CryptoLocally, a next-generation peer-to-peer (P2P) trading platform, has recently announced the support for Ethereum-based tokens. With this announcement, the first Ethereum-based digital assets to be added are Ether (ETH), Tether USDT (ERC-20), and DAI. This is part of CryptoLocally’s ongoing effort to give its customers the very best trading experience, offering its customers the most exciting and relevant crypto assets in the industry. In a very short period of time CryptoLocally has established itself as one of the leading P2P trading venues.
The Ethereum Blockchain
The Ethereum Blockchain hosts many if not all of the biggest and most relevant decentralized finance applications, emerging as the leading platform for DeFi applications. This is not a surprise as Ethereum has always been a market leader in token issuance and smart contracts, both important elements in the realization of DeFi. With the imminent release of ETH 2.0 which upgrades the blockchain to scale to mass adoption, the CryptoLocally team has added Ethereum to its next-generation P2P trading platform. Ethereum joins the growing list of high-performance blockchains already traded on the platform.
Why ETH, USDT (ERC-20), and DAI?
ETH is the native coin on the Ethereum blockchain. Currently, it is the second-largest crypto based on market capitalization, only behind Bitcoin (BTC). Once ETH 2.0 is released, holders will be able to participate in consensus activities by staking their ETH to help secure the network and get rewarded accordingly.
Tether (USDT ERC-20) is the leading Stablecoin in the industry. The ERC-20 variant of USDT accounts for more than 60% of all issued USDT with over $6 billion USD worth of Tether issued. This is twice as much as the next biggest variant of TRC-20 USDT which stands at around $2.88 billion USD worth of Tether. Currently, Tether is the 3rd largest cryptocurrency by market capitalization just behind ETH.
While it is only the third-largest cryptocurrency, it ranks first in terms of daily trading volume. Launched in 2014, Tether was the first stablecoin created in the industry.
DAI is a collateral-backed decentralized stablecoin. Like Tether, the DAI is pegged to the U.S. dollar (USD). However, unlike Tether and other stablecoins relying on a 1:1 US dollar backing to maintain its value, DAI maintains its peg through over-collateralization with cryptocurrencies such as ETH and more recently BAT. In simple terms, DAI maintains its peg to the U.S. dollar through a mechanism interacting with supply and demand.
Trading In CryptoLocally
CryptoLocally is a trusted provider of peer-to-peer (P2P) digital asset marketplace with no intermediary. It houses one of the industry’s most comprehensive payment methods not even seen in more established and well-know trading venues. People can meet in person, send a bank transfer, or use the various payment processors— all of which the buyer and seller decide to use. These are all done securely under the protection of CryptoLocally’s revolutionary smart contract escrow system.
CryptoLocally offers one of the fastest and easiest onboarding processes in the industry. A valid E-mail address is all you need to register an account. New users can find themselves trading minutes after registration as KYC (know-your-customer) is not required. Once registered users can immediately start trading in CryptoLocally, no prior experience required. Online assistance is available through the website’s integrated live webchat or through CryptoLocally’s community Telegram channels.
Trading Ethereum-based digital assets will follow the same simple and easy trading process that the CryptoLocally is known for. Existing users will just have to select the desired ERC-20 cryptocurrency they wanted to trade. Like all the digital assets traded in the platform, ETH, USDT, and DAI are all protected by a blockchain-based escrow service that protects transactions all throughout the entire trading process.