Centralized cryptocurrency exchanges (CEX’s) like Coinbase, Binance, and Bitfinex make up an astonishing percentage of 99% of the total cryptocurrency trading volume. This is very puzzling when you take into account the fact that billions of dollars in user funds has been lost to hacks and exit scams. Not only that, but users of these exchanges are forced to verify their identities by submitting sensitive personal information, enabling their every move to be tracked and leaving them vulnerable to hackers.
So why do traders continue to use centralized cryptocurrency exchanges? Well, there’s a number of reasons:
- They are very popular and viewed as the go-to choice
- They are very fast
- They are easy-to-use
- They offer deep liquidity
- They are rich with features
Decentralized exchanges (DEX’s) have long struggled with the aforementioned benefits of centralized cryptocurrency exchanges, hence why people continue to use them.
However, DEX’s have come a long way since their beginnings in 2014. Gone are the days when people lost funds from making small mistakes like typing in the wrong address. Today's latest and greatest DEX’s are much more user-friendly than you might expect and they offer all the benefits of a centralized exchange. Even more, they offer the unparalleled benefits of a decentralized exchange such as anonymity and security.
One such DEX which just recently launched is DeversiFi, a revolutionary new DEX that’s now able to compete with existing centralized exchanges.
DeversiFi (a spin on the words, ‘DeFi’ and ‘Diversify’), is a new decentralized exchange. It is the evolution of EthFinex Trustless and is the only high-speed decentralized exchange where traders can execute orders of any size directly from the security of their private wallet. Previously incubated by Bitfinex, DeversiFi is now a completely separate company and exchange.
Over the past 2 years, the team behind Ethfinex has been taking everything they’ve learned from the community-driven Ethfinex DEX and evolved the platform towards full decentralization.
The new independent exchange operates in a fully distributed ecosystem where participants collectively contribute to the direction of the DEX through a purpose-built DAO and revamped Nectar (NEC) token economics.
Unlike other newly launched DEX platforms, DeversiFi benefits from the evolutionary process of Ethfinex Trustless. Since Ethfinex’s launch in 2017, it has gone through multiple iterations featuring new designs, user interfaces, and wallet integrations. The exchange’s evolution was driven by community feedback which has led to the now refined DeversiFi DEX.
DeversiFi is more than just a decentralized exchange. It is the evolutionary infrastructure that facilitates the transition to a new, open and decentralized financial world. Fulfilling this vision, the exchange provides professional traders with 4 primary features being; a Decentralized Exchange (DEX), Over-The-Counter Trading (OTC), Margin Trading, and API Trading.
Decentralized Exchange (DEX)
DeversiFi offers traders a range of the most popular trading pairs with unmatched liquidity on more than 30 highly liquid markets. It features a beautiful trading interface that’s been refined from years of experience and real-user feedback. As well, it enables seamless trading directly from the users’ private and secure wallets.
Over-The-Counter Trading (OTC)
An industry first, DeversiFi lowers the cost and barriers to entry for OTC trading, all while offering it to clients on their decentralized exchange infrastructure. OTC traders benefit from the security of OTC for a very low cost for any standard ERC-20 tokens.
A feature which is coming soon, traders will be able to go long or short on various trading pairs or lend out their funds to earn interest.
The DeversiFi API allows trading of cryptocurrency tokens from any Ethereum wallet or smart-contract. Developers can add DeversiFi’s exchange capabilities directly to their dapp.
Through the offering of these features, DeversiFi aims to play a leading role in the industry-wide shift towards a new and decentralized financial paradigm.
DeversiFi meets the needs of professional traders without compromising on speed, security or choice. It may very well be the most advanced Ethereum decentralized exchange to date as it offers traders a wide array of features and benefits such as:
No Sign-Up or Registration Required
Unlike centralized exchanges, traders are not required to create an account and provide an email address or password. More importantly, users are NOT required to verify their identity with KYC information.
Trade Directly From Your Favourite Wallet
DeversiFi makes decentralized trading fast and easy by enabling traders to simply connect their favorite personal wallet and trade instantly. Currently, DeversiFi supports Metamask, Ledger, Trezor, Portis, or simply Keystore, and will support many more in the future.
Lightning Fast Order Matching
DeversiFi’s trading engine is built on the backend architecture of Bitfinex, one of the most advanced centralized exchanges in the world. Therefore, DeversiFi offers a seamless trading experience with zero compromises.
Real-Time Order Management
DeversiFi uses a unique architecture design that allows traders to manage orders faster than any other decentralized exchange by simply signing a message. This design reduces fees and enhances order management.
Highly Liquid Markets
DeversiFi uses a decentralized hybrid architecture which allows users to trade some of the most popular cryptocurrencies with unmatched liquidity, straight from their own wallet. Currently, traders can trade Ethereum (ETH), Tether (USDT), and decentralized stablecoin (DAI) markets.
Many Fee Discount Options
Traders benefit from multiple ways to receive discounts on fees. The easiest way is to hold Nectar (NEC) tokens, the exchange's native cryptocurrency. Traders can also reduce fees by generating trading volume and placing large orders. The maximum discount traders can receive is up to 60%.
DeversiFi is an Ethereum-based decentralized exchange, which means it only supports Ethereum-based tokens.
Currently, DeversiFi supports Ethereum (ETH) and other popular ERC-20 tokens including FunFair (FUN), 0x (ZRX), Data Transaction Toke (XD), Maker (MKR), Basic Attention Token (BAT), Status (SNT), OmiseGO (OMG), Augur (REP), Enjin Coin (ENJ), Eidoo (EDO), Santiment Network Token (SAN), SpankChain (SPANK), and Monolith (TKN).
Additionally, DeversiFi also supports trading of Wrapped Bitcoin (WBTC), which is a Bitcoin backed ERC-20 token on Ethereum. WBTC brings BTC liquidity to the DeversiFi exchange ecosystem and further enhances the decentralized finance and exchange experience.
Why You Should Care About DeversiFi
If you care about preserving the ownership and security of your cryptocurrency assets while trading them on a fast, liquid, feature-rich and easy to use platform, then DeversiFi should be on your radar. It appears to be the most advanced DEX to date and has been developed and crafted to perfection over the past 2 years. Before now, traders of decentralized exchanges were forced to sacrifice speed and ease of use for security and control. With DeversiFi, traders don’t have to sacrifice anything as the exchange seemingly offers it all.
Additionally, the DeversiFi ecosystem is expected to grow exponentially. Traditional assets such as shares, real estate, and art are beginning to be tokenized. This influx of tokenization will make a new “token economy” and the financial industry will be more accessible, cheaper, faster and easier. However, as many industry players are realizing, KYC is turning out to be a huge pain in the ass and more people will look into platforms that offer ERC-20 liquidity with no KYC. This will in turn lead to a rise in DEX’s and users who transition to decentralized exchanges like DeversiFi will be ahead of the pack, especially when investing in DeversiFi’s native cryptocurrency token, Nectar (NEC).
Before the launch of DeversiFi, Nectar was the ERC-20 governance and utility token of Ethfinex. Now, with the launch of DeversiFi, the token is undergoing revamped tokenomics with a brand new Nectar 2.0 model. Token holders will benefit from exciting new incentives and will be able to participate in the upcoming necDAO, which will have the Nectar token at its core.