0x Paradex decentralised cryptocurrency exchange goes live beta
Paradex blends on and off-chain systems through 0x to create an "elite" decentralised ERC20 exchange.
The future is here! Or more accurately, one potential part of the future's mainnet beta went live on 12 January, and users are now receiving their invites to this potential part of the future, and taking that potential part of the future for a test drive.
Paradex is one of the new generation of decentralised cryptocurrency exchanges, which aim to unlock the potential of blockchain technology in trading through the 0x protocol. Paradex helps better tie together ERC20 tokens, and support the Ethereum ecosystem as a whole.
It's similar to Ethfinex in that it makes use of the 0x protocol, but very different in that it's a truly decentralised cryptocurrency exchange.
It's also different to other decentralised exchanges in that it used a hybrid on- and off-chain system to offer real-time transactions and minimise the trade failure rate.
- No account needed - Traders can use it without creating an account.
- No money on the exchange - No account, no need to deposit money onto the exchange. Instead it interfaces with a range of wallets.
- Hybrid architecture - Critical security stays decentralised on-chain, while off-chain solutions are used where possible to create the most responsive, yet secure experience Paradex developers could manage. The 0x protocol was designed for these kinds of solutions, and is viewed by much of the community as a necessary measure until proper scaling comes to Ethereum.
- Full featured, real time trading - It's got the full range of features you want in a high-end trading platform (limit orders, asynchronous trading).
So far user comments say that it has a good interface and runs well. The main downside being noted is that it still it still has a fairly low trade volume.