Decred Announces Initial DCRDEX Integration into Decrediton Wallet
Trading volume has surpassed $210M since launch in October.
Chicago, IL – May 27, 2021
Decred (DCR), a digital currency that emphasizes security and scalability, today announced the initial integration of its decentralized exchange, DCRDEX, into its Decrediton wallet. DCRDEX, initially available on the command line interface, has surpassed $210 million in trading volume since its launch in October 2020.
The integration will make it easier to access the exchange, the first of its kind with no trading fees. It is also the first to utilize a new order matching system that levels the playing field between retail and professional traders. Other notable features are added security, as servers never take custody of client funds, and privacy as it’s completely permissionless. Currently the exchange allows users to exchange Decred and Bitcoin, however DCRDEX will eventually be open to more cryptocurrencies. This will put projects on a more equal footing and ease the process of acquiring crypto assets, which will benefit the overall ecosystem.
The integration comes following news of Decred becoming the first true decentralized autonomous organization (DAO) in the crypto space, after making a consensus change to decentralize its $87 million treasury earlier this month. The move gave stakeholders full sovereignty over the project funds.
“We’re proud to announce the initial integration of DCRDEX into Decrediton – a much anticipated update,” said Jake Yocom-Piatt, Co-Founder & Project Lead at Decred.org. “No DEX to this day has been solely created in the name of the public good, for the users of crypto in the original spirit of crypto. Having the ability to exchange cryptocurrencies with minimal friction, risk and centralization is crucial to the process of cryptocurrency adoption by the wider public and will substantially improve the resiliency of the ecosystem as a whole. The DCRDEX integration and recent consensus change are the latest examples of how Decred is leading the way in helping crypto stay true to its original ideals and keeping crypto decentralized.”
Key features of DCRDEX:
- Fees -There are no per-trade fees that go to the server operator and there is no superfluous token or blockchain that is used to monetize the project. Clients pay a one-time small account fee in DCR to use a given DCRDEX server, which disincentivizes bad behavior.
- Fair -DCRDEX is the only DEX that uses pseudorandom order matching within epochs to substantially reduce manipulative, abusive trading practices by high frequency trading that uses first-in-first-out matching.
- Secure -Server operators never take custody of client funds. Non-custodial exchange is accomplished using cross-chain atomic swaps.
- Permissionless -The simple client-server architecture makes it easy to set up new servers and clients and enhances censorship resistance.
- No gatekeepers -Projects can get their cryptocurrency supported by DCRDEX by simply adding support for atomic swaps.
- Verifiable volume -Volume data can be externally verified against the corresponding blockchains and the atomic swaps that occur on-chain, preventing wash trading.
- Private – Know your customer (KYC) information is not required.
- Transparent -By performing exchanges on-chain and using cryptographic attestation, both clients and servers can be held accountable for malicious behavior.
About Decred
Decred is Money Evolved. By combining battle tested Proof-of-Work with an innovative take on Proof-of-Stake that places coin holders in charge of shaping the future, Decred is able to adapt to challenges and innovate at a rapid pace. You acquire influence in Decred by putting “skin in the game”. Decred’s security, privacy, scalability, and decentralized treasury empower stakeholders and provides them with the tools needed to enhance their financial sovereignty.