Inside SingularX’s Plan to Grow into a Leading Decentralized Exchange
Find out how why Ethereum creator Vitalik Buterin thinks DEX’s are the future, and what SingularDTV is doing to make that happen with SingularX.
Last week, when Ethereum creator Vitalik Buterin remarked to a TechCrunch journalist on stage that he hoped “centralized exchanges go burn in hell,” it was just another in a litany of notches tipping the scale towards decentralized exchanges in the long run of digital assets. Whether it’s hacks, corporatization, or the antithetically centralized nature of their operation, hardcore blockchain enthusiasts have always been wary of CEX exchanges, but that message is now beginning to spread to the wider public.
The understanding that decentralized exchanges are the future has long been shared by the founders and team of SingularDTV, and that’s why the SingularX Beta was one of the first modules of the decentralized entertainment ecosystem to launch alongside token generation platform Tokit in November of 2017.
“The dream is to provide financial freedom and independence to all creators worldwide,” said Arie Levy-Cohen, SingularDTV Chief Financial Officer back in January. “It’s not enough that creators are simply able to tokenize their work. It was essential that there is always a destination for intellectual rights token management and trading.”
Since then, SingularX has enjoyed remarkable growth while undergoing a UX facelift and onboarding a number of leading tokens like CENNZ and KIN. After closing out the quarter with the SNGX-CENNZ-SNGLS Airdrop and the listing of SNGX Tokens, the SingularX project is gearing up to take the next steps forward, and is now enhancing the team and infrastructure required to make that happen.
“Our goal is to find a way of achieving mass adoption,” says SingularX Product Manager Ruben Carrion. “We’ve had a pretty diverse community from the start. Analytics show we’ve been accessed worldwide. And we’re achieving volume statistics that are up there with some major competition. A lot of that volume has been in SNGLS, CENNZ, and more recently NFC and KIN.”
As the SingularX team grows, the roadmap for the remainder of the year is becoming clearer. “We’re working on UI upgrades, lite and hardware wallet integration, trading competitions around the world, and we’re making strides towards integrating trading APIs,” explains Carrion. “The organic growth SingularX has achieved has been really remarkable, but now it’s time to push on to the next level. That’s the goal of our worldwide team.”
So back to what Vitalik said. The groundswell against centralized exchanges is now clearly finding some voice. As a fast-growing decentralized exchange linked intrinsically to the SingularDTV mission, that puts SingularX in a prime position to develop. “It’s an opportunity for SingularX to grow,” says Carrion. “Every time we hear of a hack, it just empowers decentralized exchanges with evidence. Even though, as of now, decentralized exchanges are a little more challenging to use, we’re still a much safer choice. And that gap in usability can be closed. We can do great things with decentralized exchanges, and that’s what we’re working towards.”
With SingularDTV building on the landmark successes of Tokit and SingularX with community growth around the world, major partnerships and acquisitions, and development on EtherVision, SingularX’s plan to grow into a leading DEX is just one stop on the path towards a decentralized entertainment ecosystem. Check out SingularX to trade ETH, SNGLS, CENNZ, SNGX, and many of the blockchain ecosystem’s best supported and structured tokens.