Recently, Modern Finance Chain announced that the DDEX exchange will be the first cryptocurrency trading platform in which their MFX token will be listed. As of now, the public smart contract platform that also supports merchant payment procession is running its token generation event. As per the announcement, DDEX users who did not take part in the Modern Finance ICO will have exclusive access for five days before the coin is listed on any other platform.
According to the Modern Finance team, the decision to list on DDEX was arrived at after an extensive testing of the platform’s user interface. During this tests, it was proven that DDEX is easy to use, intuitive and supports the integration of the MetaMask Ledger. Therefore, despite being relatively new, the exchange was found to be appropriate and ideal.
The listing on an external exchange is yet another significant step towards to the achievement of the goals stated in the Modern Finance roadmap. Moreover, it also provides a means for investors who did not participate in the ICO a chance to acquire the MFX token.
What Is DDEX?
DDEX is a decentralized blockchain application that also serves as a cryptocurrency exchange. As the name suggests, a crypto exchange is platform through which investors can exchange digital assets; either for fiat money or into another form of a digital asset.
Ass opposed to centralized crypto trading platforms, DDEX does not obligates its users to make deposits before transacting over the network. For this reason, it does not require registration, nor does it query for personal credentials. Technically, DDEX is a hybrid decentralized relayer for both Ethereum and ERC20 tokens. T runs on both the 0x protocol as well as the hydro protocol to ensure the smooth operability of the digital currency exchange platform.
How It Works
As mentioned above, DDEX is a relayers whose function is to relay information concerning the liquidity of assets. Relayers create an order book using data sourced from cryptographically signed message made by market makers. A market maker is an individual who has an intention of trading a specified amount of an asset at a specific price within a designated period. Also known as liquidity providers, makers issue orders which are used to craft the liquidity information relayed by relayers such as DDEX.
Often, takers trade assets at the price specified by makers. During this instance, a smart contract is initiated and the order is settled on the blockchain, a process known as order settlement. The 0x protocol handles order settlements involving ERC20 tokens on the Ethereum blockchain. Additional blockchains will be supported in the near future.
Similar to other relayers, DDEX leverages the 0x protocol at the order settlement layer and relays liquidity information off-chain.