2023 is just around the corner and this year was a blast for the Riverex team. Here’s our decentralized cryptocurrency exchange review.
Riverex is a decentralized cryptocurrency exchange (DEX) built on an EVM-compatible chain that aims to provide users with one-stop access to DeFi.
Here’s a look back on the platform’s milestones and a preview of how it will provide a more convenient, accessible, and seamless crypto trading experience.
Quarters 1 and 2
With its platform launch on March 2022, Riverex released its smart contract and integrated the MetaMask wallet into its network.
Following its launch, Riverex has incorporated its main features and other significant updates while developing it into a sustainable crypto trading platform.
Integrated Main Features
As a decentralized exchange platform, users do not rely on any third party to hold and transact their assets, allowing them to have greater security and enhanced privacy on all transactions.
That is why Riverex equipped the platform with primary features and revamped the transaction structure to provide users with a more seamless trading experience.
Riverex deployed a Public and Private Chatroom to provide a sense of community in the crypto market and allow its users to discuss and share information that would help traders make more informed decisions and potentially improve their trading strategies.
The chatrooms are also a helpful platform for traders to ask questions and get real-time support from the community or the Riverex admins.
Riverex allows users to trade directly with other traders without needing a central entity, enabling more efficient and cost-effective trading.
Through a P2P mechanism, users can have greater security, privacy, and user-friendly experience with greater accessibility to users in regions where centralized exchanges are not available or are heavily regulated.
Also known as cross-chain swap or atomic cross-chain trading, users can exchange digital assets without an intermediary, providing greater security and privacy.
Transactions are completed faster and with lower fees, allowing a more comprehensive range of trading options. Riverex is connected to five blockchains with more than 260 listed tokens and coins.
Liquidity pools ensure that there are always enough buy and sell orders on the DEX, making it easier for users to trade quickly and at the prices they want. It also helps reduce asset volatility and make it more stable.
Additionally, users can benefit from commission fees by providing or adding liquidity to the pool. The transaction fees paid by traders while swapping assets on the pool will be distributed to all the liquidity providers of that particular pool.
Linked Multiple Blockchains
Having multiple blockchains in one platform increases the number of available assets and trading pairs, providing better flexibility and potentially higher opportunities for trading and investment.
Hence, Riverex integrated five blockchains – Ethereum, Binance, Fantom, Polygon, and MoonBeam for better trading performance.
Access to a Wider Range of Assets
Riverex has a wider range of assets available for trading, including less well-known or niche cryptocurrencies.
It listed over 260 tokens and coins, including game and fan tokens such as CHZ, ATM, SAND, ENJ, APE, MANA, GALA, and others.
Riverex activated a telegram bot, which generates transaction reports on the platform. It provides valuable insights and information to users, including swap requests that users can review and approve according to their trading requirements.
Successful swap transaction reports are immediately posted as a tracker on each transaction. When users create a liquidity pool on the platform, a telegram bot is published so other users are informed and can place trades if it is in line with their portfolios.
Charts and Analytics
The Riverex charts and analytics include data on market trends, prices, and other relevant metrics, which can help traders make more informed decisions about when to buy and sell different cryptocurrencies.
It helps users track the performance of certain assets, monitor the success of each asset, and make strategies and adjustments as needed. It makes it easier for traders to stay on top of their investments and make the most of their trading activities.
Riverex offers a negotiating tactic to ensure both parties in a P2P transaction are satisfied with the deal’s final terms, increasing the likelihood of a completed transaction.
Additionally, the counteroffer feature helps foster a sense of fairness and transparency in the trading activity.
The platform offers an enhanced privacy feature, such as the ability to trade anonymously using non-custodial wallets.
Riverex has integrated MetaMask, TrustWallet, Coinbase, and its newest addition, WalletConnect.
Mobile App Release
In November, Riverex released its mobile app for Android users. This is useful for traders who need to be able to access their crypto accounts and execute trades quickly and easily, regardless of where they are.
It offers a more straightforward and user-friendly experience than desktop platforms, having access to advanced features like news updates, market data, and price alerts.
What To Expect in 2023
With these milestones, the Riverex team continues to develop the platform to offer additional solutions, helping traders and investors get the most out of their trading activities.
Therefore, the team has a lot in store to update. Here are a few sneak peek of the platform’s prime targets over the next few months.
- Utility Token ICO Launch
Riverex utility token, WELLE, will be used to pay inside platform fees and will be given as a reward in future platform projects.
Investors participating in the WELLE token launch have the opportunity to purchase a share in the company’s future success.
- Additional Blockchain Network and Wallet
To improve the scalability and performance of the platform, Riverex will soon employ Tron blockchain and wallet.
Adding more compatible blockchains and wallets helps reduce congestion and improve transaction times, making the platform more user-friendly, cost-effective, and efficient.
- Single-Chain 2-Step Atomic Swap
Riverex currently employs a four-step atomic swap on all transactions. The upcoming single-chain two-step atomic swap allows faster and more efficient trading while reducing the potential of one party to defraud the other.
Hence, this new update will create a more secure, trustworthy, affordable, and accessible trading environment.
- Request for Quote (RFQ)
Riverex will soon integrate the RFQ protocol to allow traders to request quotes from multiple users and compare several rates to get the best price for their trade.
Moreover, it helps reduce the risk of price manipulation, as fellow traders provide quotes rather than being determined by a centralized exchange.
- Trading Tokens to NFTs
The platform promotes the diversification of portfolios and exploring new investment or trading opportunities. Hence, one of its target goals in the coming months is to enable crypto trade to NFTs.
By adding this feature to the platform, traders can potentially access new markets, technologies, and communities and possibly generate higher returns on their investments.
- Lending and Borrowing
One of the future target goals of Riverex is to provide a lending and borrowing system, allowing individuals and businesses to access credit without going through traditional financial institutions.
Decentralized Cryptocurrency Exchange Review
The crypto market is likely to continue playing out in 2023, and its rapid expansion makes the Riverex team close the year with an upbeat mode to work more on new horizons and protocols for the benefit of its users.
The team immensely appreciates everyone who continues to support the project and its future operations.
The Riverex Team