Native ETH, USDT (ERC-20), and DAI now available on CryptoLocally!
We always strive to give our users the very best cryptocurrency trading experience. In line with this commitment, we continuously monitor the ever-evolving blockchain industry, seeking out opportunities where we can bring more value to our users. In light of this, we have identified Decentralized Finance (DeFi) as one of the leading applications of blockchain technology and Ethereum emerging as the preferred choice of many leading DeFi programs.
With the impending release of ETH 2.0 just beyond the horizon, Ethereum is poised to address many of its challenges making it more scalable for mass adoption and more cost-efficient. Being at the forefront of DeFi innovation, we are delighted to announce that we have added Ethereum as one of the blockchains listed on CryptoLocally.
ETH, USDT (ERC-20), and DAI are the first native Ethereum cryptocurrencies listed on CryptoLocally. Previously, we have added ETH (BEP-2) based on Binance Chain as well as USD-backed stablecoin Tether USDT (TRC20 & EOS) based on TRON and EOS respectively. Offering to our users the choice of using two types of ETH (Native or BEP-2) and three types of USDT (ERC-20, TRC-20, or EOS), giving them an unparalleled trading flexibility. Furthermore, we have added crypto-backed stablecoin DAI (ERC-20), which served as the precursor to TRON’s USDJ Stablecoin.
Why ETH, USDT, 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.
CryptoLocally and Ethereum Blockchain
We will provide the easiest, simplest, and most inclusive access for everyone to buy and sell Ethereum-based digital assets. All you have to do to trade on CryptoLocally is to signup with a valid email address and verify it. Once it is done you can start trading on CryptoLocally, no prior experience in trading is required. When necessary, online assistance is always available through our live chat or in our official Telegram group.
For existing customers, all you have to do is select the desired ERC-20 digital asset and start trading. Ethereum-based tokens will use the same secure and easy to use peer-to-peer (P2P) trading process on the platform. Like other assets on CryptoLocally, ETH, USDT, and DAI are protected by a blockchain-based escrow service throughout all trades.