While centralized exchanges seem to have won the popular vote, decentralized exchanges are still up-and-coming and giving them a run for their money. Centralized exchanges offer users ease of access to multiple as well as faster transaction speeds. But what these exchanges make up for in speed and access, they lose in security. This is where decentralized exchanges make their grand entrance.
Decentralized exchanges offer users security as all users own their private keys, unlike centralized who hold their user’s private keys and can, therefore, be hacked cost users millions in crypto. 2018 as a record-breaking year for crypto exchange hacks, including the . Recently, South Korean crypto exchange, Bithumb, was hacked for the , with hackers making off with a believed $20 million worth of crypto.
Now, what does all of this spell for crypto enthusiasts? Well, it means that users who were not already obsessed with keeping their funds safe will be soon. And a great alternative to your typical centralized exchange is their exact opposite, the decentralized exchange. So we’ve looked at some decentralized platforms so that you guys can start informing yourselves on the subject, and choose the right decentralized platform for your needs.
IDEX is a platform for (ERC-20) . It has the highest number of transactions , and at press time has a 24-hour volume of $1,618,049. This platform offers 504 pairs, the most popular being FTM/ETH. Their gas fees can run higher than other networks, but this is made up for with the fact that your transaction will be mined in a certain order, and your gas fee won’t be wasted. IDEX claims to offer real-time , much like a centralized exchange, but with all the strength and security of the .
With a volume of just under $1 million at press time, Kyber Network offers 62 pairs with the most common being DAI/ETH. The network self-describes themselves as a platform that allows for “seamless payments and transactions and allows to be used across a wide range of different applications, platforms, and ecosystems.” Their protocol aims to leverage the decentralized liquidity pool by allowing any to be useable anywhere.
With one of the highest volumes of decentralized exchanges at $3,155,011 at press according to exchange reporting sites like , Bancor Network offers 253 pairs with the most active being ETH/BNT. Bancor boasts a cross-chain network for easy conversion between . The network claims instant convertibility between coins and features and .
This decentralized exchange is based in Denmark and has a more modest 24-hour volume of $810,794 at a press. The platform offers 103 pairs, the most common being ETH/BTS. They back a number of including ETH, , , NEO, and Dash. OpenLedger DEX boasts a “user-friendly interface” and claims to be a “truly decentralized crypto platform for novice and professional traders.” The platform also states to have a low fee of 0.2% and states to handle 100,000 transactions per second, aiming their platform at users who usually trade arbitrage on centralized exchanges.
This US-based exchange has a very modest 24-hour volume of $108,851 at the time of press and offers 25 pairs, of which WETH/DAI is the most active. Radar Relay allows users to directly connect to their and trade directly from it. Users can send between wallets and every transaction is settled on the . There is no registration required on this platform.
These are just a few options available to users looking to break away from centralized exchanges and users who want a more secure option for their crypto. As you can see from above, each platform offers different features and targets different audiences. As always, we encourage our readers to do their due diligence and research platforms themselves to find one that suits their needs, but we’re always happy to provide a jumping off point.
And if you’re an ICO looking to list with a decentralized exchange, we encourage it! Do your research and find the best platform for your , and help contribute to the more decentralized world.
And if you’re feeling overwhelmed with the process or don’t know where to start, contact and we’ll help you power you through the whole process. You can get a free quote on our website.
Published at Fri, 12 Apr 2019 08:03:22 +0000
