Next-generation DEX: A look at the many features the Peerplays DEX offers

Exchange is one of the most common words you hear in today’s crypto space. And rightfully so. You can buy and sell cryptocurrency on an exchange. But that’s where the problem lies. Exchanges are centralized, which means they control your money. If you want to trade or withdraw funds from an exchange, you must go…
Next-generation DEX: A look at the many features the Peerplays DEX offers

Exchange is one of the most common words you hear in today’s crypto space. And rightfully so. You can buy and sell cryptocurrency on an exchange. But that’s where the problem lies.

Exchanges are centralized, which means they control your money. If you want to trade or withdraw funds from an exchange, you must go through a KYC process and sometimes, wait days for a transaction to clear. That’s 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 claiming they’re “decentralized,” but sometimes these platforms don’t live up to the name.

So your crypto becomes the target of hackers, the lunch of exit-scammers, or the escape money of bankrupt exchanges on the brink of ruin!

It was recently announced that the Peerplays’ DEX is coming to the Hive blockchain platform along with many other features. In this blog, the Peerplays team explores the Peerplays’ DEX and discusses the features that make it one-of-a-kind, compared to others available today.

The Problems of Centralized Exchanges

Order visibility and statuses are essential. They help prevent scenarios where a non-decentralized exchange blocks orders from execution, leading to missed opportunities in the crypto market, or worse, catastrophic losses. You may have come across some news that people complained about orders failing to go through when it mattered most.

Centralized exchanges come with a high risk of colluding with outsiders and manipulating end-user funds. With every centralized exchange such as Binance or Coinbase, you run this same risk where your operations can be at stake because they are so centralized in nature.

This is worrying because centralized exchanges are the most popular way for traders to trade. Unfortunately, those exchanges come at a cost in security- where accounts are frozen or even hacked!

DEX Challenges

Right now there are several challenges standing in the way of decentralized exchanges (DEXs) taking off.

For one thing, liquidity is low due to the few trades happening on these platforms; this makes it difficult, if not impossible at times, to trade! Though there have been improvements thanks to an increase in liquidity pools, 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), Peerplays brings a new paradigm of fairness, trust, speed, and security.

Your assets are always right in front of you. You can see what’s been bought or sold, manage open orders and check out settings for your profile effortlessly. With Peerplays DEX, everything is transparent and visible. The platform’s built-in wallet allows you to keep your assets and trade them whenever you like while maintaining full ownership of private keys–no third party 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 too. When these assets are on the Peerplays chain, they benefit from short 3 second blocks.

They can be traded or swapped like any other Peerplay asset and withdrawn back into their original chains if need be! When this off-chain data moves onto our network, it is always backed up by equal amounts on its original chain. Assets that you own can be sent to any other Peerplays account. When on the Peerplay chain, Bitcoin and HIVE are easily transferable between each other or even back onto their original chains.

The Peerplays DEX is the perfect place for people who care about decentralized capabilities, access to features like NFTs, and upcoming DeFi protocols. In addition, it has native Bitcoin support (with fast transactions and low fees). The interface will be under continuous refinement to ensure it’s easy to use.

Different from other DEXs, the Peerplays DEX supports cross-chain swaps using decentralized support for chains like Bitcoin, Hive, and will continually add popular crypto networks in the near future, plus, DeFi. HIVE will be leveraging Peerplays’ DEX to bring the HIVE community an enriched experience.

Why use the Peerplays’ DEX

Decentralized gateways & payments

Peerplays DEX has decentralized gateways. This becomes essential for any tokens created on the Peerplays network.

Built-in DEX support for Peerplays-created tokens

The DEX has built-in support that can pair tokens created by Peerplays with Bitcoin and other IOU (I owe u) tokens. This brings down cost and time tremendously when you need to transfer or trade crypto.

Extensive interoperability

One of the many unique characteristics of Peerplays is its Sidechain Operating Nodes (SONs), which translates to interoperability and greater convenience.

In addition, fully decentralized Bitcoin support via SONs will be coming soon.

