The Polkadex order book is open for business! Just a year after the release of the Polkadex network, the game-changing orderbook-based decentralized exchange (DEX) started to disrupt the way cryptocurrencies are traded.
After nearly two years of work, this release is – by far – our biggest milestone yet. We are thrilled for Polkadexers to eventually get their hands on the Polkadex Orederbook and look forward to seeing you all in business.
What is Polkadex Orderbook?
If you are new here or just want a recap, let’s take a step back. Briefly, both centralized exchanges (CEX) & DEXs are imperfect in their present forms. Polkadex Orderbook combines the best of both worlds. How? Read on to find out.
DEX vs. CEX
DEXs like Uniswap have revolutionized the way cryptocurrencies are traded in the last years by providing traders control over their own funds.
The automated market maker (AMM) model popularized by such DEXs,nevertheless, has been plagued by high network costs, price slippage, front-running, low interoperability, and limited performance. For this reason, many traders have preferred to continue using the advanced trading features and higher interoperability provided by CEXs, that also cost less to the user. It is reasonable; Why jump through more hoops and spend precious money on network fees along the way, when all you aim to do is trade crypto?
Moreover, as the trading experience may be better on CEXs, it may be more risky because of the possibility of hacks and data breaches as well. Finally, when using CEX, you are handing over the custody of your crypto to a third party and hoping that they will take care of it.
That is to say, as of right now, the decision to trade on DEX or a CEX is one of trade-offs. These trade-offs contain:
Affordability vs. high fees, speed vs. congestion, limit orders and advanced trading features vs. dips and leads, privacy vs. exposure, illegal vs. custodial, multichain support vs. shielded solutions with Low interoperability.
Enter Polkadex Orderbook
Polkadex Orderbook is built to eliminate these trade-offs. It integrates the advantages of CEXs and DEXs as solving the problems of both.
To sum up, It joins up the speed, performance, interoperability, and whole look and feel of a CEX with the security and individual custody of assets pioneered by existing DEXs.
“We designed Polkadex Orderbook to look and feel like a CEX, as retaining the non-custodial intrinsic to DEXs,” stated Gautham J, CEO and co-founder of Polkadex. “Its features represent the best of CEXs and DEXs brought together into one cohesive non-custodial platform.”
Features of Polkadex Orderbook
Polkadex Orderbook is non-custodial
It means, just you control your money.
Polkadex Orderbook is the initial CEX-like exchange where you can hold your funds without worrying about security breaches. There is no centralized honeypot for hackers. Only you can deposit and withdraw to and from your trading accounts.
High-frequency trading = no speed limits
Trading crypto on Polkadex Orderbook is as quick as (if not quicker than) trading on CEXs. Capable of scaling up to 500,000 trades per second, Polkadex Orderbook is a non-custodial frequency crypto trading in real time with sub-millisecond latency.
For the initial six months, Polkadex Orderbook will have zero trading fees.
Couple that with zero gas fees and zero order submission/cancellation fees, and Polkadex Orderbook is much more affordable than existing DEXs.
“If you are going to build a non-custodial orderbook-based DEX that’s capable of high-frequency trading, why not do it in style?”
- We to ourselves, maybe.
Polkadex Orderbook has all the functionality of a CEX and the security of a DEX, wrapped into a sleek, minimalistic, and functional interface.
Limit and market orders
We also hate slipping. Get the price you want with limited orders. Market orders are executed directly and transparently with better liquidity.
Trade Polkadot and Polkadot parachain tokens via the Polkadex parachain (connecting shortly), and ETH ERC-20 tokens via ChainBridge and the upcoming THEA bridge, that first connect Polkadex to ETH followed by other blockchain networks down the line.
Register multiple business accounts
Use desktop, mobile, tablet, or any other device and trade anytime, and anywhere.
Having multiple trading accounts lets you trade on the go as keeping your funds under your control. Convenience meets security.
Allow bots to trade
Blend a bot from popular trading bot providers like Hummingbot to automate trading and earn liquidity mining. Choose a strategy and let a robot do the heavy-lifting.
Whether it is an algorithm or a fund manager, delegate your asset-trading to a third party as keeping control of your funds and sit back and watch your profits grow.
How is everything possible? Architecture deep-dive
The secret sauce that makes all these features possible is Polkadex Orderbook’s exclusive combination of blockchain and trusted execution environment (TEE) tech. In deed, Polkadex is the initial project to use the Substrate abstraction Layer for SGX to create a decentralized exchange, with Polkadex Orderbook one of the initial retail uses of this tech.
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