Decred (DCR), a digital currency that emphasizes and prioritizes security and scalability, announced (May 27, 2021) the initial integration of its decentralized exchange, DCRDEX, into its Decrediton wallet.
DCRDEX, which was first available through the command line interface (CLI), has managed to surpass $ 210 million in total transaction volume since it went live in October of last year. The integration should greatly facilitate access to the exchange, “the first of its kind with no trading fees,” according to a statement shared with Insider Crowdfund.
DCRDEX would also be among the first to use a new order matching system that aims to level the playing field between retail and professional traders, according to the announcement. He also mentioned that other key features have been incorporated, such as increased security, as the servers “never take custody of client funds and privacy as it is completely unauthorized.”
Right now, the exchange allows users to trade Decred and Bitcoin, but the developers at DCRDEX say they plan to add more crypto later. This should help put projects on an “equal footing” and facilitate acquisition. crypto-assets, which should benefit the entire digital asset ecosystem.
As stated in the press release:
The integration follows Decred’s announcement of becoming the first true decentralized autonomous organization (DAO) in the crypto space, after making a consensus shift to decentralize its $ 87 million treasury earlier this month. . “
This decision gave Decred stakeholders full sovereignty over the project funds.
Jake Yocom-Piatt, Co-Founder and Project Manager at Decred.org, said he was proud to confirm the initial integration of DCRDEX into Decrediton – “a much anticipated update”.
Jake claims that no DEX on the market has been “created solely for the public good, for crypto users in the original spirit of crypto.”
“Having the ability to trade cryptocurrencies with minimal friction, risk and centralization is crucial for the process of cryptocurrency adoption by the general public and will dramatically improve the resilience of the ecosystem in its together. The integration of DCRDEX and the recent change in consensus are the latest examples of how Decred is leading the way in helping crypto stay true to its original ideals and keep crypto decentralized.
Some of the main features of DCRDEX are as follows:
- Fresh – There are “no fees per transaction that go to the operator of the server and there is no unnecessary token or blockchain used to monetize the project.” Customers “pay a one-time fee for a small account in DCR to use a given DCRDEX server, which discourages bad behavior.”
- Fair – DCRDEX is the only DEX that “uses pseudo-random order matching over the ages to dramatically reduce manipulative and abusive trading practices through high-frequency transactions that use first-in-first-out matching.”
- Secured – “Server operators never take custody of customer funds. Non-custodial exchange is achieved using inter-chain atomic swaps.
- Without permission – The simple client-server architecture “makes it easier to set up new servers and clients and strengthens censorship resistance”.
- No keeper – Projects can “have their cryptocurrency taken over by DCRDEX by simply adding support for atomic swaps”.
- Verifiable volume – Volume data can be “externally verified against corresponding blockchains and atomic swaps that occur in chain, preventing wash operations.”
- Private – Knowing your customer information (KYC) “is not mandatory”
- Transparent – By “performing on-chain exchanges and using cryptographic attestation, clients and servers can be held accountable for malicious behavior.”
Decred claims it is “Money Evolved”.
The developers of the Decred.org project note that by “combining combat-tested proof of work with an innovative proof of stake approach that puts coin holders in charge of shaping the future, Decred is able to adapt to challenges and innovate quickly. pace.”
They further explain that you “gain influence in Decred by putting ‘the skin in the game’.” Decred’s security, privacy, scalability and decentralized treasury “empower stakeholders and provide them with the tools to strengthen their financial sovereignty.”