New listing on 1inch
On the 17th of July, TokenStars started cooperating with 1inch exchange, a decentralized integrator of the crypto exchanges. During the first half of 2020, DEXes show a significant increment in the number of daily active users and trade volumes.
DEX — a new standard for crypto operations
Decentralized Exchange (DEX) is a crypto exchange based on blockchain technology. DEX excludes intermediaries from the exchange chain and allows the exchange of digital assets between users directly (peer-to-peer) through smart contracts or other algorithms based on a distributed ledger.
The main difference is that decentralized exchanges don’t have a single point of failure. Centralized (CEX) exchanges store users’ funds and personal data on one or more servers, which makes them vulnerable to cyber-attacks.
Users of decentralized crypto exchanges independently store private keys from crypto wallets and have complete control over their account. Any external interference is excluded: the wallet cannot be blocked or hacked. Besides, there is no need to disclose personal information to trade on DEX-exchanges.
Another difference is that centralized exchanges act as intermediaries in transactions between users. The exchange becomes isolated from the community, and there is no transparency in transactions. Due to the absence of intermediaries and therefore increased maintenance costs, decentralized platforms can offer lower fees.
According to DUNE analytics, DEX volume for 2020 so far $3,6B — up 50% from the 2019 total.
1inch — a rising star among exchanges
1inch Exchange is a decentralized exchange aggregator. It’s designed to roll liquidity and pricing from all major DEXes into one platform, making it easy to get the best price for the desired trade.
- Trades via 1inch can be split across exchanges, to minimize slippage and provide the best pricing possible. 1inch is also non-custodial, with all trades being performed within a single transaction from a user’s Ethereum-based wallet.
- Oasis, Kyber Network, Uniswap, 0x Relays and others are all integrated into the 1inch protocol.
- Most popular wallets such as Metamask, Authereum, and Ledger are supported.
Cofounder Sergey Kunts says: “We have eliminated two major dex problems — low liquidity and significant price slippage. So soon no one will be using centralized exchanges because users lose confidence in them because they are constantly being hacked. People will soon switch to dex or dex aggregators”.
