Cryptocurrency Exchange Bibox Acquires Dex.top, Will Launch New Products
Author | Qin Xiaofeng
Editor | Lu Xiaoming
Editor | Lu Xiaoming
according toCoinDesk secondary title
Introduction: Top exchanges enter DEX
according to
Centralized exchanges have been criticized for keeping users’ private keys. This time, the loss of private keys caused damage to users’ funds. Some investors began to seek decentralized exchanges.
In view of market demand, Binance launched the beta version of the decentralized exchange Binance DEX on February 20 this year. "Currently, the market has voted with its feet. Centralized exchanges are more popular. Its trading volume and liquidity are much higher than those of decentralized exchanges." Not optimistic, but the "true fragrance law" has been tried and tested, and Binance is still in the game.
Dex.top secondary title
according toDappradarCentralized exchange guides customersCoinMarketCapIt turned out to be a decentralized trading platform incubated by Bitmain's overseas team, and it was launched for public testing on May 24, 2018. At the end of 2018, Bibox entered the decentralized exchange market and fully acquired Dex.top. However, the original team of Dex.top did not follow the new owner, and the current team was reorganized by Bibox.
according to
According to the data, the 24-hour transaction volume of IDEX, the largest decentralized exchange on Ethereum, was 3.4 million US dollars, far lower than
The transaction volume of Bibox (US$600 million) ranks among the top ten on the Internet, and there are problems such as high threshold and inconvenient operation in decentralized exchanges. Why are the top exchanges entering the decentralized exchange one after another?"Some digital assets cannot be accepted by centralized exchanges due to their small demand and relatively low transaction frequency. Decentralized exchanges happen to be the best way out." Ma Ji, co-founder of Bibox, told Odaily, "Some other customers don't want to Do KYC certification on centralized exchanges, pursue the privacy of assets and transactions, and decentralized exchanges are more in line with their needs.”Customers have needs, but can decentralized exchanges really meet them?
Odaily has previously experienced the biggest decentralized exchange on Ethereum
IDEX (click to read)
, found that the liquidity of such exchanges is poor, and more than 60% of the tokens have no trading volume within 24 hours; in addition, the current decentralized exchanges on various public chains are closed and can only trade their own public chains. Tokens cannot be traded across chains.
"Dex.top is currently based on two public chains, ETH and EOS, and can conduct cross-chain transactions." Ma Ji explained, "In the future, we will also consider opening up public chains such as BTC, BCH, and RSK. There is no technical problem, but we just need to observe Market demand."
Like Dex.top, Binance's Binance DEX (beta version) also implements cross-chain transactions, and users can trade 16 common currencies including BTC, ETH, EOS and LTC.
Ma Ji said that in the future, Dex.top will use the combination of "invitation from exchanges + application from project parties", and there will be no listing fees. In addition, project parties that have already listed their coins on Bibox can also transfer to Dex.top to list their coins if they wish. This move is undoubtedly extremely beneficial to the liquidity of Dex.top. As for whether Binance’s Binance DEX will adopt the same strategy in the future, it is currently unknown.
In addition, for centralized exchanges, a natural advantage of entering decentralized exchanges is low customer acquisition costs and high conversion rates—its existing users can quickly convert to decentralized exchanges under the stimulation of relevant incentive policies. exchange users. "Bibox will provide Dex.top with an interface and operational publicity on the website to divert traffic, thereby providing liquidity for transactions." Ma Ji said.TechCrunchDual account book + scan code login
Another problem with decentralized exchanges is that they are not friendly to novice users and the barriers to use are high. During the use, the user must either re-register the address, but the process is cumbersome; or import the private key or Keystore (keystore), but it is easy for the browser to intercept the private key and lose coins."tech blog"I once wrote that uploading private key files with a browser is very dangerous and is extremely vulnerable to network attacks. Hardware cold wallets such as Metamask browser plug-ins, Ledger, and Trezor are more secure.
For this problem, Dex.top's solution is "scan code login" or "plug-in wallet login". The so-called scanning code login refers to directly using the mobile wallet (such as imToken wallet) to scan the QR code to log in, thereby reducing the risk of user private key leakage. The so-called
Plugin Wallet Login
, that is, directly use a third-party wallet plug-in (such as the MetaMask wallet plug-in), and log in after authorization.
In addition, if you want to log in to the Dex.top DApp (APP) on the mobile phone, the user can choose a third-party wallet to authorize the login. To make a simple analogy, if you want to log in to a certain software, you can choose QQ or WeChat authorization.
Different from Dex.top, the Binance DEX webpage uses the browser to upload the Keystore file to unlock the wallet. The mobile phone still requires the user to upload the Keystore file and enter the password. The operation is cumbersome and needs to be improved.
Does this mean the transaction can be rolled back? "There will be no rollback. The off-chain is just to improve efficiency. After matching, the transaction will be mapped to the chain immediately." Ma Ji responded to the question.
postscript
According to Ma Ji, Dex.top will package multiple transactions together and send them to the chain to share the Gas, thereby reducing the transaction Gas fee. "The gas for a single order is about 20% lower than other decentralized exchanges."
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