Wyoming, Michigan, Dec. 18, 2020 (GLOBE NEWSWIRE) -- Decentralized exchanges have been present in the crypto industry for several years now, but they never saw enough traffic to be a real threat to centralized platforms.
DEXes had their fair share of issues, such as regulatory uncertainty, low liquidity, longer wait times, and alike. All of this worked against them, as they simply did not have enough to offer to attract more traffic. The only thing they had going for them was decentralization and greater levels of anonymity. However, with crypto transactions being mostly trackable, this was not appealing to the majority of users.
This changed with the rise of DeFi in 2020, and DEXes are finally gaining the attention they wanted for several years now. With various banking services, now offered in a decentralized fashion and with no intermediaries, DeFi projects started attracting a huge amount of attention.
Now, a new generation of DEXes is emerging — one that aims to offer many DeFi services to those willing to join. As a result, they can provide much greater liquidity, more coins, and other benefits which, combined with the element of decentralization, finally started bringing new users, and emerging as real competitors to centralized exchanges. One great example of this is SwapDEX.
What is SwapDEX?
SwapDEX is a decentralized cryptocurrency exchange that provides a quick and simple wallet-to-wallet trading experience for its clients, thus giving users to become takers or makers from their own wallets. As a DEX, it doesn't require users to deposit their coins on its platform. Instead, users remain in full control of their funds. In fact, they do not even have to create an account in order to use the exchange.
As mentioned, SwapDEX aims to provide all decentralized finance products in one place. It is a type of all-in-one platform, which offers everything, from governance, lending, borrowing, instant swaps, OTC, In-house and P2P loans, staking, stablecoins, and even the ability to develop personal apps within its ecosystem.
Benefits of Using SwapDEX
SwapDEX also has its own native token, SDX. The token will be used primarily for governance and staking. Those who opt to use it for staking will be able to earn a passive income, as they will receive staking rewards for keeping their coins locked up.
The rewards come from trading fees that the DEX will charge its users, but also from fees collected while using the token for real-world use cases. The trading fees on the platform are very low, which is also something that will help with the exchange's goal of bringing new users.
In other words, users interested in earning from crypto who do not wish to risk losing their money in trades can simply lock away their coins, bring extra security to the network in doing so, and meanwhile — earn passive income.
As for governance, by holding onto their tokens, users will also be able to vote on various proposals submitted by other token holders, or submit their own ideas for review and voting.
As mentioned, users will also be able to lend money, either from the house or from other users. This is another great way for users to increase their wealth by not engaging in trading, as they can let others borrow their funds, and then repay them with interest. That interest will be pure profit for the lender.
Other benefits of SwapDEX include a convenient trading solution for token exchange, the ability to trade with leverage, or the ability to list their brand new ERC-20 token on the exchange for free.
The exchange is still young, and many of its aspects are still in development. However, it is growing rapidly, and it has a rather interesting marketing strategy. It promised rewards of up to 60,000 SDX (nearly $1000) for articles and reviews about its project, as long as they are posted on social media platforms, such as Reddit, Medium, or YouTube.
That way, anyone with a far reach and a community of followers can help the exchange increase its user base, while simultaneously improving their own financial position.
SwapDEX's mission goes beyond that, of course, as it aims to provide Ethereum blockchain-based services, but also to become the leader in providing solutions for trading Bitcoin in Ethereum's ecosystem using counterparties.
Lastly, it is worth noting that the exchange has a special focus on stablecoins — so much so that it plans to launch its own stablecoin, USDX. Doing so will simplify many of its vital functionalities, and it will provide users with another native asset which they can own without fear of what will happen to its price.
SwapDEX comes as a DeFi project and a decentralized exchange in one, aiming to provide an all-in-one platform for every crypto user interested in enjoying the benefits of the growing DeFi sector. It has its own coin, it plans to launch its stablecoin, and it is offering a large variety of services, such as P2P and in-house loans, staking, OTC, SWAP and decentralized exchanges, and more. It represents a new generation of decentralized exchanges, and as an early mover, it has great potential to become a leader among DEXes.