DRK DEX — The future of cryptocurrency exchanges

Decentralized Exchange (DEX) has become an important standard in the field of Blockchain, especially for Decentralized Finance (DeFi). The benefits of centralized crypto exchanges are undeniable, but DEX is demonstrating the essentials of blockchain’s most important goal — decentralization, transparency and automation. Therefore, we believe in the applicability and popularity of DEX in the future. Although the concept was introduced in 2017, some DEXs generally still have not been able to solve the critical problems and weaknesses in themselves such as issues in performance, liquidity, security, etc.

This article presents the salient elements of DRK DEX, thereby demonstrating the solution to current DEX challenges.

PERFORMANCE

Trading performance, more specifically, the speed and frequency of transactions, especially for an exchange that needs to process up to thousands of transactions every second, is currently a challenge for DEX.

The way DRK DEX solves the problem was inherent from the beginning when we successfully launched DRK Chain Mainnet. With the strengths of a high-performance blockchain such as DRK Chain, up to 5000TPS of transaction speed, good expansion will result in more effective trading.

USER EXPERIENCE

Most users will need a certain time to understand or be given specific instructions to use DEX. This is partly because DEX is a completely new standard for exchanges, unlike how centralized exchanges have been operating.

DRK DEX focuses entirely on how users trade, thereby optimizes the simplicity of user visualization. Users will get a smooth, concise experience from simply linking their Metamask wallets and starting trading without having to switch between networks. The user interface is minimized but still ensures the full functionality needed to carry out the transaction.

CROSS-CHAIN

Most current DEXs operate on the Ethereum Network, resulting in the ongoing situation that only existing tokens on the platform can be listed. If DEX is determined to be the future of world finance or in particular, the cryptocurrency market, DEX desperately needs the linkage of today’s popular blockchains to optimize the trading pairs and user communities.

DRK DEX develops a separate protocol that allows interoperability with other blockchains. We call it the “bridge”, which allows DRK Chain to communicate with other blockchains while retaining the key elements of a DEX. In the upcoming version soon to be released, the “bridge” will be operated between DRK Chain and the Ethereum network. This mechanism allows completely automatic transactions of Wrapped-ETH (and Wrapped-BTC in the near future) with unlimited quantities while emitting the need for user’s impact.

EXCHANGE FEES

For a cryptocurrency exchange, the transaction fee is the most important factor and determines its users’ interest. Most current DEXs use currency from its representative Blockchain as transaction fee. For example, IDEX will use ETH as the currency of transaction fee. This leads to inadequacies for users. What if you only have DRK instead of ETH?

DRK DEX prioritizes user interests. Therefore, transaction fees will be minimized at the cost just enough to maintain our system. It can be well said that our transaction fee is almost the lowest compared to the current popular exchanges. Particularly, users only pay the exchange fee for the type of coin that is being traded.

SECURITY

Security of exchanges is generally considered the most important factor. In the centralized exchanges, we have witnessed many cyberattacks that resulted in the loss of hundreds of millions of dollars. The most recent incident was the collapse of the Canadian crypto exchange QuadrigaCX along with a series of doubts about their closure, or a series of attacks that happened in the past with Mt. Gox, Upbit, etc.

From that situation, DEX is receiving more and more response and demand from users for higher security from Blockchain’s decentralized characteristics. DRK DEX is built on DRK Chain on the same ideal. The only potential danger comes from users actively managing their Metamask account and their own private key.

DRK was initiated with the goal of becoming a high-performance blockchain platform for DeFi. For that matter, we are confident that DRK DEX is one of DRK’s strategic DeFi products to create a thriving ecosystem in the future.

If you have any further questions or interested in collaborating with us in developing DRK, please email contact@draken.tech