Crypto trading is more popular now than it was ever before. This is partly thanks to the emergence of decentralized exchanges (DEXs) that make it possible for traders to take control of their assets and trade without the need for custodial intermediaries.
However, despite amassing unprecedented popularity, DEXs are loaded with drawbacks. Factors like gas prices, slippage, and transaction fees combine together on popular DEXs such as Uniswap to push you down a pit where the larger your trade amount, the higher percentage of funds you lose in the swapping process.
Normally, you’d expect to pay a lower percentage as a fee for a higher trade amount, yet that’s not true. Traders have been putting up with this issue for a long time and there seemed to be no feasible solution. That is, until Kirobo launched its P2P Swap Button.
Kirobo recently brought forth the much-needed Undo Button into the DeFi space. This service creates a layer of protection for crypto transactions – users can use the Undo Button to retrieve their funds in case of a transaction sent in error.
As its next step into innovation, Kirobo has now launched the P2P Swap Button. This solution could completely change the way crypto users execute their trades, and dramatically reduce their losses.
Bringing True P2P Swaps to DeFi
Peer-to-peer swaps are basically trades made between two parties, on their own terms, without the need for intermediaries. Popular DEXs like Uniswap do facilitate P2P transfers, but the trading rates are so high that most of the time it is the exchange and not the trader that gets the bigger piece of the pie. And, as mentioned before, the higher the amount of your trade, the more you lose.
For instance, let’s say you want to swap ETH for MANA on Uniswap. You get 3624.94 MANA for 1 ETH. So it should logically follow that you would get 362,494 MANA in exchange for 100 ETH. But, on Uniswap, that’s not the case – you get only 287,091 MANA. The same happens when you try swapping ETH for KIRO, Kirobo’s native token. This dynamic is true for most token swaps – it’s the DEX that gets the ultimate benefit.
This is where the newly launched P2P Swap Button could be game-changing. It’s the first platform that offers fully decentralized, peer-to-peer swapping. The service allows users to set their own prices and trade on their own terms, no matter the size of the trade. You can see how the above example plays out with Kirobo’s P2P Swap Button. Traders get the full value of the trade, without an exchange swallowing a chunk of their profits.
Traders on Kirobo can set their prices to match the rest of the market to avoid slippage. In this way, both parties to the swap can make more profit than they would with a DEX. Kirobo does not charge transaction fees for its swaps, and gas prices can be much lower because traders choose at what time they trade, allowing them to avoid peak trading times.
The best part? If you make a mistake at any point during the transaction, you can simply undo it using Kirobo’s Undo Button and retrieve all your funds.
As of now, the platform supports ETH, BNB, UNI, and other assets like USDC, WBTC, and DAI, with more to come in the near future.
Solving Limitation for Mass Adoption
Although DEXs greatly improved asset trading by removing the need to use a custodial third party, traders have been operating at a loss, especially when trading newly-listed tokens. By letting users set their own token prices and bringing true peer-to-peer swaps to the DeFi ecosystem, Kirobo may have just solved some of the biggest issues in crypto trading – issues that have been limiting the growth of this space. Kirobo’s new service could help encourage more traders to take part in the ecosystem, bringing the world a step closer to mass adoption.