THORChain Blockchain Set to Open ASGARDEX Decentralized Crypto Exchange
THORChain blockchain ecosystem has announced the impending launch of the ASGARDEX decentralized exchange platform. ASGADEX is expected to the pioneering trading platform of many to be developed on the THORChain blockchain protocol.
— THORChain (@thorchain_org) November 7, 2018
The primary reason behind the development of ASGARDEX is challenging the dominance of centralized exchange platforms by transforming the provision of liquidity as well as the trading and management of assets. Moreover, ASGARDEX will be used to measure the ability of the THORChain blockchain to handle the transactions of a busy exchange platform.
Some of the main features of the ASGARDEX exchange include permissionless access, incentivized liquidity and multi-platform compatibility. The platform will enable investors to analyze various market prices and trade instantly. By doing this, traders will get compensated for staking liquidity on the exchange.
As per JP Thorbjornsen, a consultant to THORChain, the blockchain protocol will facilitate the creation of exchange platforms that are incredibly fast, decentralized and have sufficient liquidity. He added that ASGARDEX will showcase the capabilities of the technology that runs THORChain. Besides, JP revealed that the THORChain organization recently launched a voting campaign where users can select their favorite projects that they wish to be listed on the ASGARDEX exchange.
Initially, the ASGARDEX exchange will provide services free of charge. This offer will last for the first few months after the launch. During this period, there will be no limits on the number of transactions a single user can perform.
As mentioned by JP Thorbjornsen, the THORChain community will vote on the assets to be listed on ASGARDEX exchange. This was recently confirmed by a tweet posted on the official page of the THORChain organization. This move conforms to one of the core principles of THORChain, decentralization and democratization of the decision-making process.
Ultimately, ASGARDEX intends to use its massive liquidity pool to promote the adoption of blockchain technology and virtual currencies. On its part, the THORChain is a blockchain platform aimed at facilitating the seamless trading of crypto assets. Like ASGARDEX, it hopes to increase the use of cryptocurrencies, particularly in making payments.