We’ve been on a colossal sprint to list new coins on the Wyre platform. A little over a month ago, we added a handful of new stablecoins to Wyre. Today we’re excited to release a batch of the top DeFi tokens in the space. 🚀
These tokens are currently available for purchase using fiat currencies. Swap and sells will be coming shortly.
Wyre now supports:
AAVE, BAT, COMP, CRV, LINK, MKR, SNX, UMA, UNI, WBTC, YFI
For those of you who are new to these tokens, we’ll give you a summary of what they’re commonly used for.
AAVE
AAVE is used to vote and decide on the outcome of Aave Improvement Proposals (AIPs). Apart from this, AAVE can be staked within the protocol Safety Module to provide security/insurance to the protocol/depositors, and that way, earn staking rewards and fees from the protocol.
BAT
BAT is an Ethereum token that powers Brave Software’s blockchain-based digital advertising platform. Internet users who browse the web using Brave’s free web browser (available at Brave.com) can choose to replace the ads they see with ads on Brave’s ad network. Users then receive BAT from advertisers as compensation for their attention.
COMP
Compound (COMP) is an Ethereum token that enables community governance of the Compound protocol. The protocol is a series of decentralized interest rate markets that allow users to supply and borrow Ethereum tokens at variable interest rates. COMP token holders and their delegates can also debate, propose, and vote on changes to the protocol.
CRV
The primary purposes of the Curve DAO token are to incentivize liquidity providers on the Curve Finance platform as well as engaging as many users as possible in the governance of the protocol.
LINK
Chainlink (LINK) is an Ethereum token that powers the Chainlink decentralized oracle network. This network allows smart contracts on Ethereum to securely connect to external data sources, APIs, and payment systems.
MKR
Maker is an Ethereum token that describes itself as “a utility token, governance token, and recapitalization resource of the Maker system.” The purpose of the Maker system is to generate another Ethereum token, called Dai, that seeks to trade on exchanges at a value of exactly US $1.00.
SNX
Synthetix is software that allows users to mint new crypto assets that mimic both real-world assets (like the U.S. dollar) and crypto-assets (like Bitcoin). Synthetix can generate these new assets using a process called collateralization.
To collateralize an asset on Synthetix, users must purchase its SNX cryptocurrency, which can be used to generate these new assets (called “synths”) once locked in a particular contract.
UMA
UMA is an Ethereum token that describes itself as “an open-source protocol that allows developers to design and create their own financial contracts and synthetic assets. The native token for the Universal Market Access project is UMA token (UMA). UMA is used as a governance token for the UMA system. It is also used to fulfill price requests made on the UMA protocol.
UNI
Uniswap (UNI) is an Ethereum token that powers Uniswap, an automated liquidity provider designed to make it easy to exchange Ethereum (ERC-20) tokens. There is no order book or central facilitator on Uniswap. Instead, tokens are exchanged through liquidity pools that are defined by smart contracts.
WBTC
Wrapped Bitcoin (WBTC) is an Ethereum token intended to represent Bitcoin (BTC) on the Ethereum blockchain. It is not Bitcoin, but rather a separate ERC-20 token designed to track Bitcoin’s value. WBTC was created to allow Bitcoin holders to participate in decentralized finance (“DeFi”) apps popular on Ethereum. Through a WBTC partner, 1 Bitcoin can be exchanged for 1 Wrapped Bitcoin, and vice-versa.
YFI
Yearn.finance (YFI) is an Ethereum token that governs the yearn.finance platform. The platform is a yield optimizer that moves funds around the decentralized finance (“DeFi”) ecosystem to generate a high return.
We stuck to ERC-20 tokens for quicker integration but are gearing up to add new chains to Wyre soon. We’re stoked to have this new batch on board as these tokens have been the top requested coins from our partners over the last few months.
We’ll be running polls on Twitter to see what the community wants us to add next. Be sure to follow us on Twitter for the latest and vote on the token you wish to be added to Wyre.
