMP, LRC, REN, BAL, KNC, & MTA. DPI is a great way to get financial exposure to DeFi without acquiring and holding all ten assets that make up the index.
The Yearn Ecosystem Token Index (YETI), created by PowerPool, is an index-token consisting of Yearn finance ecosystem projects which include: YFI, SUSHI, CREAM, AKRO, COVER, KP3R, CVP, & PICKLE. This index token gives holders broad exposure to the Yearn ecosystem of protocols without having to purchase and hold all of the underlying assets separately.
PieDAO is an Ethereum based DAO focused on creating index-tokens that track a portfolio of assets and engaging in governance decisions with the assets in those pools when necessary. DOUGH is the governance token of the PieDAO.
The PowerPool DAO operates similarly to PieDAO, focusing on creating index tokens that track a portfolio of governance tokens and participating in governance decisions of the various protocols the tokens represent. PowerPool’s products allows governance token holders to pool their tokens together into an index-token, and are able to delegate their governance power to PowerPool DAO stakeholders who will actively participate on behalf of passive token holders.The stakeholders are depositors who hold LP tokens as well as holders of CVP (Concentrated Voting Power), the governance token used to govern the PowerPool DAO.
The Ren Virtual Machine (VM) is designed to be a bridge between other chains and the Ethereum ecosystem. Holders of assets that the Ren VM supports can lock their assets in the Ren VM and are minted an ERC-20 equivalent of the asset locked, which they can then use in the greater Ethereum ecosystem. Every minted asset is redeemable 1:1 for the underlying asset it represents. The REN token is needed to run a node powering and operating the Ren Virtual Machine (VM). Honest operators are rewarded with fees from users of the Ren VM and dishonest operators can get their stash of REN slashed for bad behavior. We’ve added renBTC, renBCH, and renZEC to the Edge Wallet which represent Ren VM ERC-20 equivalents of BTC, BCH, and ZEC in the Ethereum ecosystem.
The tBTC asset is the creation of an open-source collaboration between Keep, Summa and the Cross-Chain Group. tBTC, is an ERC-20 token that can be redeemed for BTC at a rate of 1:1. Users can convert tBTC to BTC, and vice-versa, with no central intermediary needed to sign off on minting or de-minting. Instead, the tBTC protocol enlists the help of randomized “signers” which mint new tBTC or release locked BTC on behalf of users. Signers must lock up an overcollateralized amount of ETH to back the amount of tBTC being minted. Well behaved signers will earn fees for facilitating minting and redemption while ill-intentioned signers risk their overcollateralized ETH being slashed and distributed to users, making users whole.
Band Protocol is a decentralized oracle serving applications on public blockchains. Like ChainLink, Band allows dApps to leverage existing data on the internet without trusted information intermediaries. Band’s unique multi-token model and staking mechanism creates high assurances that data is free from manipulation.
The Ampleforth project, through its Ample (AMPL) token, aims to maintain stable purchasing power for its holders. Most stablecoins aim to track the price of another asset regardless of its purchasing power. The Ampleforth protocol is able to preserve purchasing power for its members by altering the underlying supply of AMPL. If the price of AMPL goes above a specified range the protocol will issue more AMPL and if the price drops below that range the supply of AMPL will decrease. AMPL was initially pegged to $1 USD, however, not into perpetuity, as it’s fixed to one 2019 US dollar since the protocol is taking into account Consumer Price Index (CPI) data to protect holders from inflation.
The Ocean protocol is an attempt to create a decentralized data marketplace where the world’s data producers and the world’s data consumers can exchange data and value in private, inexpensive, and cryptographically secure ways. OCEAN is the token used to incentivize good behavior by all marketplace operators and to encourage producers of data to monetize their assets on the Ocean platform.
WETH is an ERC-20 token generated by depositing ETH into a smart contract which then mints WETH at a 1:1 ratio.The motivation for this asset arose from Ether (ETH) not being directly compatible with the ERC-20 token standard, meaning a direct exchange from ETH to ERC-20 tokens without the use of third parties is not possible. However, swaps between ERC-20s can be done without a third party making WETH a useful asset throughout the dApp ecosystem.
The Universal Market Access protocol is a decentralized platform for the creation, maintenance, and settlement of derivative contracts on Ethereum. The UMA protocol enables two counterparties to design and enter their own customized financial contract mirroring how financial institutions create OTC derivative contracts in the traditional financial system. UMA holders have a say on what types of contracts access the system, which asset types are supported, and core system parameters and upgrades. All governance issues are addressed via the “UMA Improvement Proposal” (UMIP) process.
Furucombo is a tool built for end-users to optimize their DeFi strategy with pre-built strategies made by other users of the Furucombo application, as well as the user’s own strategies. Furucombo lowers the barrier to entry to deploy strategies in DeFi by removing the need to know Solidity and replacing it with an easy to use interface. COMBO is the governance token used to manage and upgrade the Furucombo platform.
New technologies beget new capabilities. With the advent of protocols such as Bitcoin, Ethereum, and others, users all over the world, with the help of a computer and an internet connection, can gain access to financial resources and opportunities that were at one time only available to the most privileged, connected, and “accredited” among us.
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- Date of publication:
- Wed, 02/17/2021 - 10:28
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