Jordan Ramos
- – The number of people using cryptocurrency has never been higher thanks to the growing understanding and adoption of it. By the end of 2022, there will likely be 1 billion cryptocurrency users worldwide.
- – It is an essential component of their stock trading on cryptocurrency exchanges and decentralized exchanges for these consumers and traders of cryptocurrencies.
For their initial investment, cryptocurrency investors frequently use an agency like Binance or Coinbase.
For good reason—they’re user-friendly and quick—centralized exchanges (CEXs) reported a volume of trade of more than $14 trillion last year, an enormous 689% increase year over year.
Centralized Exchanges: Don’t Use Your Coins or Keys
Few users of central exchanges are aware that, in many situations, customers do not own their cryptocurrency. For instance, Coinbase’s agreements expressly imply that, in the event of insolvency, user funds may be subject to liquidation by the company.
On the other side, trading volumes on decentralized exchanges, or “DEXs,” have increased by a record-breaking 858% over the previous year! However, what are DEXs?
Real Estate Decentralized Exchanges
Without the use of middlemen, crypto assets can be sold directly to buyers and sellers on decentralized exchanges (DEXs). Peer-to-peer trading is possible on DEXs, allowing users to trade cryptos among themselves.
Instead of being kept on a single server as they are in CEXs, all transactions are kept in DEXs on a shared information ledger. Since there can be no single point of failure, this ensures stronger security than CEXs by providing a check against hacks and attacks.
Furthermore, as DEXs are not custodial, users can fully control their digital wallets and private keys and are not required to give anybody else responsible for the security of their cryptocurrency.
But many people find it challenging to use DEXs since they are unfamiliar with the technology. Traditional DEX trading can be complicated, making it best suited for seasoned cryptocurrency traders.
In the case of DEX, there is also the problem of slippage and insufficient liquidity.
Combining The Best of CEX and DEX in Taebit
To close this vacuum left by DEXs and expand their use cases to encourage enterprise adoption of DeFi, DeFi projects and innovations are now under development. The Taebit DEX, based in Solana, is one such initiative that successfully blends the infrastructure of a fully operational foreign exchange (FOREX) exchange with the capabilities of a DEX.
Users can benefit from trading with cheap fees and avoid relevant governing pressures and limits, in contrast to the centralized finance associated with Forex. Anyone who has access to the internet and a digital wallet can trade on Taebit DEX from anywhere in the world.
Compared to Ethereum-based DEXs, Taebit enables users to exchange tokens on the Ethereum network with cheaper transaction costs and less latency, and its Pyth network offers access to fair and accurate values because of its connection to a Solana-based oracle. Taebit also addresses liquidity and slippage, a long-standing flaw in DEX platforms. With little slippage and no loss of pool liquidity or speed, Taebit’s Stable Swap mechanism enables consistent exchanging.
Taebit DEX aspires to create the fastest and safest blockchain-based foreign exchange market as a consequence. By improving user experiences to match CEXs, broadening the use cases for DEXs, pushing for retail acceptance, and expanding their use cases, projects like Taebit are attempting to overcome the challenges DEXs face.
The project will debut on September 13 with a $500,000 DARC bug bounty system that will aid speed development by utilizing crowdsourcing skills from the web3 community as Konstellation moves closer to the public launch of Taebit DEX in the fourth quarter of 2022. The bug bounty initiative will lessen potential risks and enhance user satisfaction with the TAEBIT platform. Anyone may take the test and receive their prizes. Taebit’s Medium will be updated with additional information.