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Just over a year after the launch of the Polkadex mainnet, Polkadex Orderbook is now open for trading. The revolutionary orderbook-based decentralized exchange (DEX) is set to be a game-changer for digital asset trading and DeFi.
In the last few years, DEXs like Uniswap have changed the way in which cryptocurrency is traded by giving traders control over their own funds. However, the automated market maker (AMM) model popularized by such DEXs has been plagued with exorbitant transaction fees, price slippage, frontrunning, low interoperability, and limited functionality. While it may be riskier due to potential hacks and data breaches, many crypto traders still prefer to use the advanced trading features of centralized exchanges (CEXs), which are cheaper to use and offer high levels of functionality and interoperability.
“We’ve brought together the advantages of both CEXs and DEXs, while tackling the issues of both,” said Gautham J, CEO and Co-Founder of Polkadex. “Polkadex Orderbook combines the speed, functionality, interoperability, and overall look and feel of a CEX with the security and trustlessness pioneered by DEXs.”
Polkadex Orderbook’s cutting-edge architecture means that while it may look, feel, and perform like a centralized exchange (CEX), it remains non-custodial and preserves the security aspect of DEXs. A unique combination of blockchain and trusted execution environment (TEE) technology, Polkadex Orderbook is not only the first project to use the Substrate Abstraction Layer for SGX technology to build a decentralized exchange, but it is also one of the first retail use cases of this technology in general.
With the decentralized security of a layer 2 DEX built on top of the Polkadex network, and a sleek CEX-like interface containing advanced trading features (including limit and market orders), Polkadex Orderbook elegantly bridges the gap between centralized and decentralized trading. Built to be capable of scaling to high frequency trading, Polkadex Orderbook is as fast–if not faster than–existing CEXs.
Currently, Polkadex Orderbook is supporting one trading pair, PDEX/USDT, with USDT being bridged over from Ethereum through ChainBridge. After a bug bounty program with the aim of further securing the platform, the Polkadex team will start ramping up support for more trading pairs with v2.0 coming within the next six months.
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