Blockchain Commodities, a market-leading provider of blockchain-based digital solutions, unveiled the Riverex, a DEX platform designed to provide customers with the best trading experience possible through a secure, convenient, and simple transaction. Here’s why Riverex was developed and how it works.
Over the past few years, cryptocurrency transactions have multiplied dramatically. Generally, investors can trade crypto assets, including digital and fiat currencies and NFTs, on centralized exchanges. These exchanges, however, are controlled by entities. Therefore, handling, operation, and security are all highly vulnerable, not to mention the time-consuming KYC regulations.
As innovations took off, new systems emerged to help users trade assets quickly, safely, and effectively. Decentralized exchanges (DEXs) advent thus brings a great deal to many traders.
Decentralized exchanges aim to provide users full control of their assets with a trustless trading mechanism that doesn’t require an intermediary to facilitate trading. Instead, it uses a smart contract to carry out the transaction and enables users to trade directly from their wallets.
What is Riverex and How It Works?
Riverex is a decentralized cryptocurrency exchange built on an EVM-compatible chain that provides features revolutionizing the world of crypto transactions.
It incorporates an in-chat system, enabling cryptocurrency traders to discuss and swap digital assets in a completely peer-to-peer mechanism.
Moreover, it integrates a trustless swapping of over 260 crypto tokens and coins in five blockchain networks (Ethereum, Binance, Moonbeam, Polygon, and Fantom).
Users are also able to provide liquidity pools and earn token rewards. Traders can create a liquidity pool, add liquidity to an existing pool, and swap a wide range of digital assets.
The platform uses a smart contract that functions as an automated market maker to facilitate efficient, more accessible, flexible, and safer transactions.
Features of Riverex
The Riverex platform provides features that ensure users trustless and safe crypto transactions.
Public and Private Chat
Users can freely communicate similar crypto trading preferences and ideas with other traders through the public chatroom.
The private chatroom is ideal for confidential discussions and negotiating swap transactions with other traders.
P2P Atomic Swap
Some decentralized exchanges do not support transacting other altcoins in their platform, which leads to additional trading processes and higher trading fees to trade allowed cryptocurrencies.
Riverex has now integrated atomic swapping into the platform to address this issue. It allows a direct Peer-to-Peer (P2P) trading mechanism to swap more than 260 tokens and coins across five blockchain ecosystems.
The P2P mechanism uses a smart contract that automatically executes and verifies the protocols that were followed when two traders agree to a transaction and transfer digital assets from one account to another.
Users can deposit digital assets in the Riverex platform through smart contracts to provide liquidity pools. As a result, the system now offers asset liquidity for traders to swap between cryptocurrencies.
By creating and adding funds to the liquidity pools, liquidity pool providers can collect (Liquidity Pool Tokens) LP tokens as a reward, which will be used in future platform programs.
What Makes Riverex Special?
Riverex is among the most promising decentralized cryptocurrency exchanges that constantly enhance its platform and facilities to simplify trading processes while ensuring a smooth transaction.
Users get the option to discuss with fellow traders who share the same craze about crypto trading, which helps them be more knowledgeable when dealing.
Diverse tokens and coins have also been integrated with several blockchain networks, and more will undoubtedly be added in the future.
The platform’s features and pricing structure, known as Automated Market Makers (AMMs), set it apart from other liquidity pools in decentralized exchanges. Riverex determines the price of tokens via the AMM protocol rather than connecting buyers and sellers.
Therefore, the price of tokens on the Riverex platform depends on how many trades actually occur. The protocol balances the value of tokens and allows exchanges based on how much individuals wish to purchase and sell them for.
Most market liquidity pools incentivize providers with minimal or fixed token rewards. On the other hand, users can choose their commission from 0% to 10% of the value of each pool they build on the Riverex platform.
With decentralization, we have entered a new era of trustless transactions in a global financial market. The development of these platforms benefits investors and business enterprises and also aids in providing career chances.