US citizens have not many options left for trading crypto assets. Most crypto exchanges in the US closed down or are closing down. However, there are still some options available. BYDFi is one of these available crypto exchanges for US and Canadian citizens. They are fully regulated as well.
So, let’s find out more about BYDFi and some of the infrastructure coins they offer.
"BYDFI brings the best of crypto-only exchanges and fiat to crypto exchanges together to make it a great option for Americans who need exchange access."
Thanks for sharing✨https://t.co/vtf4CaHxQm
— BYDFi (@BYDFi) August 16, 2023
Chainlink is the undisputed leader of all oracle projects in the crypto space. At the same time, it still seems to have an undervalued token. That’s their native LINK token. The project already dates back to 2014.
First things first, though, let me explain what an oracle is. They allow blockchains to communicate with the outside world. Blockchains don’t have that ability. They rely on oracles to supply them with real-life data. Chainlink does this in a secure and reliable way.
It offers products that supply information for,
- Cross-chain communication.
- Market and data feeds.
- Proof of reserve.
- And more.
Chainlink also connects TradFi with the blockchain space. Some partnerships include, for example,
- BNY Mellon,
- Citigroup Inc.,
- Or BNP Paribas.
Its newest addition is CCIP, or the Cross-Chain Interoperability Protocol. This is a cross-chain messaging solution. CCIP should make bridging more secure. It offers a variety of solutions. For example, Burn-and-Mint bridging. Aave and Synthetix use this already.
Being able to bring more TradFi into crypto, adds RWA or Real-World Assets. Being able to tokenize assets will bring deeper liquidity and more demand.
LINK is the native token, used to pay for all transactions. With the expected increase in transactions, the LINK price may see a positive price trend.
Are we going to see $LINK reach $1000 in the upcoming Bull Run?
Let’s see what we can expect in months to come…
Thread 🧵 pic.twitter.com/mGWtWys4e2
— Jarzombek 🌔 (@jarzoombek) August 16, 2023
For Filecoin, it’s all already in the name. It’s a decentralized storage network. Filecoin calls Ethereum its home. However, it uses the IPFS or InterPlanetary File System protocol. Instead of a more traditional address or file path, it uses a unique cryptographic hash. The IPFS is also a peer-to-peer protocol.
This leads us to Filecoin’s marketplace. Here, you can buy or sell storage space. You need the native FIL tokens to pay for all transactions. The marketplace uses a bidding system, in which you bid and pay with FIL. The storage providers, or miners, get rewarded in FIL.
Filecoin is cost-effective because it uses existing storage options. This makes it cheaper than the currently available cloud storage options. Anybody can offer his or her available storage space. There are millions of computers around the world. This is in contrast to Amazon or Google, which set up massive server farms.
Because of its decentralized approach, it offers three strong features. For instance, censorship-proof, cost-effective, and tamper-resistant. Filecoin also has plenty of use cases. For example, storage for,
- Metaverse/game assets and their native NFTs.
- Incentivized permanent storage.
- Data, like audio and video files.
- And much more
🌐 #Filecoin: The world's largest decentralized storage network.
Staking FIL (also known as leasing) supports Filecoin Storage Providers (SPs) by providing access to the FIL collateral they need to operate on the network.
Get started ⬇️https://t.co/rmVF1NH0D7
— Filecoin Ecosystem (@Filecoin) August 11, 2023
Router Protocol (ROUTE)
Router Network is all about cross-chain. Together with interoperability and privacy, you have three key blockchain features. It allows you to swap assets, send messages, and build Dapps on a variety of chains. Router is a layer 1 chain, and its team used the Cosmos SDK (Software Development Kit) to build it.
Current chains it connects, include, for example,
- And Arbitrum.
So, it bridges between layer 1 and layer 2 solutions. Router Protocol uses stablecoins to do this. Its focus is on improving the bridging infrastructure between the various chains. For this, it offers a variety of features. For instance,
- Optimal price for token swaps – it finds the optimal route for cross-chain swaps.
- Unified gas fees – You use the native ROUTE token for all transfers and swaps.
- Multi-chain token standard
- SDK for developers
- Application-specific blockchain – Router is the global multi-chain accounting layer
Router is confident about its product. To the degree that it offers a $200,000 bounty to anyone who can hack their router V2 mainnet. The picture below shows how their architecture is set up.
Source: Router blog
For all these three coins, US and Canadian citizens can visit BYDFi to trade with them. Please note that ROUTE is ONLY available to Americans on BYDFI. This exchange offers derivatives and perpetuals. If you sign up now, with our link, you can get up to $2,888 in rewards. In addition, please keep in mind that BYDFi is fully regulated (US MSB Registration No. — 31000215482431).
We highlighted three coins that are available on the BYDFi exchange. This is specifically of interest to US and Canadian citizens. They have limited crypto trading options. However, BYFDi can accommodate them.
Did you know that BYDFi offers trading 400+ tokens with no KYC? You can also trade with only 0.6% futures & 0.1% spot fees, receive free trading signals, and earn nearly $2,000 in bonuses. For more info, just click here.
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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by BYDFi.
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