A Primer On Decentralized Exchanges

With crypto awareness and adoption on the rise, the number of crypto users is at an all-time high. By the end of 2022, it is estimated that there would be 1 billion crypto users. To these crypto users and traders, crypto exchanges are an integral part of their trading experience.

Crypto traders often find themselves using an exchange like Binance or Coinbase to make their first investment.

Centralized exchanges (CEXs) reported a trading volume of more than USD 14 trillion last year with a year-on-year surge of a massive 689% and are wildly popular among investors for a good reason: they are user-friendly and quicker.

Centralized Exchanges: Not Your Keys, Not Your Coins

What several centralized exchange users do not know is that, in most cases, users do not “own” their crypto. For instance, Coinbase’s terms clearly imply that the users’ funds are subject to liquidation by the entity in case of bankruptcy.

Decentralized Exchanges or ‘DEXs’, on the other hand, have been witnessing a record-high increase in trading volumes up to the tune of 858% compared to last year! But what are DEXs?

Decentralized Exchanges: True Ownership

Decentralized exchanges (DEXs) are marketplaces where crypto assets can be traded directly between buyers and sellers without the involvement of intermediaries. DEXs allow peer-to-peer trading meaning users can swap and exchange cryptos among themselves.

All transactions are stored within the DEX on a shared digital ledger instead of a central server like in CEXs. This poses a check against hacks and exploits as there can be no single point of failure, guaranteeing greater security than CEXs.

Moreover, DEXs are non-custodial and let users have full control over their digital wallet and private keys and don’t need to entrust the security of their crypto to someone else.

But due to unfamiliarity of the technology, a lot of users find it difficult to use DEXs. The trading process on traditional DEXs can be complicated and is mostly suited for experienced crypto traders.

There’s also the issue of slippage and low liquidity in case of a DEX.

Taebit: Blending The Best Of CEX and DEX

DeFi projects and innovations are in the works to fill this vacuum left by DEXs and to also widen the use-cases to incentivize institutional adoption of DeFi. One such project is Solana-based Taebit DEX which uniquely combines the functionality of a DEX with the infrastructure of a fully functioning foreign exchange (FOREX) market.

In contrast to centralized finance associated with FOREX, users can enjoy trading with low fees and avoid regional regulatory pressure and constraints. On the user front, Anyone with internet access and a digital wallet can use Taebit DEX for trading, no matter where they are from.

Taebit allows users to exchange tokens with lower transaction fees and less latency than any Ethereum-based DEX on Ethereum, all the while accessing fair and accurate prices due to Taebit’s link with Pyth network, Solana-based oracle. Taebit also tackles one of the long-standing limitations of DEX platforms: liquidity and slippage. Taebit’s Inter-Stable Swap system has been designed to facilitate consistent swapping with minimal slippage without compromising pool liquidity and speed.

All in all, Taebit DEX aims to establish the fastest and most secure foreign exchange market built on the blockchain. Projects such as Taebit are working to solve the roadblocks that DEXs have been facing by widening use cases while improving users’ experience to match CEXs and pushing for retail adoption of DEXs.

As Konstellation approaches closer to the Taebit DEX public launch in the fourth quarter of 2022, the project is going live with a 500,000 $DARC bug bounty program on September 13th that will help fast-track development by crowdsourcing talent from the web3 community. The bug bounty program will mitigate any future risk to the TAEBIT platform and improve the overall user experience. Anyone can test and claim rewards. More info will be shared on Taebit’s Medium for more info.

✨KONSTELLATION Network is a blockchain protocol, built on Cosmos Network SDK, creating a global infrastructure for the future of decentralized capital markets.

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