Popular crypto exchange Uniswap has publicized the integration of a new NFT marketplace called Sudoswap. The integration will enable people to trade in NFTs. This news comes as the crypto market crashed amid a massive sell-off by investors and heightened inflation fears and a pausing of withdrawal by crypto lending service Celsius and Vauld. Not to forget the recent $4.7 Million worth of ETH stolen from Uniswap in a phishing attack.
Scott Lewis, the head of NFT products at Uniswap expressed on Twitter that the company will offer NFTs with complete Sudoswap compatibility.
Uniswap is one of the most significant decentralized exchanges (DEX). The platform helps users to trade cryptocurrencies without authorization. It has over $6 billion worth of assets in its liquidity pools spanning Ethereum, Polygon, Optimism, Arbitrum, and Celo.
Meanwhile, Sudoswap is an NFT platform that permits users to buy and sell NFTs in a decentralized way without approval, enabling them to create their NFT liquidity pools. What’s interesting is that Sudoswap optimizes for gas and charges just 0.5 percent fees, which is five times less than OpenSea’s (2.5%).
The sudoswap AMM is a minimal, gas-efficient AMM protocol for enabling NFT (ERC721s) to token (ETH or ERC20) swaps with the help of customizable bonding curves. Liquidity providers (LPs) can deposit into single-sided buy or sell pools, or feed both sides with a spread to capture fees. Read more about sudoswap here.
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