The DEX market: Ethereum accounts for most of the kingdom, wave field, EOS and currency security chain DEX is still under development

Original title: "DEX for the Second World Beyond Ethereum"

The land is far away & NBSP;

DEX is referred to Decentralized Exchange, in a nutshell, with no licensed and unmanaged exchanges. The main feature is that most of the KYC, no registration and login, namely to go to the exchange offering exchange services. DEX is one of the important categories of Defi ecology. DEX can be divided into order book, storage library and aggregator. So I'm going to briefly list the DEX for Ethereum, and then I'm going to focus on the DEX outside of Ethereum. & have spent

 
DEX  of Ethereum;

The order book type

IDEX, Dydx, Oasis Trade, dex.blue, Curvefi, DDEX, Radar Relay, Switcheo, Saturn, Mcafeedex, Leverj, Vite, Toke.Store (closing June 22)

The DEX is best represented on Ethereum by IDEX, formerly AuroraDAO's AURA, and the existing token name IDEX is Nt. At IDEX, which had its heyday in 18/19 and was the market for a lot of copycat COINS, you can see how long DEX has been up and down by looking at the volume of IDEX. The command-and-control process of DEX is similar to that of a centralised exchange, where you log in with a login wallet and place a limit order while completing the transaction. If one asset passes through a smart contract and returns to the wallet with another asset in sufficient depth, you will feel the charm of blockchain if you experience the transaction method without trust for the first time. & have spent & have spent

With the price at a two-year high of 92 percent, even those who insist on DEX are starting to doubt themselves. To judge the value of DEX is similar to the evaluation of a centralized exchange, the following points will be referred to. & have spent

Exchange safety

& have spent (2) Technical difficulty

& have spent Trading experience

& have spent (4) volume

& have spent Team vitality & NBSP; & have spent

Before IDEX there were DEX. EtherDelta was one of them. The 17-year ethereum DEX dominated the market, with lots of investors losing money because of disputes, fraud and complete decentralization. Personally, I think with the SEC focusing on IDEX in 19 years, restricting users in the US and forcing KYC, the product update was slow, the shanzhuan market was declining, and the trading volume was taken off the shelves, IDEX lost its halo. Gradually surpassed by Bancor and Uniswap in the same period according to the algorithm repository.

Mention at the beginning, by the way can live ForkDelta on IDEX spell, IDEX on currency is trival, ForkDelta on currency only need to access tokens, contracts, tokens from casting to start trading only need a very short time, ERC20 an era of every project party doesn't to curry favor with the centralized exchange and the IDEX, ForkDelta become their best choice at this time, emphasis on free trade should not be the pursuit of DEX, even junk assets also need to be free. Of course, as the passage of time, also gradually eliminated by the market, although many online currency but low volume is an indisputable fact. & have spent & have spent

To sum up, this type of DEX belongs to leveraged trade DEX except dydx, while other types of DEX start over without choosing the two-layer network, leaving IDEX struggling to support. The storage type of DEX endowed by the algorithm with core competitiveness is superior in use experience, trading depth, wealth effect and other aspects, and the gap between the two is widening. Even if IDEX 2.0 is upgraded, when users are stuck and have poor mobile experience, most users will close the page before they try to make transactions.

We look forward to getting DEX, Injective, Loopring, Leverj, Deversifi, etc.

Storage class

Uniswap, Bancor, Kyber, Matcha, UMA, JellySwap, Balancer, Airswap, Tokenlon, Nuonetwork

A term used to describe stored type DEX, which is rounded and needle-free. Whether through liquidity pool incentives, atomic exchange, AMM(automatic market maker) and other technologies, the ultimate realization of the need for no order to maintain stable liquidity assets. For example, the constant product market maker algorithm of Uniswap, currently ethereum's number one volume.

The above is the Uniswap trading page. The DEX storage class doesn't need to show order depth and transaction history to have a concise interactive page. The essence of trading is not what I pay, but what I get at what price. Strike a deal if it suits you, cancel if it doesn't suit you.

The following issues need to be noted when using the storage class DEX:

& have spent Liquidity problem

There will be no needles when using it, and the order will be smoothly completed, but this is the premise of sufficient depth, when the total amount of liquidity pool is not high, once bought will have a huge sliding price, which is unacceptable to most traders. While marveling at the rise of the currency in Uniswap, you can keep an eye on the volume and pool size on the Info page, so savvy players don't put themselves at liquidity risk.

