McAfee-Supported DEX challenges Centralized Exchanges.

작년

Last week, Bithumb lost nearly $20 million in cryptocurrencies due to a hack. This was the second time Bithumb, one of the largest exchanges in the world, was hacked in a 12-month period. Just a few months prior to this, QuadrigaCX, the leading exchange in Canada, lost access to its users’ funds as its founder and CEO, who was the only person with access to the exchange’s Crypto storage, suspiciously died on a foreign trip.

With the exchange's CEO being the only person with access to private keys, the exchange has been unable to return funds to users.

Given the growing problems faced by centralized exchanges, Switch.ag, a platform designed to enable users to anonymously switch Ethereum or any ERC-20 token for other ERC-20 tokens, gift cards, or charitable giving, has launched a DEX. SwitchDex, which allows users to trade ERC-20 tokens with Ethereum, has seen support among prominent people in the Crypto space, including John McAfee.

Fees Distributed to the Community

There’s a number of decentralized exchanges out there, but SwitchDex is the first one to receive support from major profiles in the Crypto space. For one, it’s the first decentralized marketplace which is friendly to novice entrants in the Crypto space. Switch.ag is designed to be easy to use by the masses as they are given a visual display of their trade matches. SwitchDex extends the ecosystem by giving more experienced traders the opportunity and freedom to carry out more flexible traders.

While the exchange’s goal of making a decentralized marketplace that can suit anyone’s needs has been well-received, the likely reason it has gained so much support is because of the way the exchange handles its fees.

Fees Distributed to Token Holders


Existing decentralized exchanges like DDEX and ForkDelta retain all their fees. Ironically, even centralized exchanges distribute fees back to token holders. For example, Binance gives back 20% in the form of buy-backs and Bibox shares 50% of fees with token holders.

SwitchDex is the first exchange to distribute all fees to token holders. Thus, this is the first decentralized exchange to hand back fees to the community, and it goes all the way since SwitchDex won’t retain any of the money. The fees are airdropped to wallets that hold ESH, the native token of Swtch.ag, and SDEX, the native token of SwitchDex.

Much Cheaper


Both centralized and decentralized exchanges tend to charge a fee to both market makers and market takers. Bitfinex, for example, charges a 0.2% fee to market takers and a 0.1% fee to market makers. Thus, the net claim adds up to 0.3%. Decentralized exchanges have followed this path:

IDEX: 0.2% for market takers; 0.1% for market makers (0.3% net claim)
DDEX: 0.3% for market takers; 0.1% for market makers (0.4% net claim)
ForkDelta: 0.3% for market takers (0.3% net claim)

SwitchDex, on the other hand, charges only one fee: 0.2% for market takers, and these fees are given back to the token holders anyways. Thus, the exchange offers a trader-centric platform as not only are the fees low, but they are also given back to the community.

Things get more interesting with memberships, as these can reduce fees to zero.

Memberships


The concept of exchange memberships has been put to use in the past. Huobi, a leading centralized exchange, sells memberships for hundreds or even thousands of dollars. In return, members are given fee discounts. Huobi’s memberships are a great resource for large market players, but are unlikely to be used by retail traders and investors as the large upfront sum is not going to match fee savings.

SwitchDex, noticing the potential in memberships, has created the most powerful membership program in any exchange’s history. With a one-time payment, traders will become SwitchDex members, enabling them to trade for free on the platform forever. Even the membership fees are airdropped to platform token holders (ESH tokens and SDEX tokens).

The membership fees will start a $20 in April and will increase by $10 each month. Presently, the intent is to cap the maximum fee at $100 by December, 2019. The membership fees work as such:

April: One-time $20 fee.
May: One-time $30 fee.
June: One-time $40 fee.

December: One-time $100 fee.

A New Tier for a DEX

Decentralized exchanges have seen limited popularity to date but that’s been largely because centralized exchanges have either offered lower fees, partially returned fees to token holders, or offered memberships for fee discounts.

SwitchDex is the first decentralized exchange to offer features that can go horn-to-horn against any CEX. By offering just a taker fee, $20 memberships for a life-time of no fees, and returning all collected fees to ESH and SDEX holders, SwitchDex is kicking off a new tier for a DEX.

Connect with me:

My Twitter
PM me on Telegram

Cryptocurrency News Cryptocurrency Airdrops Best ICO List Ripple XRP News Ethereum News Crypto Bounties Blockchain News Blockchain Lawyers

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT
Sort Order:  trending

Centralised exchanges are a necessary evil for now and DEX is where we need to be moving towards. All the scandals as you mentioned and wash trading and volume faking just shows 3rd parties of any kind cannot be trusted and are easily corrupted be it in tech or in morals

·

I'm a fucktard.

If McAfee supports it, I'd say that's a strike against it, no?

Already using it. Needs some more volume but the UI is great and feels very smooth!

More losses because of hacks? Exchange needed to up their game.

I will check this one out. It's exciting to see the rapid advancement of DEXs and hopefully this will translate to better ways to offramp crypto as well.

·

🎁 Dear @ibuildnodez,

SteemBet Seed round SPT sale is about to start in 2 days!

