Coins.ph, the leading blockchain-based mobile wallet in the Philippines, has announced new additional cryptocurrency tokens-MKR (Maker), AAVE and UNI (Uniswap)-that their customers and users can buy and sell. They were directly using the Coins.ph app. The latest tokens are supported by Coins.ph after the last batch of tokens they added last July. These are USDC, LINK, and KNC. So these kinds of tokens increase Coins.ph’s total cryptocurrency supported to 10 cryptos.
"The addition of MRK, AAVE, and UNI in our last update represents Coins.ph's commitment to supporting the growing cryptocurrency market and DeFi projects here in the Philippines," said Nauman Mustafa, CEO of Coins.ph. "As the leading Virtual Asset Exchange here in the Philippines, we strive to provide our customers with 'accessibility' and 'diversity when it comes to cryptocurrency products and services."
MKR, AAVE and UNI are ERC-20 tokens and crypto assets located within the Ethereum Blockchain. The three also represent the largest project in DeFi (Decentralized Finance), a new form of Finance that uses blockchain technology in their financial transactions without requiring a ‘human intermediary’.
MKR is the governance token of the Maker platform, and it is one of the earlier DeFi projects that give their users the ability to manage their DAI. It is a crypto-backed stablecoin whose value is tied to the price of the US Dollar. As a governance token, MKR holders can vote on how their MKR system should operate. MRK is also used to pay fees in their system.
AAVE has a vital role to play when it comes to the growing DeFi space. AAVE popularized the idea of ‘borrowing’ using cryptocurrencies as collateral and of ‘lending’ using crypto deposits to reap interest. As a governance token, AAVE cryptocurrency is used to vote on submitted improvements to the AAVE protocol.
UNI is used in Uniswap, the leading DEX (Decentralized Exchange) that gives its users the ability to provide liquidity and trade with their fellow users. This happens via AMM (automated market sharers) that use smart contracts to process trades. In this process, trading pairs pair ‘trade orders’ with the technical closest liquidity available. This is in contrast to the normal processes of centralized exchanges that rely on professional ‘market makers’ - the people at the institution - to ensure that trade orders are paired with their exchange order book platform. There are many different uses for UNI. As a governance token, it is used in deciding how the Uniswap protocol will operate. It is also used as ‘rewards’ to users who stake their liquidity.
Coins.ph users only need to update their app to the latest version to start buying, selling, or saving these tokens. The Coins.ph app is available in the Google Play Store, App Store, and Huawei AppGallery. Customers must be Level 2 or ‘ID and Selfie Verified’ to purchase, sell and store these new tokens. For more details about AAVE, MRK, and UNI, visit https://coins.ph