The right deal

In Uniswap want to sell 100 ETH, your best choice may not be USDT but DAI and USDC, choose USDT-ETH trade let you because of liquidity loss & NBSP; 2% & have spent The money.

& have spent Handling fee

Fees include ethereum's Gas fees and DEX fees, 0.3% of DEX fees and Gas fees that change over time, and the fees for central exchange range from 0.049% to 0.02%. Fees can be further reduced through VIP and point CARDS, so DEX has no advantage in fees. The Gas fee is about $0.5 - $2. The transaction cost of a single initiated transaction is excluded. Therefore, a small Swap in DEX is not a wise choice.

(4) the counterfeit money attack

Balancer Pool Token (BPT) appeared in Uniswap before Balancer's administration Token BAL was released, and it was dropped to a major liquid holder in Balancer. Uninformed users would buy BPT due to Balancer and lose money.

We can think of a DEX balance problem. The more free ForkDelta is full of junk assets, while the less free Matcha and Kyber only list the good assets, making the filter for users. But isn't this another kind of centralized decision?

(Uniswap is free to splice token contracts for trading)

So when Dex turns to DAO governance, the most basic right to govern tokens is to vote for tokens.

If a certain ERC20 is going to go online for Compound, it is up to COMP holders to vote on whether to go online or not. COMP owners are more likely to vote yes on the human side of the issue. The ERC20 has been converted into a Compound, and the first Compound to be discussed has indirectly affected the price.

The above are Kyber and 0X-based Matcha trading interfaces. From the aspects of interface design, interaction experience and cross-end trading (Walletconnet), storage class DEX is favored by the market for several reasons. & have spent & have spent

Aggregator class

1inch, dex. Ag, Shiftly, DEX. Blue, Bamboorelay, cross-chain atom exchange & NBSP; Switcheo, JellySwap.

By aggreing the depth of other Dex and protocols, multiple Dex (Kyber, Bancor, Uniswap, Oasis, Curve, 0X) and its own fund flow pool are pooled to provide users with trading services for seeking the best transaction price.

Represented by 1inch, when trading 0.1 ETH to find the best price, the Gas cost of the transaction is estimated. At this time, the cost performance of the transaction is very low after Kyber generates a handling fee of $4.

The best way to find the best price for a DEX trade can also be found by using Dexindex. Here are the best ways to plan a DEX exchange for 10000 DAI. & have spent & have spent

& have spent & have spent

When you are ready to convert 100 ETH to KNC, Matcha helps you find the best option through a combination of three DEX, 4% through 0X, 42% through Uniswap, and 54% through Kyber.

DEX is an important infrastructure in the Defi ecosystem, with automated market makers and a more experienced storage type of DEX swallowing order books. The best way to determine whether a DEX is worth investing in is to experience it firsthand. While drowning in the hype about Defi, try it out, and you'll see that Defi isn't that complicated.

Debank data

When considering ethereum's DEX in terms of volume, number of transactions, and number of users, the DEX with the highest volume of Uniswap users is no more than 4,000, and DEX with fewer than 100 users can trade nearly a million dollars a day. There are also single-digit users whose DEX is trending up.

As described here, DEX, Opyn, and Fleur Fletcher also have high professional requirements. These options are not suitable for ordinary users.

Of course, surface data alone is not enough to judge the strength of a DEX, different DEX technology implementation difficulty is different, team strength is not the same. DEX, which has some ugly data, may introduce assets outside the blockchain to trade in the future with its resource advantages, showing the vitality of the team and thus boosting the project valuation. Some of DEX's names are dead, and the core team has long since moved on. Some of the DEX teams are so flawed that they can't clean up their behavior in a way that can't be seen with normal data, but only with deeper research.

DEX of the 02 wave field

Wave field Wave field, wave field, wave field, where there is a hot spot, where there is a wave field, wave field DEX can be said to be ethereum accelerated version, very short time to produce multiple DEX and accelerate the elimination of competition.

There had been as many as 35 wave fields DEX. The early tronwatch, Kiwidex, Gocdex and KyubeyDex disappeared as the wave field TRC20 market cooled, leaving only TronTrade, PlayerRoyal and NewDex. TrxMarket was acquired by Sun Ge and promoted to PoloniDex.