When our started the development of SteemBet Dice game, we couldn’t imagine that our game would go so viral and that SteemBet would become one of the pioneers in this field.

In order to give back to our beloved community, we’ll distribute 4000 STEEM to SPT holders immediately after Seed sale. Plus, investors in this earliest round will be given 60% more tokens as reward and overall Return on Investment is estimated at 300%!

Join the whitelist on SteemBet webiste now and start investing! Feel free to ask us anything on Discord https://discord.gg/tNWJEAD

spt-sale-2-day.jpg

After some exchange hacked now i just only using DEX expect for buying token from IEO on centralized exchange like binance, bittrex. It is difficult to find a centralized exchange that is reliable and easy to use now, Only binance and bittrex which I still use.

·

What DEXs are you using? The problem with DEXs is usually related to their low volume so while the fees are lower that's negated by the spread.

·
·

So far only forkdelta but i try Airswap and i think it's good. Before i use bancor but after hacked scandal i leave them.

·
·
·

Oh, I wasn't aware of Bancor's scandal, good to know.

·
·
·
·


You just planted 0.10 tree(s)!


Thanks to @fuadsm

We have planted already
8191.28 trees
out of 1,000,000


Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 24754.04
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku
treeplantermessage_ok.png

·
·


You just planted 0.10 tree(s)!


Thanks to @fuadsm

We have planted already
8168.23 trees
out of 1,000,000


Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 24752.20
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku
treeplantermessage_ok.png

·
·
·

Why not just use Bitshares? It's way faster and has been in development for like 5 years. Dan made it and it's the basis for this whole website and Eos

Awesome!! I'll check it out, thanks for the heads up. Dexs will be the future as people won't trust centralized exchanges as more of these hacks happen.

Its revolutionary...

Posted using Partiko Android

  ·  작년

This is extremely a bright future opening kind of a project. We shall need more like this but let's first see how this goes.

It's look like DEX becoming a trend again after several centralized exchanges had many problems, I was happy to hear that

More centralized exchange? Guess we can not truly escape centralization. Though when it comes to exchanges, it is necessary i guess.

John McAfee will eat his d*ck if Bitcoin doesn't reach $1m by 2020
https://www.theinquirer.net › news › joh...
;)))

·

I hear he's great for financial advice. Now he appears to be streaking across some remote island, they put a coat on him to make it PG. They could barely handle him for a minute and a half, God knows what happened after that.

·
·

I am absolutely agree with you

What a danger of hacking. That figure is just too much

SwitchDex is cheap, secure, now more exchanges will be DEX , surely give a try

yes a wonderfuell contents, it's a very important notice

Due to security reasons, different countries don't allow cryptocurrency in general. It is very hard to find who has done money laundering in the blockchain network. It is very necessary improve security measures in blockchain technology.

·

And not to mention that not many businesses are willing yet to accept cryptocurrencies.

Most of McAFee shills will become worthless if you came late to the party. Price skyrocket within few hours then even after a year of waiting you will be at a loss. Beware of McAFee shills.

Posted using Partiko Android

your post is very important.i like your post..thank you for sharing with us... Have a great day💜👍

  ·  작년

hello mr.hatu,thank you for the information. I will try to use it.

Informative, no matter the rhetoric or speculations.

I am poor but i'm looking for typing business becoz I'm typing Master, designer banner, logo

·
  ·  작년

Message me on Telegram, @HatuSSS, with your design portfolio.

Tôi cũng tin steemit sẽ như vậy . I also believe steemit will be the same.

Interesante artículo. Me suscribo para leer mas

Posted using Partiko Android

Hello 😅😅

Los intercambios centralizados son un mal necesario por ahora y DEX es hacia donde debemos avanzar. Todos los escándalos, como usted mencionó, el comercio de lavado y la falsificación de volúmenes, muestran que no se puede confiar en terceros de cualquier tipo y se corrompen fácilmente, ya sea en tecnología o en moral.

Los intercambios centralizados son un mal necesario por ahora y DEX es hacia donde debemos avanzar. Todos los escándalos, como usted mencionó, el comercio de lavado y la falsificación de volúmenes, muestran que no se puede confiar en terceros de cualquier tipo y se corrompen fácilmente, ya sea en tecnología o en moral.

Almost 3 weeks not active and i hear many news from crypto world. This was suprising.

Dex is only answer for current market, Centralized exchange just become greed and can not be trusted!

Already using it. Needs some more volume but the UI is great and feels very smooth!

Too much exchanges that pop on the crypto space lately. Most of them will not gain traction and face iquidity issue.

Posted using Partiko Android

Usefull. Thanks for sharing.

Posted using Partiko iOS

Hi, your article was interesting, Anyway i'm new on steemit. Nice to meet you!

That's really cool, there's so many DEXs to keep up with now.

hola soy nuevo :D

  ·  작년

This post is supported by @tipU upvote :)
@tipU voting service: instant upvotes | For investors.

Congratulations @hatu!
Your post was mentioned in the Steem Hit Parade in the following category:

  • Pending payout - Ranked 2 with $ 262,02