Weekly Article
The outlook for decentralized exchanges (DEXs) in 2023 is highly optimistic. Decentralized exchanges are platforms that allow for peer-to-peer trading of cryptocurrencies without the need for a central authority. This is in contrast to centralized exchanges, which are controlled by a single entity and often require users to deposit their funds with the exchange.
One major advantage of DEXs is their increased security. Since there is no central point of control, there is no single point of failure that can be exploited by hackers. This makes DEXs a much safer option for trading cryptocurrencies, especially in the wake of numerous high-profile hacks on centralized exchanges.
Another key benefit of DEXs is their ability to offer greater privacy to users. Since DEXs do not require personal information or identification from users, they offer a greater level of anonymity compared to centralized exchanges. This is especially appealing to users who value their privacy and do not want to reveal their personal information to a third party.
In addition to their security and privacy advantages, DEXs are also attractive because they offer a greater level of control to users. On a centralized exchange, users must trust the exchange to handle their funds and execute trades properly. On a DEX, users retain full control of their funds and can directly execute trades with other users.
2022 ended in a shock for the crypto community due to FTX meltdown accompanied by series of alleged hacks that happens on the site during the meltdown. All made possible due to a series of unfortunate events but boils down to insolvency and incompetence. With DEX, user handles their own funds, it is impossible for FTX-like situation to happen as the money was never held by the DEX.
The future outlook for DEXs is bright, and it is likely that they will continue to gain in popularity in the coming years. As the cryptocurrency market matures and more people become aware of the benefits of DEXs, it is likely that we will see a significant increase in the number of people using these platforms to trade cryptocurrencies. Its shown from the trend that people’s interest on AMM (Automated Market Maker) a.k.a the magic that enables DEX to run grows over the years as seen below, an increase of 400% from 2020.
Hence ENEDEX is on the right path. With crosschain DEX on the way, ENEDEX is poised to be a force to be reckoned with in our capabilities to operate DEX that aggregate multiple chains at once in an easy-to-use interface.
Wanted to get in early before the trend kicks in?
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Analyze price actions on :
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