Bitcoin Forum

IMO, one necessary piece of the decentralized and autonomous puzzle that gets wrongly neglected is decentralized exchanges (DEXs.) I think that, for good reason, DEXs will be a big market in the cryptocurrency space. As time goes on, more and more centralized exchanges keep:

1. Going bankrupt
2. Getting hacked
3. Offering little to no transparency
4. Operating on fractional reserves
5. Faking volume
6. Onerous KYC/AML requirements
7. Withdraw delays/holds
8. Participating in insider trading
9. Limitations due to regulations and preferential treatment when deciding which cryptocurrencies are added
10. Delisting & enlisting blackmail
11. Withdraw delays due to verification/KYC/security reasons

Eventually, due to the above issues, people will transition to decentralized exchanges. DEXs are necessary for completely decentralized and autonomous interactions.

This thread is intended to track the development and features of DEXs. Feel free to bump the thread with updates or new projects. I am not really sure which design is best at this point. This is intended to be a neutral thread, but feel free to discuss the pros and cons of each implementation. Which design is the best, or is the best solution yet to come? What ideas (if any) do you have to improve the DEXs' designs? Do you know of any other DEXs in existence/development?

(in alphabetical order)

0x Protocol
- Status: Released
- Website: https://0xproject.com/
- Exchange: https://0xproject.com/portal
- Whitepaper: https://0xproject.com/pdfs/0x_white_paper.pdf
Strengths:
- Working implementation
- Fully autonomous and decentralized
- 0x is a DEX "fat protocol" that other projects are building on top of (https://0xproject.com/wiki#List-of-Projects-Using-0x-Protocol), thus liquidity will be shared among multiple exchanges
Weaknesses:
- Only compatible with Ethereum and/or ERC-20 tokens

B&C Exchange
- Status: Vaporware Dead Project?
- Website: https://bcexchange.org/
- BCT Thread: https://bitcointalk.org/index.php?topic=1033773.0
- Whitepaper: https://bcexchange.org/assets/Blocks_&_Chains_Decentralized_Exchange.pdf
Strengths:
- Decentralized and autonomous network of multi-signature addresses
- No derivatives or IOUs (for cryptocurrencies)
- FIAT derivatives
Weaknesses:
- Vaporware

Bancor
- Status: Released
- Website: https://www.bancor.network/
- BCT Thread: https://bitcointalk.org/index.php?topic=1789222.0
Strengths:
- Working implementation
- Fully autonomous and decentralized
- Allows straightforward and simple (Shapeshift-like) exchanges
- A novel and elegant solution to the liquidity problem most DEXs and decentralized/autonomous stablecoins face
Weaknesses:
- Only compatible with Ethereum and/or ERC-20 tokens


BitBay
- Status: Released
- Website: http://bitbay.market/
- BCT Thread: https://bitcointalk.org/index.php?topic=890531
Strengths:
- Working implementation
- Fully decentralized peer-to-peer trading via atomic swaps
- No derivatives, multi-signature gateways, or IOUs
- Effectively, the DEX feature of BitBay is a decentralized version of LocalBitcoins
- The only DEX that allows for FIAT/Crypto trading without gateways, derivatives, or IOUs
Weaknesses:
- To be updated once I have time to do more research and better analyze it...

Bitshares
- Status: Released
- SPV Wallet: https://wallet.bitshares.org/?r=del.coinhoarder
- Website: https://bitshares.org/
- Forums: https://bitsharestalk.org/
Strengths:
- Working SPV implementation- the oldest and most established DEX
- Fully decentralized and autonomous exchange
- Commodity, FIAT, Equity, and Index-based derivatives are available for trading
- Advanced user issued asset and account features
- Decentralized referral reward accounts
- Allows for price discovery of multiple decentralized exchange's IOUs (a poloBTC will be of different value than a bittrexBTC will be different than a bitfinexBTC due to differentiating dynamics)
Weaknesses:
- Systematic risk of decentralized and autonomous derivatives (optional)
- Trusted third party risks of IOUs and On/Off ramps (optional)

Blocknet
- Status: Released
- Website: http://blocknet.co/
- BCT Thread: https://bitcointalk.org/index.php?topic=829576.0
Strengths:
- Fully decentralized peer to peer trading (via atomic swaps)
- No derivatives, multi-signature gateways, or IOUs
Weaknesses:
- You must download the entire blockchain of each coin you want to trade, have the wallets running, and configure the RPC username/pass*
- Trading is only working on the command line and/or in the GUI, but not user-friendly at all.

