Decred, the blockchain built with decentralized governance in mind, announced today the launch of DCRDEX, a revolutionary DEX created with the objective of being as friendly as possible with traders.
Unlike traditional exchanges like Binance or Coinbase, Decred’s DCRDEX runs on the blockchain, so there is no third-party intervention in users’ operations.
DCRDEX: Decred’s Vision of How a DEX Should Be
The team at Decred also assured on an official Press Release that unlike most decentralized exchanges, DCRDEX allows interoperability between several blockchains, as long as they provide support for atomic swaps.
Atomic swaps are a form of token exchange between different blockchains without the intervention of a third party. So far, not all blockchains have this feature, so most decentralized exchanges usually operate with a single blockchain —usually, it’s Ethereum— and users exchange tokens that run on the same blockchain (such as ERC20 running on Ethereum or TRC20 running on TRON).
For the time being, DCRDEX will support Bitcoin, Litecoin, and the native token of the Decred blockchain. The atomic swaps between Bitcoin and Litecoin were the first ever to be implemented. Even though the feature has not been globally adopted, more services take advantage of this functionality as time goes by.
Did a cross-chain atomic swap with LTC/BTC! 😁
10 LTC for 0.1137 BTC with @JStefanop1. ⛓️⚛️💱https://t.co/vXwTNirk0Jhttps://t.co/3NTplBOoW9 pic.twitter.com/DRKaHg4Wc7— Charlie Lee [LTC⚡] (@SatoshiLite) September 22, 2017
According to Decred, the new DCRDEX offers several improvements over other centralized and decentralized exchanges:
- It is more secure for both users and operators: It does not require any kind of KYC procedure, so it ensures an entirely private operation, and those who keep the platform active with their servers prevent a possible BitMEX event because the decentralization of the network makes it impossible to determine a direct responsibility should the authorities want to close the platform.
- Also, it is *almost* completely free of charge. DCRDEX prides itself on not charging any fees for trade, deposit, or withdrawal of funds. This facilitates trading operations and makes the platform more attractive among market makers. However, there is a small registration fee that has been paid to prevent abuse and discourage spam.
- In addition, it enables real-time and transparent verification of trades, funds, and market volumes. It also promises to be much easier to run than a traditional DEX and will reduce manipulative, abusive trading practices by high-frequency trading using first-in-first-out systems.
The Decred Ecosystem is Growing (in Applications and Marketcap)
The platform is already available online, and any interested party can run a server by downloading the project’s installers for Windows, macOS, or Linux from the exchange’s official website. Considering that decentralized exchanges grew faster than centralized platforms in Q3 2020, DCRDEX availability is trying to check all the boxes to guarantee a succesfull launch and a healthy growth.
For the moment, Decred has reacted favorably to the news, increasing its price in the last 24 hours by about 2%. Although it’s probably also being dragged by Bitcoin’s gravitational wave that today surpassed its annual highs after PayPal announced it would be adding support for cryptocurrencies, including Bitcoin and Litecoin —both supported by DCRDEX.
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