DeXe Network partners with Elrond make things faster and inexpensive
While developing the full platform of the DeXe.Network, we are always on the lookout for ways to make it the best possible version of itself. This is why we’re so excited to partner with Elrond to optimize every process within our platform, making everything faster and with lower costs.
Elrond’s blockchain is secure, powerful, and massively scalable. Thanks to its use of Adaptive State Sharding, it can process many transactions in parallel, producing huge cost and time savings. Specific to DeXe’s needs, the platform’s Asset Management tool will use the Elrond blockchain to do our most important and largest calculations and data storage prior to doing the final transaction on the Ethereum blockchain (rather than relying on the Ethereum blockchain at every step of the way, which is much more costly). By doing the bulk of the processing and calculations on the Elrond blockchain, we will achieve very significant savings to the final execution of each transaction. We will pass these savings onto our traders and followers, making transactions more profitable to them.
Per DeXe Network’s Co-Founder, Dmitriy Kotliarov: “Of all the blockchains out there, we loved how quick and secure Elrond’s is; it will have a direct positive impact on reducing the resources and time spent on each transaction once we start using Elrond’s blockchain in the eternal processes of the DeXe ecosystem.”
Once implemented within the DeXe Network platform, we expect this to provide a useful real-world test for Elrond blockchain’s ability to quickly process a large number of transactions and data in the trading instruments space. This in turn will allow Elrond to show the world that it is indeed a key scalable layer in the blockchain ecosystem.
Elrond’s Co-Founder, Beniamin Mincu, noted: “Its scalability and interoperability make the Elrond network the ultimate scaling solution for DeFi products on other chains. The DeXe team is building a platform that leverages these capabilities to increase speed and lower costs for its users. This is proof of great architecture, which we’re happy to support”
The integration of Elrond’s blockchain into DeXe builds on the earlier decision to use our partner Orion Protocol’s aggregation of liquidity from a number of DEXs and CEXs to provide DeXe’s traders with access to the best liquidity, which is crucial for executing large trades quickly without high slippage. In the case of integration where Elrond’s blockchain reduces the necessary expenditure of resources speeds up the processing of transactions and data, DeXe’s traders will find it even more convenient to squeeze even more profit out of each trading play.
About DeXe
Dexe.network is a decentralized social trading platform which operates via autonomous smart contracts, that includes tools for virtual currency allocation, automatic rebalancing and eliminates the risks of transferring digital wallet details such as private keys and API or any virtual currency data to a third party, as well as fixing the absence of decentralized interconnection between users and successful traders within the framework of DeFi.
About Elrond
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Website: https://dexe.network
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