Proven built-in order book

Peerplays’ DEX and trading will happen using a built-in order book that has already been battle-tested with Bitshares.

Ease of token creation and tokenomics support

Peerplays is working on providing a DEX-UI (user interface) for people to create tokens and decide on the tokenomics (like max number of tokens, fee pool, pegged assets, etc).

Thus, the DEX-UI will have all the features to easily create tokens, decide on tokenomics and distribute tokens following innovative methods.

Features of the Peerplays’ DEX

The Peerplays DEX is much more than a cryptocurrency exchange, with the DEX, you can.:

✔️ Use the DEX as a wallet to manage assets in addition to trading assets

✔️ Take advantage of Peerplays’ liquidity pools and swap assets (liquidity pools via upcoming DeFi support)

✔️ Participate in blockchain governance by casting votes

✔️ Maintain control over your Peerplays account

✔️ Send and receive BTC or HIVE from your own account

✔️ Stake your assets and earn rewards and voting power via GPoS

✔️ Convert stakes assets into NFTs and enjoy modest rewards (or even sell the aged NFT)

✔️ Instantly swap your assets using an automated market-making algorithm (in progress)

✔️ Cast your votes on important blockchain issues and the direction of the project on the DEX

✔️ Vote for Node Operators who will run the network in a way you want them to

✔️ Set your prices (through the market, limit, and stop-limit orders)

✔️ Trade at any moment without moving assets (the wallet is built into the DEX)

✔️ Never worry about hacked exchanges, exchanges going bankrupt, exit scams, or government intervention (for now)

A rare-breed of DEXs

Peerplays is a DEX that’s built with you, the end-user, in mind. We’re committed to building an ecosystem where users have impeccable convenience and zero worries about third parties being involved. Everything about Peerplays is open-source, so there aren’t any hidden strings attached.

Your trust should be the center of everything. That’s why the DEX will end up being 100% decentralized as well as scalable by design. So it’ll always be running on solid ground without compromising user experience or security. There are ultra-fast BTC transactions, availability of on-chain NFTs and DeFi protocols. All in a fair platform that makes you feel confident.

You can learn more about Peerplays DEX here.

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Algorand oracle network Goracle teams with blockchain development firm HEADLINE
Read More

Algorand oracle network Goracle teams with blockchain development firm HEADLINE

Goracle’s ability to supply an accurate live feed of up-to-date information on-chain will be a major part of many upcoming developments from HEADLINE... Related News The directors of the Keon Foundation, which will serve as the virtual asset service provider (VASP) for the Keon Finance Ecosystem (Keon), announced today it will go with Algorand as…
Cindicator NFT for lifetime access to auto trading crypto app sells for 36.75 ETH ($140K)
Read More

Cindicator NFT for lifetime access to auto trading crypto app sells for 36.75 ETH ($140K)

Cindicator, a crypto investment platform, announced today that its first NFT on Stoic, an automated crypto investment app with AI, has sold for 36.75 ETH or over $140,000 at the current rate. The winning bid came from someone named _satoshi.The Stoic NFT is named Zeno of Citium, the founder of Stoicism. He believed that happiness…
Crypto exchange CEX.IO adds PayPal as account funding option
Read More

Crypto exchange CEX.IO adds PayPal as account funding option

CEX.IO, a popular crypto exchange company, announced today it will now be offering users the option to link existing PayPal accounts to their CEX.IO Wallet. Forthwith, CEX.IO users with existing PayPal accounts have the ability to add funds to their CEX.IO wallet, enabling the purchase of cryptocurrencies. Established in 2013, CEX.IO is an ecosystem that includes…
Quantum Generation and Plato to deploy a space-based quantum network by 2027
Read More

Quantum Generation and Plato to deploy a space-based quantum network by 2027

Related News Swell Network (Swell), a permissionless, non-custodial, and liquid Ethereum (ETH) staking protocol, announced today a strategic partnership with InfStones, a provider of decentralized blockchain infrastructure on one platform, to enable greater flexibility, transparency, and... Read more WebMoney, an e-currency payment system, announced today it has added a new type of title unit -…