You can now use DEXter on your mobile phone

You can now use DEXter on your mobile phone

By Allen Walters | Publish0x posts | 3 Dec 2020


DEXter, the decentralized exchange that is built on Tezos, is now available on Magma wallet on iOS and Android. Magma wallet is a Tezos wallet, which you can find on Apple Store and Google Play. This enables anyone to make trades anywhere, any time of the day on his or her mobile phone.

Trading on a Tezos-based DEX has became quite a lot cheaper lately. After the last core upgrade, transaction fees on Tezos have improved quite a bit. Especially if we compare to Ethereum: The last upgrade on Tezos decreased transaction fees: 3,215 transactions on Tezos now cost the same as 1 transaction on Ethereum. 

The advantage of trading on a decentralized exchange like DEXter is the fact that you stay in full control of your crypto: you store your crypto on your personal blockchain address instead of on a centralized exchange address. DEXter is therefore obviously a non-custodial exchange (you and only you hold your private keys).

Adding liquidity to DEXter liquidity pools through Magma wallet will be enabled soon. DEXter uses an automated marketmaker. This means it runs on liquidity that is added by people that join the market as liquidity provider. These liquidity providers will add for example an amount of the Tezos-based stable coin USDtz and match that amount with a 1: 1 value of XTZ. This will be added to the USDtz - XTZ tradingpool through a smartcontract. Anyone can be a liquidity provider and ad liquidity to the liquidity pool. Traders pay 0.3% fee for their trades and the fees will be divided among the liquidity providers. This is similar to other DEXes like Uniswap.

More DeFi is expected to be added on Magma soon: "The world of DeFi applications on Tezos is rapidly expanding, so we can be sure that Dexter won’t be the only DeFi protocol natively integrated into Magma. Other teams are working on cool projects, and we will consider these new protocols for integration when they become available." - camlCase

See in this video how to Trade XTZ - USDtz on Magma, using DEXter. Video by Sergio Scarnatto (@felixls4k)

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Allen Walters
Allen Walters

Fascinated by blockchain and future proofing cryptocurrency. Discover the tech before it gets relevant. Twitter: @IgnoranceIt


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