Victor Ugochukwu · Dec 14, 2020 . 5min read
Uniswap trading introduces Incognito, enabling anonymous trading
Traders will be able to use Uniswap anonymously, owing to the protocol’s availability on Incognito. pUniswap includes lower cross-chain fees.
By Komal Joshi · Dec 12, 2020 . 5min read
Taking part in the DeFi ecosystem involves communicating with the Ethereum blockchain, as various platforms operate on its network. However, some folks consider privacy. The famous decentralized finance (DeFi) exchange Uniswap has moved one step closer to anonymity. Uniswap Trading introduces Incognito. Its recently updated private mode will allow its users to trade on the trading platform anonymously via pUniswap. Traders can profit from anonymity by utilizing the protocol with Incognito. It is a platform to allow private trading over different cryptocurrencies. One can trade anonymously against Uniswap’s huge liquidity pools. Thus, reducing slippage.
pUniswap can be downloaded on Android and iOS
pUniswap utilizes Incognito’s shielding smart contract to interact with Uniswap. Incognito operates as a trustless proxy. This allows users to perform swaps without the need to communicate with the Ethereum blockchain. pUniswap comprises cross-chain fees combined to pool selections. Therefore, improving cost-effectiveness for dealers. Nevertheless, the Incognito feature is not new to Uniswap as it has been capable of establishing its marks on Incognito. The protocol was earlier available on the platform. However, Uniswap has developed prominently in the DeFi industry.
Incognito is a downloadable app on iOS and Android. However, its pEthereum platform functions by serving as an addition to the blockchain with a shielding smart contract to communicate with protocols. It indicates that users don’t have to communicate with Ethereum. Thus, their trades don’t get listed on their transaction history as they would ordinarily.
Recently, regulation has surfaced as a worry for DeFi as scammers are attacking the protocols. The incognito news occurs after traders started losing thousands of dollars to a fake Uniswap DEX app supposedly available on the play store by scammers. Alex Saunders, the founder of Nuggets News, revealed that one of its users lost approximately $20,000 to the fraudulent application. Moreover, the scammers were stealing users’ keyphrases via the fake Uniswap app to obtain their cryptocurrencies on the exchange.
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