Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
DEX trading is one of crypto’s newest but also most complex investment options as of late. Decentralized exchanges are trustless peer-to-peer (P2P) trading environments relying on smart contracts that help facilitate crypto exchanges. The clear benefits of DEX trading are security, anonymity, and greater user control.
Although decentralized exchanges, and DeFi as a whole, have gained immense popularity over the past two years, the segment is still considered new by many in the community. A large chunk of crypto investors still does not feel comfortable engaging with DEX trading. Some felt like it was a precarious class of investment and preferred mainly by expert investors.
To ease the trading process, Shrimpy is introducing DEX social trading. The aim is to help both new and expert investors to benefit from DEX trading on reduced risk. But, what is Shrimpy?
Shrimpy is a cryptocurrency trading platform launched in 2018 that provides efficiency and practicality to investors. This platform primarily offers automated portfolio management and social trading tools.
After automating their portfolios, investors can save time by instantly executing a task that would typically require several hours to complete. On the other hand, Shrimpy’s social trading is a feature that enables users to copy the investment strategies of top investors. In both cases, even a rookie investor can trade like an expert investor by using Shrimpy.
Since its launch, Shrimpy has been providing services focused entirely on CEX trading. But after noticing a significant surge in demand for DeFi services, Shrimpy has decided to embrace decentralized finance and launch DEX trading.
Is Social DEX Trading Possible?
Social DEX trading is possible. Shrimpy is working towards making DEX trading easy. This platform is introducing a DEX trading feature that leverages social trading options.
This DEX social trading tool allows investors to invest and copy the strategies of top investors. By copying the investment strategies of other top investors, DEX traders can mitigate their risks.
Moreover, by using Shrimpy, investors can trade hundreds of crypto assets and tokens. Already, assets like UNI, SUSHI, and CAKE are available in the Shrimpy app, and exchanges supporting such are also available.
Shrimpy Integrates Exchanges and Wallets
The platform ensures that everyone from the DeFi sector is welcome at Shrimpy. And, it does so by partnering with leading crypto exchanges and integrating a multitude of online wallets. The platform supports around 18 exchanges, including Binance, Kraken, and Coinbase.
Furthermore, the platform has integrated wallets that support DEX assets. Among such wallets include:
- 1Inch Wallet
- Atomic Wallet
- Ledger Live
- Trust wallet
Most of those wallets interact very well with several smart contract ecosystems and support more excellent DEX connectivity. Shrimpy succeeded in providing investors with various choices to work with by introducing such an extensive range of wallets.
Store your favorite assets in the wallet of your choice and invest in a DEX DeFi portfolio! Shrimpy is the first automated portfolio management platform to introduce full support for trading DEX tokens from multiple chains. As time goes by, Shrimpy will be connecting more wallets and exchanges, both centralized and decentralized.
How Does Shrimpy DEX Trading Work?
The principle in Shrimpy DEX trading is quite similar to the procedure used in CEX social trading. Generally, there are market leaders and followers on the platform.
Foremost, you must have the tokens in your wallet and connect to a DEX trading exchange. Once you connect the wallet and exchange, you now select a leader who uses the same exchange. Next, follow their investment portfolio.
A market leader is an expert investor who makes excellent returns based on their investment strategies. They know how to read the market and make the right decision. Their methods have been successful for quite some time. As a beginner investor, you need to choose the leader whose strategy you prefer and follow them.
If the leader changes their portfolio, your investment portfolio automatically changes. Once you follow the investor, you can earn income passively.
As you follow an investor, remember to set the stop loss. The stop loss feature helps you mitigate the risks of losing your wealth due to market volatilities. Also, the stop loss helps ensure that even when the leader makes wrong investment calls, you won’t make huge losses.
Shrimpy’s DEX Trading Helps in Diversification
One of the benefits coming with the introduction of DEX social trading is investment diversification. Shrimpy initially supported solely CEX trading platforms and trading pairs found at such exchanges. But now, Shrimpy’s users are free to interact with the vibrant world of DeFi as well. Investors in the crypto space who use Shrimpy can now freely diversify into the Dex trading space.
Shrimpy’s Subscription Options
The subscription options for Shrimpy’s services also help in ensuring that people can easily invest based on their particular needs. This platform has different plans for people ready to automate their portfolios. The subscription packages include;
- The Starter option, which costs $15 per month, is mainly for rookie traders and investors. It has the most common Dex and exchange options.
- Professional. This option costs $63 per month and helps investors to have more profound control over their wealth. It’s pretty feature-rich.
- Enterprise. Costing $299 monthly, this is mainly for top companies with investment management options.
This article has been exploring the Shrimpy platform and its new service, DEX trading. Social Dex trading is one of the most demanded services in crypto, especially now when the DeFi world has grown exponentially. Shrimpy is introducing the Social DEX trading feature soon. Thus all classes of investors can benefit from Dex trading.
The platform partnered with several exchanges and wallets to provide good DEX trading services. Furthermore, Shrimpy still aims to partner with more venues in the future. Investors will have a broader investment pool for diversification.