DEx.top – New Decentralized Ethereum Exchange Prepares to Go Live

The cryptocurrency exchange will use an innovative trading mechanism that synchronizes off-chain and on-chain ledgers

by Nina Dimitrova
17 May • 2 mins
In News

DEx.top – a new decentralized cryptocurrency exchange on the Ethereum network has announced its plans to launch operations shortly.

 

According to its own site and a publication in the Medium platform earlier this week, DEx.top is a decentralized Ethereum token exchange platform based on a smart contract. Thanks to the innovative Replayed-On-Chain (RoC) trading mechanism that uses synchronization of off-chain and on-chain ledgers, DEx.top promises its clients instant order placing, canceling, matching, execution, and safety of assets.

 

The RoC mechanism works in the following way: all trading actions are first confirmed on Dex.top’s off-chain ledger, eliminating the risk of slow and overloaded network, and then are sent to the blockchain for settlement. The action sequence is then “replayed” by the smart contract and registered on the public ledger.

 

The DEx.top platform is optimized for low gas cost and unfulfilled orders are not charged a gas fee. (‘Gas’ is the term used for the cost of transactions and running a contract on the Ethereum network – the more complex the commands that need to be executed, the more gas needs to be paid. The price of ‘gas’ is set in Ether.)

 

“By using both off-chain ledger and on-chain ledger, we are able to provide users with the more secure, instant, and low fee trading experience that none other exchange can compare with,” the company said.

 

“We are not a project that write white papers and promise superfluous things and sell tokens to the public,” it claims.

 

In its statement, DEx.top also promises top security of client funds. It says it will not store users’ private keys or funds – all assets will be stored in the smart contract. This should ensure that clients’ funds will never be lost even if the exchange gets attacked and robbed by hackers.

 

For the time being, Dex.top supports the e-wallet MetaMask for Ether and other ERC20 tokens, but it plans to add other software and hardware wallets such as bitcome, imToken and Ledger.

 

For now, DEx.top will charge a 0.1% market maker fee and a 0.2% market taker fee. Deposits and withdrawals will be charged a fee to cover the gas costs on the Ehtereum network. There are also minimum trading requirements – for ETH it is 0.05 ETH. For other coins, it will be subject to configuration.

 

Currently, the exchange does not provide many other details about its platform and instrument portfolio, but already accepts applications for listing of coins and says pre-registration and user testing will be open soon. Its development team is based in several locations in Switzerland, the US, Singapore, and Hong Kong.