Exchange is one of the most common words you hear in today’s crypto space. And rightly so. You can buy and sell cryptocurrency on the exchange. But the problem is there.
Exchanges are centralized, which means they control your money. If you want to trade or withdraw funds from an exchange, you will need to go through the KYC process and sometimes, wait for a few days for the transaction to take place. This is where a DEX (decentralized exchange) comes into play.
A DEX is where you can trade crypto without third parties. But there are plenty of DEXs out there that claim that they are “decentralized”, but sometimes they do not live up to the platform name.
So your crypto becomes the target of hackers, exit-scammers’ lunches, or the escape money of bankrupt exchanges on the verge of ruin!
It was recently announced that Peerplays DEX is coming to the Hive blockchain platform along with many other features. In this blog, the Peerplays team explores Peerplays’ DEX and discusses the features that make it one-of-a-kind compared to others available today.
problems with centralized exchanges
Order visibility and conditions are essential. They help prevent scenarios where a non-decentralized exchange prevents orders from execution, leading to missed opportunities, or worse, catastrophic losses in the crypto market. You might have seen some news stories where people complained about the failure of orders when it was most important.
Centralized exchanges carry a high risk of colluding with outsiders and manipulating end-user funds. With every centralized exchange such as Binance or Coinbase, you run the same risk of where your operations may be at stake because they are very centralized in nature.
This is worrying because centralized exchanges are the most popular way for traders to trade. Unfortunately, the security of those exchanges comes at a price- where accounts get frozen or even hacked!
There are many challenges in the way of decentralized exchanges (DEXs) being introduced right now.
For one thing, liquidity is low due to few trades on these platforms; This makes trading difficult, if not impossible at times! Although the liquidity pool has improved due to growth, there must be a better way…
Introduction to Peerplays’ DEX
Peerplays is an open-source blockchain that provides the fastest, most decentralized blockchain consensus model available today. Built with graphene technology and gamified Proof of Stake (GPoS), PeerPlay brings a new paradigm of fairness, trust, speed and security.
Your wealth is always in front of you. You can see what’s bought or sold, manage open orders and easily view the settings for your profile. With Peerplays DEX, everything is transparent and visible. The platform’s built-in wallet allows you to hold your assets and trade them whenever you want while maintaining full ownership of the private keys – no third parties involved!
You can deposit your Bitcoin and HIVE into the DEX with a few easy steps. We are committed to adding more popular assets in future updates so that you can enjoy them on this decentralized exchange as well. When these assets are on the peerplay chain, they profit from short blocks of 3 seconds.
They can be traded or exchanged like any other peerplay asset and reverted back to their original series when needed! When this off-chain data moves to our network, it is always backed up in the same amount of time on the original chain. Assets owned by you may be transferred to any other Peerplays account. When on the peerplay chain, bitcoin and HIVE are easily transferable between each other or even back to their parent chain.
Peerplays DEX is the perfect place for those who care about decentralized capabilities, access to features like NFTs, and the upcoming DeFi protocol. In addition, it has native bitcoin support (with fast transactions and low fees). The interface will be subject to constant refinement to ensure that it is easy to use. Peerplays’ DEX differs from other DEXs as it supports cross-chain swaps using decentralized support for chains like Bitcoin, Hive, and will be adding increasingly popular cryptos in the near future), as well as, DeFi. (essentially SONs and DeFi)
To provide the HIVE community with an enriching experience, HIVE will leverage Peerplays’ DEX.
Why Use Peerplays’ DEX
Decentralized gateways and payments
Peerplays DEX has decentralized gateways. This becomes necessary for any tokens created on the Peerplays network.
Built-in DEX support for tokens created by Peerplays
The DEX has built-in support that allows tokens created by PeerPlay to be combined with bitcoin and other IoU tokens. This significantly reduces the cost and time when you need to transfer or trade crypto.
One of the many unique features of Peerplays is its Sidechain Operating Nodes (SONs), which translates to interoperability and greater convenience.
In addition, fully decentralized bitcoin support via SONs is coming soon.
Proven built-in order book
Peerplays’ DEX and trading will take place using a built-in order book that has already been battle-tested with Bitshares.
Ease of token creation and token support
Peerplays is working on providing a DEX-UI (user interface) for people to create tokens and decide on tokens (such as maximum number of tokens, fee pool, pegged assets, etc.).
Thus, DEX-UI will have all the facilities to easily create tokens, decide on tokens and distribute tokens following innovative methods.
Peerplays DEX . Features of
Peerplays DEX is much more than a cryptocurrency exchange, with DEX, you can:
✔️ Use DEX as a wallet to manage assets in addition to trading assets
✔️ Take advantage of Peerplays liquidity pool and swap assets (liquidity pool with upcoming DeFi support)
✔️ Participate in blockchain governance by voting
✔️ Take control of your Peerplay account
✔️ Send and receive BTC or HIVE from your account
✔️ Stake your assets and earn rewards and voting power via GPoS
✔️ Convert stake assets to NFTs and enjoy modest rewards (or even sell old NFTs)
✔️ Quickly swap your assets using an automated market-making algorithm (in progress)
✔️ Cast your vote on important blockchain issues and the direction of the project on the DEX.
✔️ Vote for the node operators that will run the network the way you want them
✔️ Set your own prices (via market, limit and stop-limit orders)
✔️ Trade at any moment without transferring assets (Wallet is built in DEX)
✔️ Never worry about hacked exchanges, exchange bankruptcy, scam exits, or government interference (for now).
A rare breed of DEXs
Peerplays is a DEX designed with you, the end-user in mind. We are committed to creating an ecosystem where users have impeccable convenience and no worries about third parties getting involved. Everything about Peerplays is open source, so there are no hidden strings attached.
Your trust should be the center of everything. So the DEX will eventually be 100% decentralized as well as scalable by design. So it will always run on solid ground without compromising on user experience or security. There is the availability of ultra-fast BTC transactions, on-chain NFT and DeFi protocols. All on a fair platform that makes you feel confident.
You can learn more about the Peerplays DEX here.