Check out the many features provided by Peerplays DEX »CryptoNinjas
Exchange is one of the most common words you hear in the crypto space today. Of course. You can buy and sell cryptocurrencies on exchanges. But this is the problem.
Exchanges are centralized, which means they control your funds. If you want to trade or withdraw funds from the exchange, you must go through the KYC process, sometimes it takes a few days to complete the transaction. This is where DEX (Decentralized Exchange) comes into play.
DEX is a place where you can trade cryptocurrency without a third party. But there are many DEXs claiming that they are “decentralized”, but sometimes these platforms are not worthy of the name.
Therefore, your cryptocurrency becomes the target of hackers, the lunch of export crooks, or the escape of bankrupt exchanges on the verge of bankruptcy!
It was recently announced that Peerplays’ DEX will enter the Hive blockchain platform along with many other features. In this blog, the Peerplays team explored Peerplays’ DEX and discussed the features that make it unique compared to other products available today.
Problems with centralized exchanges
Order visibility and status are critical. They help prevent a situation where non-decentralized exchanges prevent order execution, which can lead to missed opportunities in the crypto market, or worse, catastrophic losses. You may have heard some news about people complaining that orders failed to pass when the most important time.
Centralized exchanges have a high risk of colluding with outsiders and manipulating end-user funds. For every centralized exchange, such as Binance or Coinbase, you face the same risks, and your operations may be threatened because they are so centralized in nature.
This is worrying because centralized exchanges are the most popular trading method for traders. Unfortunately, these exchanges come at the cost of security-accounts are frozen or even hacked!
Decentralized exchange challenges
Currently, the take-off of decentralized exchanges (DEX) is facing some challenges.
On the one hand, since there are few transactions on these platforms, liquidity is very low; this makes transactions difficult, and sometimes impossible! Although there has been improvement due to the increase in the liquidity pool, there must be a better way…
Peerplays’ DEX introduction
Peerplays is an open source blockchain that provides the fastest and most decentralized blockchain consensus model today. Peerplays is built with graphene technology and gamified proof-of-stake (GPoS), bringing a new paradigm of fairness, trust, speed, and security.
Your assets are always in front of you. You can effortlessly view the items that have been purchased or sold, manage open orders, and view the settings of your personal information. With Peerplays DEX, everything is transparent and visible. The platform’s built-in wallet allows you to retain assets and conduct transactions at any time, while maintaining full ownership of the private key-no third party involvement required!
You can deposit Bitcoin and HIVE into DEX in a few simple steps. We are committed to adding more popular assets in future updates so that you can also enjoy them on this decentralized exchange. When these assets are on the Peerplays chain, they will benefit from blocks of as little as 3 seconds.
They can be traded or exchanged like any other Peerplay asset, and reclaimed into their original chain when needed! When this off-chain data is moved to our network, it always gets an equal amount of backup on its original chain. The assets you own can be sent to any other Peerplays account. When on the Peerplay chain, Bitcoin and HIVE can be easily transferred between each other, and even back to their original chain.
Peerplays DEX is an ideal place for people who care about decentralized features, access to features such as NFT, and the upcoming DeFi protocol. In addition, it has native Bitcoin support (fast transaction speed and low fees). The interface will be continuously improved to ensure that it is easy to use. Peerplays’ DEX is different from other DEX because it uses decentralized support for Bitcoin, Hive and other chains to support cross-chain exchanges, and will continue to add popular cryptocurrencies) and DeFi in the near future. (Essentially SON and DeFi)
HIVE will use Peerplays’ DEX to bring a rich experience to the HIVE community.
Why use Peerplays DEX
Decentralized gateway and payment
Peerplays DEX has a decentralized gateway. This is essential for any token created on the Peerplays network.
Built-in DEX support for tokens created by Peerplays
DEX has built-in support to pair tokens created by Peerplays with Bitcoin and other IOU (I owe you) tokens. When you need to transfer or trade cryptocurrency, this will greatly reduce costs and time.
One of the many unique features of Peerplays is its side chain operating node (SON), which means interoperability and greater convenience.
In addition, fully decentralized Bitcoin support via SON will be launched soon.
Verified built-in order book
Peerplays DEX and transactions will be conducted using the built-in order book that has been tested with Bitshares.
Easy token creation and tokenomics support
Peerplays is committed to providing people with a DEX-UI (User Interface) to create tokens and determine token economics (such as the maximum number of tokens, fee pools, pegged assets, etc.).
Therefore, DEX-UI will have all the functions to easily create tokens, determine token economics, and distribute tokens according to innovative methods.
Features of Peerplays DEX
Peerplays DEX is more than just a cryptocurrency exchange. With DEX, you can:
?? Use DEX as a wallet to manage assets in addition to trading assets
?? Utilize Peerplays’ liquidity pool and exchange assets (the liquidity pool is supported by the upcoming DeFi)
?? Participate in blockchain governance by voting
?? Maintain control of your Peerplays account
?? Send and receive BTC or HIVE from your own account
?? Stake your assets through GPoS and get rewards and voting rights
?? Convert equity assets into NFT and enjoy moderate rewards (even sell aging NFT)
?? Use automatic market-making algorithms to instantly exchange your assets (in progress)
?? Vote on important blockchain issues and project directions on DEX.
?? Vote for node operators and they will run the network the way you want
?? Set your price (via market, limit and stop-loss limit orders)
?? Trade at any time, no need to move assets (wallet is built into DEX)
??Never worry about hacked exchanges, exchange bankruptcies, exit fraud or government intervention (temporary)
Rare varieties of DEX
Peerplays is a DEX, it is built for you, the end user. We are committed to building an ecosystem that allows users to have impeccable convenience and no worries about third-party participation. All content of Peerplays is open source, so there are no hidden strings attached.
Your trust should be the center of everything. This is why DEX will eventually be 100% decentralized and designed to achieve scalability. Therefore, it will always operate on a solid foundation without compromising user experience or security. There is the availability of ultra-fast BTC transactions, on-chain NFT and DeFi protocols. Everything is on a fair platform, making you feel confident.
You can learn more about Peerplays DEX here.