2023. Cryptocurrency with a bright future — PLEXUS

Michael Gerrard

Published in

Coinmonks

5 min readDec 23, 2022

Hi, everyone :)

When people ask me what the focus of the DeFi Project will be in 2023, I’d like to introduce this project.

Let me explain!🕵️‍♂️

What is the PLEXUS?

PLEXUS is a Cross-chain DEX aggregator. It is a next-generation DEX aggregator that guarantees the fastest, the cheapest and the most secure multi step swaps across all blockchain networks and bridges with a single transaction.

PLEXUS connects all blockchains and aggregates the liquidity. Users are now able to connect their wallets and start swapping any tokens across all blockchains instantly.

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What problems does PLEXUS solve?

Difficulty of exchanging asset across blockchains

Currently, liquidity on the blockchain ecosystem is fragmented in many different mainnets and users need to go through complex steps to swap one token on a blockchain to another token on different blockchain.

Ex. In order for a user to swap a Polygon ERC-20 token to an Ethereum ERC-20, users have to go through steps below:

1. Exchange token in a Polygon DEX
2. Convert asset through a bridge
3. Exchange token in an Ethereum DEX

2. Different native tokens for gas fee

Ex. In order for a user to change an polygon ERC-20 token to an Ethereum ERC-20, three types of coins are required as follows.

1. Matic at Polygon DEX
2. Wrapped ETH at bridge
3. ETH at Ethereum DEX

3. CEX Problem

Even if you use a centralized exchange, there is a hassle of depositing tokens to an exchange that has gone through KYC, exchanging tokens, and withdrawing them again.

Solution

We conducted research and development to solve the UX problem, and developed PLEXUS, a service that can process all tokens on multiple chains with a single TX.

And since PLEXUS supports the ability to pay gas fees for all networks with destination tokens, users can swap between cross-chains without holding a separate gas fee token in their wallet.

PLEXUS enables users to pay gas fee with the destination tokens or PLX tokens.
Pay the gas fee with destination tokens PLEXUS deducts the gas fee from the destination token and gives the remaining to the user.
Pay the gas fee with PLX tokens If a user has PLX tokens in the wallet, he/she can pay the gas fee with PLX tokens.

Through this, users can conveniently exchange all tokens in PLEXUS without accessing and using individual DEX and multiple bridges one by one.

Key Features of PLEXUS

on-chain swap

Users can swap any token on-chain via PLEXUS. PLEXUS enables ERC-20 to ETC-20, ERC-2 to Coin (Native token) and Coin to Coin exchange between chains.

fee payment service

Users can pay gas fees with through PLEXUS without native tokens.

Optimized cross-chain swap

Users usually exchange tokens through famous DEXs or Bridges because it is difficult to compare the optimal exchange path for each transaction. PLEXUS supports trading by analyzing the optimal path through multiple paths based on liquidity data collected through the self-developed Theta algorithm.

CCRP (Cross-Chain Routing Protocol) solution

PLEXUS innovatively overcomes the limitations of moving assets between chains through the Theta algorithm-based “CCRP (Cross-Chain Routing Protocol)”. What makes CCRP special is that it enables cross-chain transactions with an optimal exchange path and minimal cost in a single transaction.

User Experience (UX)

Through PLEXUS, users can experience an optimized UX and trade all on-chain tokens through the optimal route without having to go through the complicated KYC process.