Question 1

What is MKR used for?

Accepted Answer

MKR is used for governance in the MakerDAO ecosystem, allowing holders to vote on proposals and manage the DAI stablecoin's collateral system.

Question 2

Why is LTC popular for transactions?

Accepted Answer

LTC is popular for transactions due to its faster block times and lower fees compared to Bitcoin, making it efficient for everyday payments.

Question 3

Can I trade MKR for LTC directly?

Accepted Answer

Yes, you can trade MKR for LTC directly on supported exchanges that list this trading pair.

Question 4

What are the benefits of holding LTC?

Accepted Answer

Holding LTC provides access to a reliable and widely accepted cryptocurrency with strong liquidity and utility for payments and transfers.

Question 5

Do I need KYC to use Instaswap? How are transactions secured?

Accepted Answer

No, Instaswap does not require KYC (Know Your Customer) for any swap amount or pair. However, we employ an advanced KYT system powered by a trusted third-party partner. This system automatically checks wallet addresses involved in transactions, ensuring they haven’t previously been flagged for illicit activities, keeping your swaps safe, secure, and private.

Question 6

Is Instaswap decentralized? Does it support centralized (CEX) swaps?

Accepted Answer

Yes, Instaswap is fully decentralized (DEX), meaning all transactions occur directly on the blockchain without centralized intermediaries. We do NOT offer centralized exchange (CEX) swaps, and your funds always remain fully under your control through our non-custodial platform.

Swap MKR (Ethereum) to LTC (Litecoin)

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Frequently Asked Questions