Decentralized Trading Platform AirSwap Unveils New DexIndex Product to Remain Competitive
AirSwap, a decentralized trading platform, has released a new data aggregator product. The information was released on January 31st, showing that the company wants to remain competitive in a market that has been performing very poorly in the last few months.
According to The Block, the new product is called DexIndex and it provides information about how several digital assets are trading in different decentralized exchanges. This could be very useful for individuals and investors that have purchased several ERC-20 assets.
Graham Perich, a developer at AirSwap, commented that if users are working on a trading desk, they might use the data and inform trading algorithms about it. The new product is open-source, allowing other individuals and interested parties to use it for free. Additionally, developers can use it to build applications that need real-time pricing data, including wallet providers.
Decentralized exchanges (DEX) are different than centralized platforms. DEX’s allow users to sell and purchase cryptocurrencies without having to give their private keys to a centralized third party such an exchange. During 2018, decentralized exchanges collapsed 95% year-to-date and AirSwap is currently handling $20,000 in trades per month.
Decentralized exchanges provide more security to users. Centralized platforms have been attacked by different hackers resulting in the loss of millions of dollars in cryptocurrencies. As in DEXs users hold their own private keys, they are responsible for their own virtual currencies.
Perich commented about the new open-source initiative:
“When you are able to share software within the community it creates beneficial relationships. If you have something that works, an infrastructure stack, and you can help other organizations keep their nodes updated with it, then that’s good for everyone.”
There are several popular centralized exchanges in the market that are starting to work on their own decentralized platforms. Binance is one of the exchanges that is working in a DEX that is user-friendly and easy to use. In general, DEXs are not user-friendly and is difficult to use them.
In Silicon Valley, sharing code is something very common. However, this is novel in World Street. Just a few companies are making their code available for the public.