Above all without exception is a thin type of DEX order, according to the wave field DappReview data direct DEX PoloniDex didn't lead TronTrade, wave field DEX daily $35 w volume and $420 w USDJ casting, $2.88 billion USDT circulation is not matching. This indicates that the wave field stability currency ecology does not form a sufficient scale of DEX market. & have spent & have spent

Recently, Oikos moved Uniswap of Ethereum to wave field and synthesized assets. SNX of Ethereum did not capture 0.3% of Uniswap's transaction fee, while Oikos made an economic loop on wave field. Mint, Swap and Exchange are all their own, and liquidity incentive and reverse token can well stimulate holders to participate in the project. TRX/sTRX capital pool is large and small, currently 864512.315 TRX + 804707.4552 sTRX. & have spent & have spent

The difference between Wave field and Ethereum is that there are few high quality TRC20 assets (except USDJ and USDT), and lottery tokens will be traded gradually with the decrease of flow and dividend. TRC20 which can be accepted by most is as follows:

BTT purchase BitTorrent issuance, recently stopped airdrop, file storage type BTFS incentive token, Dlive application to reward token, can be used for Staking, a few at the same time on the three major exchanges TRC20, circulation market value of $6500W.

WIN lottery leading, bonus type token, circulation market value of $2400W.

JST USDJ token management, three exchanges have not opened trading pair, circulation market value of $750W.

(4) & have spent SOUL blockchain game ChainZ tokens with a circulating market value of $120 million.

(5) & have spent OKS Oikos Defi USES tokens with a total market value of $250W and a low circulation rate.

Most people will never have access to other TRC20. Up to now, the total amount of TRC20 is up to 6301, while less than 10 are known to be used. On the contrary, dozens of projects have been moved to the COinage security chain. Perhaps the attraction of P net +Dex COINS can have an effect on some project parties. It is cheaper and more effective to transfer project tokens to wave field than to support similar projects from scratch.

So far, wave fields have not been linked by ChainLink and other prescients.Prosperity of USDJ pledge has not brought vitality to wave field DEX. USDJ's influence on wave field Defi is much less than DAI's influence on Ethereum Defi. As a reminder to ignore it & NBSP; Defi Application Network Effects still wants to develop the public links of the Defi ecosystem.

03 EOS DEX

So far, the EOS Token number is 5,143, and DEX has gone everywhere in the early days, and 32 eOS-based DEX have appeared so far. If you were an early EOS user, you've heard of FINDEX, BTEX, Chaince, AKDEX, and more or less all of them are no longer in use.

Flip a finger -- the only DEX on EOS today are Newdex, WhaleEx, and Switcheo, all of which have cross-chain DEX and implemented their own cross-chain solutions.

Newdex leads the pack based on data of $18M per day (including Swap volume), with the most active EOS/USDT region calculating average daily volume should be around $10W-15W. & have spent & have spent

EOS does not yet have a storage class DEX, but it does have a side chain DEX but the volume is minimal. Only a few projects have emerged to generate stabilisation COINS by pledging EOS mortgages, but the scale and impact are insufficient to support the Defi ecosystem, and Rex itself is, of course, the largest Defi application on EOS. & have spent & have spent

At present, more promising is the partnership with Polkadot and PToken & NBSP; Obiect, EOS mortgages with a size of 400W, about $1000w of mortgages are cast to create 273W EOSDT with a system mortgage rate of 385%.

Based on EOS Token, instead of lottery, what is left are either Taiwan dollars or KEY and EOS wallet tokens of the three exchanges. Application and game tokens start to seek their way out in Ethereum and other public chains (KARMA, PGL, XPET, Tri-States). The hope is that Voice will be the silver lining for EOS, and that EOSVC's investment in the Blankos Block Party, blizzard's blockchain game, will be worth looking forward to.

04 neo DEX

With the NEO 3 upgrade imminent and the public chain's built-in prognosticators also likely to set the stage for Defi, it is unclear whether NEO will return to Defi. Officially, the NFT will be NEO's next major track, and the NFT+DEX could also become a market.

