Dogetti (DETI) is a new meme coin initiative looking to launch right at the top of its meme coin counterparts and create good competition for other established token projects. Amongst its innovations is an ERC-20-based exchange system where users will change tokens from other projects to DETI tokens on the Dogetti (DETI) platform. Such ambition will be problematic for some platforms that already have such exchanges in place, such as Shiba Inu (SHIB) and UNISWAP (UNI). Here, we look into the attributes of the three swap platforms and how Dogetti (DETI) might be upending them soon.
Shiba Inu (SHIB) – Second In Command
Shiba Inu (SHIB) was launched in 2020 as a meme coin to compete with Dogecoin for the top meme coin spot in the cryptocurrency market. The token has done very well, going by meme coin standards, although it still hasn’t been impressive against Dogecoin.
The Shiba Inu (SHIB) platform exists on the Ethereum network, where it benefits from a wide range of DeFi tools and users. The token runs on a proof of stake protocol, encouraging users to invest in the project for passive rewards. The proof of stake protocol also makes its operations quite faster, since the protocol is energy efficient.
Shiba Inu (SHIB) offers its users a swap system where they can trade and exchange coins on the ERC-20 network. The project also hosts an NFT incubator that enables NFT creation from various digital content like pictures, videos, and text. The major downside is that since there is no marketplace to sell them, users have to transfer their tokens to other platforms.
Shiba Inu (SHIB) has been making steady progress since the start of the bull run in January, although it will have its work cut out once Dogetti launches for public access. Currently, Shiba Inu sells for $0.000012 on CoinMarketCap.
UNISWAP (UNI) – Staking Assets
UNISWAP (UNI) is one of the foremost DApp-turned-token projects on the Ethereum network. The token started as a DeFi tool that helped users convert their assets from token to token on the ERC-20 standard. Now, it has become one of the most widely used exchange platforms on the Ethereum blockchain, with a top-20 ranking in market capitalization.
UNISWAP (UNI) functions on a proof of stake protocol that enables its users to stake their assets in liquidity pools and earn rewards from them. The UNISWAP platform uses Automated Market Maker tools to create liquidity pools, assign smart contracts to the pools, and set trading prices based on market trends. The AMMs have algorithms that constantly monitor the market situation and use the analysis to alter the interest rates as necessary.
Crypto users on UNISWAP (UNI) earn actively by trading token pairs on the platform, or passively by contributing to the network’s liquidity pools. The major limitation to using UNISWAP is the high gas fee associated with trading on Ethereum. The latest upgrade to proof-of-stake and the Layer 2 solutions are scheduled to help reduce gas fees on the Ethereum blockchain.
UNISWAP sells for $7.03 on CoinMarketCap.
Dogetti (DETI) – The DogFather Enters
As stated above, Dogetti (DETI) will be looking to start its crypto journey with a coin swap system dubbed DogettiSwap, where users can trade their other token assets for Dogetti without using a CEX or any other DEX. The introduction of such a feature on the Ethereum blockchain would certainly unsettle projects like Shiba Inu and UNISWAP, as they are well-established protocols on their own. The DogettiSwap also promises to charge minimally, owing to the recent Ethereum upgrade to proof of stake, depicting a more successful experience for the new exchange compared with older systems.
Apart from the exchange, Dogetti (DETI) will host an NFT marketplace to incorporate NFT trade into the ecosystem. The marketplace will enable users to create their NFT assets and collections and sell them to other users on the network. Since Dogetti (DETI) will be launching on Ethereum, users will be able to access other DApps for more advanced usage of their NFTs. NFTs will provide further opportunities for Dogetti (DETI) to expand within the cryptocurrency market, especially into the Metaverse ecosystem.
While the developers tidy up the rest of the presale details, stay tuned for the latest on Dogetti’s (DETI) development.
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