If you are following our posts, then you remember that we’ve discussed the disadvantages of both centralized and decentralized exchanges.
As we’ve seen, platforms like Binance are black boxes — and they have control over your money. On the other hand, they are very fast and let you trade any currency pairs, no matter what blockchain each coin is built on. So you can trade ETH for BTC, for example. On a true decentralized exchange, this is very hard to do — yet. This is what’s called interoperability — the ability of different blockchains to talk to each other. Many of the best teams in crypto are working on this problem. In our upcoming posts, we’ll tell you all about those efforts — and how we plan to use them on 2Ether.
But let’s focus on the advantages of DEXes in general and our own 2EtherDEX in particular. Why do traders choose a decentralized exchange over Binance, for example:
There are two main reasons.
When you trade on a DEX, your crypto is always under your control. You don’t have to entrust it to the exchange. All that 2EtherDEX does is provide you with an interface and a way to find other users who can fill your order.
When you link your wallet to 2EtherDEX, you don’t give your private key to the system. None of your sensitive info will be stored on the server of the exchange. Even if hackers get access to the database of 2EtherDEX, they won’t be able to steal your assets.
Does this mean that your crypto is 100% safe? Unfortunately, you are never completely safe — so you have to exercise caution at all times. If you don’t use centralized exchanges, the only way a hacker can steal your crypto is by phishing — tricking you into providing your personal key. For example, a hacker could create a fake website that mirrors the real DEX, and convince you to enter the key there.
2) Easy listing
You’ve probably read that Poloniex, Kraken and others charge a huge amount of money to list new coins. They do have serious evaluation procedures, but it’s almost impossible to get on those exchanges without paying. The fee can reach $1 million and more. This means that only the richest projects can afford such listings.
Projects with smaller budgets have to deal with minor exchanges, but even they tend to charge exorbitant prices. The result is that many promising projects simply can’t afford a listing anywhere.
Do DEXes charge fees? Most of them do, but they are nowhere near as high as on centralized exchanges. This creates a more democratic air around DEXes. This gives talented team a way to get their token to the public even if their budget is modest.
Still, most DEXes charge at least something, and it makes sense. If you let people list their tokens for free, your exchange will be soon flooded with low-quality coins that nobody will want to trade.
On 2EtherDEX, we will charge a small fee of $300 for the listing. This isn’t much compared to what is charged by such large DEXes as CryptoBridge, for example, whose fee is several BTC.
Not every project is worthy of being listed, even if it has the money to pay the fee. For this reason, we’ll have a serious community evaluation procedure in place to select the best teams. Next time we’ll tell you all about it!
Web site —https://2ether.com/
Telegram chat —https://t.me/blockchain_2ether