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Shrimpy has finally launched automated DEX trading on its platform to diversify its users’ choices. The platform has been around since 2018 and has been working to provide practicality and efficiency to investors.
DEX trading has become one of the newest but most complex investment options available in the crypto space. Shrimpy’s introduction of DEX features should make the trading process easier for new users.
DEX Trading Feature
Michael McCarty, Shrimpy CEO, commented on the new trading feature, saying:
After years of building a robust infrastructure to support centralized exchanges, Shrimpy is excited to bring our world-class products to the DeFi market. It provides us with the opportunity to become the first platform that offers access to both centralized and decentralized applications through a single account management platform.
Shrimpy has been working to come up with a DEX trading option that is suitable for its users. So, finally, the product is here. The DEX trading tool has a feature that leverages social trading options. Investors will get to copy strategies from top investors and then use them to invest. This functionality will allow them to reduce the risks that usually come with DEX trading.
In addition, investors have access to hundreds of crypto assets and tokens. So far, assets like UNI, SUSHI, and CAKE are on the Shrimpy application. More will come following the launch.
The main advantage of DEX trading on Shrimpy is diversification. Before, the platform only supported CEX trading platforms and trading pairs. However, with the introduction of DEX trading, Shrimpy users can dive into and experience the vibrant DeFi world. In addition, users who were into CEX trading can diversify into DEX trading and explore the potential it presents.
Behind Shrimpy DEX Trading
The goal behind Shrimpy’s DEX feature is to provide its users with access to the enormous $90 billion DeFi market. By enabling token swaps, a trading format commonly found on DEXs like Uniswap and SushiSwap, investors can instantly exchange their existing assets for some of DeFi’s excellent tokens. In addition, the liquidity provided for your order is aggregated across numerous liquidity pools, ensuring that you have the same experience as when directly visiting DEXs.
After investing, users can benefit from Shrimpy’s vast suite of features that make part of their automated portfolio management app. For example, rebalance your entire portfolio, set stop-losses to evade sharp drops, create custom indexes, implement custom trading strategies for your DeFi portfolio, test out trading bots, and so on.
What makes Shrimpy special in this context is that it is the only automated portfolio management platform to offer the best of both worlds: both CEXs and DEXs. Moreover, they are also the first to make it possible for investors who store their assets on Web3 wallets (e.g., MetaMask) to trade their crypto on an app like Shrimpy without transferring them to a different wallet.
DEX and Social Trading
Shrimpy DEX trading basic operations are just similar to CEX social trading. They both have experienced market leaders and the followers who pick pointers from them.
To participate in DEX trading, you should have tokens in your wallet. Then, connect the wallet to Shrimpy. Shrimpy has recently added support for eight cryptocurrency wallets, such as Ledger, Coinomi, MetaMask, TrustWallet, etc. The team is working to introduce more digital currency wallets soon.
After connecting your wallet, you can select a leader who uses the same exchange. Next, you can follow their investment portfolio. It is your choice whether you want one or not. A market leader is an experienced investor whose returns are excellent. It all comes down to their investment decisions and strategies.
If the leader changes their portfolio, yours changes, too. That means that all the while, you earn passively by following a leader.
Lastly, note that the leader you pick may not be successful all the time. So, you should remember to check the stop-loss option. It should help minimize the risk of losing your assets in case of high market volatility.