What is a DEX and why is it secure?

DEX stands for “Decentralized Exchange.” On DEXs, every order is settled on blockchain with the help of smart contract technology.

What’s great about DEX is that it’s more secure than centralized exchanges. If your order is written on smart contracts, no one can manipulate it or revert it. It eliminates security concerns that centralized exchanges have. DEX is transparent and immutable. So it’s free from frauds.

What’s the downside of DEXs?

ERC-20 was a great success and most tokens were issued on Ethereum blockchain. Therefore most DEXs are based on Ethereum which is a second-ranked blockchain in terms of its market cap. But it’s not easy to trade crypto assets in a DEX without deep knowledge on how Ethereum works. You’ll get frustrated when trying to use DEX because of three reasons below.

First, users need to pay for gas for every transaction. Gas is paid in ETH so you need to have a small amount of ETH when trading. It means you always need to have enough amount of ETH even if you want to trade ERC-20 tokens, not ETH.

Second, MetaMask plugin isn’t an easy-to-use tool for normal users. It is the most famous tool to interact with Ethereum blockchain in web browsers but it requires basic knowledge on how blockchain works including seed words, gas fees, block confirmations, etc.

Lastly, it takes at least 15 seconds for whatever action you take. When you want to add an order to the order book, you need to wait for 15+ seconds. Cancelling them also requires another 15+ seconds and filling orders too. Also, when the network is busy, it is a possible scenario that you would have to wait for 3-4 minutes just for cancelling an order.

How is LevX different?

First, you don’t need to pay any fees . LevX is the first exchange on LoomNetwork’s BaseChain and LevX team is paying fees for using the network on behalf of users.

Second, LevX doesn’t require any other external tools for using it. It is a mobile app that you can download from app store or play store and start using it right away. It guarantees the best level of user experience for trading crypto assets. If users face any inconvenience, we put then in the highest priority.

What makes LevX really special is, you don’t need to wait for 15+ seconds ! LoomNetwork’s DPoS consensus algorithm guarantees 1-3 seconds confirmation for any transaction including creating, filling or cancelling orders.

One more thing, LevX is the first DEX that supports leverage trading with cross-chain assets including ETH, ERC-20, BNB, TRON, ATOM and BTC. This feature will be covered in the following posts.

Get Started

Are you interested in becoming one of the initial users for this revolutionary DEX app? You can request for an early access now.