Currently, DEX, developed based on NEO, has two Switcheo and Nash, with average daily turnover ranging from 5W to 20W, but Nash was earlier valued at a relatively high NGD investment and currently has a tradable market value of $2000w. Switcheo, which was part of the Singapore team, did not actually receive NGD's early investment until DEX participated in the NEO contest and currently has a current market cap of $270 MILLION.

Dappreview data

Switcheo was born at the beginning of EOS's primary launch, with Nash seeking gaps where products could not be rolled out by compliance, from SWH conversions at Eether to SWTH at NEO. At this time, The Ethereal Dex was on the decline, and the outbreak of Token on EOS's primary network was in urgent need of Dex to carry the circulation. Therefore, the Switcheo wrongly chose to develop THE ETH based Dex first. When they finished developing the Ethereal Dex, the ETH market was depressed, leading to unsatisfactory turnover.

Trade demand is also not enough NEP5 based projects, including the late Zeepin are seeking centralized exchange, based on the NEO project, Soul, LRN, TNC, QLC, DBC began to abortion cannot bring DEX ideal volume, can only continue to develop based on EOS DEX, regret was developed after the completion of the EOS DEX is a WAL and Newdex accounted for under a great deal of market share, marketing weak Switcheo even have not cooperate with the market mainstream EOS purse.

The Switcheo team has since gone through this process, recently rebranded, redesigned the economic model, launched the Trade Hub, a Tendermint Core based network, and launched Staking as a clearing layer for DEX at the end of the second quarter of this year, removing NEO's own bottleneck.

05 BNB DEX

Developed on the basis of Cosmos, Binance DEX was the first exchange chain to attract a large number of project parties. In order to compete for the chance to get through the DEX online coin security, the coin security chain has 1,113 BEP2 Tokens, but only 132 tokens can be listed on the DEX, and only two Ankr and Tomo were lucky enough to be selected into the main coin security station by this way. & have spent

The rate is 0.1 per cent, compared with as low as 0.04 per cent if you use BNB.

Without a liquidity incentive, a free currency incentive is a good idea, and one that is expected to be repeated in the security chain.

Recent Rune performance in coin security chain is abnormal.

Rune: Uniswap, which has a circulating market value of $5300W, is a bit overheated.

DEX for other common chains

TomoDEX

Order thin, with the help of Swap Bridge, introduce ETH, BTC to Tomo, the current volume is low, the trading depth is poor.

YAS Codex

Through AMM, conduct no depth trading, similar to Synthetix's iETH, iTRX trading, can introduce more index marking the price.

Bytom

Domestic Defi rookie introduces BTC, ETH, BTC and BTM into MOV, and trades through magnetic exchange (order book commission 0.1%) and flash exchange (storage commission 0.3%) to complete the exchange of assets.

MOV is a decentralized cross-chain value trading protocol. Users can trade and exchange assets on the block chain through MOV. Users can trade and exchange listed assets in the agreement or exchange with one click. According to the data on the official website, the cross-chain assets have exceeded $21M and the trading volume has begun to take shape.

In the near future, MOV will launch a trading Market based on CFMM(Constant Function Market Maker) Constant Function market-making mechanism, aiming at the stable currency exchange Market, which is expected to obtain a lower sliding point price and reduce transaction friction cost for users. & have spent & have spent

Blue represents the constant product surface, green represents the constant sum surface, and in the middle is the form of the constant function market making.

The disadvantage is that the trading function of MOV is currently implemented on the mobile end, and most professional trading players are PC users. Perhaps Bytom can get through the browser plug-in, interact with the Web side and introduce Walletconnet protocol, which is expected to stand out in the DEX field.

Coinex DEX

Coinex exchange chain DEX

Saturn Network

Etc-based DEX

Zilliqa

Switcheo will develop DEX for Zilliqa this year

Polkadot

?

There is a big gap between other public chains and Ethereum in DEX, which can mainly play catch-up in high quality assets, WalletConnet, storage type DEX, liquidity incentive DEX, etc. Once Ethereum solves the congestion problem, other public chains will catch up. However, before ETH2.0 is launched and Layer2 is widely popularized, it will be the opportunity time for other public chains.

The development of Defi ecology is by no means a result of supporting one or two Defi applications. Dex, Stablecoin, Margin and Lending are indispensable, and the four applications are interlinked.

原文地址： https://mp.weixin.qq.com/s/KqfMV-1-KNV8nLmSn9m6qA

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