InstantDEX
- Status: Released
- Website: http://www.instantdex.org/
- BCT Thread: https://bitcointalk.org/index.php?topic=684090.0
- Forum: http://forum.instantdex.org/
Strengths:
- Working implementation
- Fully decentralized and autonomous peer-to-peer trading (via atomic swaps)
- Can access several different sources of liquidity, including Nxt assets like Multigateway coins and centralized exchanges via API keys
Weaknesses:
- You can only trade IOUs in the form of Nxt user issued assets
- You must download the entire blockchain of each coin you want to trade, have the wallets running, and configure the RPC username/pass*

Waves
- Status: Released
- Website: https://wavesplatform.com/
- BCT Thread: https://bitcointalk.org/index.php?topic=1387944.0
- Wallet (Chrome App): https://wavesplatform.com/#downloads_anchor
Strengths:
- Working implementation
- SPV wallet
- FIAT IOUs via gateways
- Centralized order matching allows quicker trades and defense against frontrunning
- Utilizes multi-signature gateways allowing deposit/withdrawal of real cryptocurrency
Weaknesses:
- Centralized order matching and gateways make Waves more centralized than most other DEXs
- You can only trade IOUs via gateways or other user issued assets.

* You will not have to download the entire blockchains once SPV nodes are made compatible. It is also possible to make a multi-coin SPV wallet so you don't have to download the blockchains, and you don't need to run several cryptocurrency's wallets separately.


Try to stay on topic. I will only delete posts sparingly... please no trolling or personal attacks, and try to make sure your post has some substance.

Bitshares didn't gain enough traction because they just didn't have enough users to get enough volume and liquidity.

Heard about B&C.  I thought they should have a proof of concept/alpha release by now.

I think we will be living with centralized exchanges for a few more years...

InstantDEX from jl777 & SuperNET is probably the closest to completion. It's been in development a long time now (some problems with GUI dev afaik), but when it's launched it'll mark a dramatic shift in the cryptosphere.

http://www.instantdex.org/

I agree, Bitshares' main weakness is the liquidity. Although,  the OPENBTC/BTS market actually had ~8 BTC in volume today which I think is impressive.. perhaps it is picking up steam. Some ideas being tossed around to improve liquidity:

- Changing the fee structure to resemble centralized exchanges (based on a percentage of the trade, with a maximum fee)
- Lowering fees to the bare minimum for however long it takes to gain more users and liquidity
- Sell the SmartCoin fee pool (fees accumulated from each SmartCoins' transactions/trades) back into the market X% over the price feed.
- Develop market making bots that users can run or invest in through a user issued asset (a complicated endeavor)
- Make an autonomous market making bot that users can buy shares of by depositing to its bankroll
- Implement "maker/taker" fees (lowering fees for market makers)
- Dilute BTS shareholders, and short assets into existence, then have the chain autonomously sell them X% above the feed price.

B&C Exchange has a functional wallet you can download on their website, but the exchange will not be functional for a while. Apparently, it may not be functional until later this year:

Thanks- I will add it to the OP tomorrow morning- I am winding down for the night. I am an investor in Supernet and like the idea of it. I need to pick up some InstantDEX tokens too.. that is the only DEX I that is speculate-able that I am not invested into. I wasn't sure if the InstantDEX was going to be tradeable or not, as for now I can only get the deposit, send, and withdrawal functions to work. I admittedly still am not too knowledgeable in the plans for InstantDEX/Supernet. I am gaining more and more faith in jl777 with each day that goes by. Initially, I was very skeptical of all his offerings since he seemed to start so many different projects very quickly. However, he has shown dedication and skill as far as glancing over his Github and other people's opinions about him that I respect.

Supernet still being developed on top of NXT?  We gathered that the lead dev is dropping NXT due to some API issues in one of the upgrades.  And that the Supernet lead dev was the one responsible for dumping all that NXT to its lows.

i don't think jl777 has been dumping anything. he put up some sell walls to prove a point, but he later pulled them. afaik nxt is still utilized in the project. as i mentioned earlier in this thread supernet and nxt are two seperate entities. all this happened a few month ago with the update to 1.6.2 on October 31 2015. things have cooled down now and both projects continue to be developed. nothing to get hung up on now imo.

Agree, this is currently the best decentralized exchange solution in development. There is also a project going on for Ethereum platform.
I personally think that centralized exchanges do not have a future (look at MtGox, Cryptsy,...).

Looks like a scam that could give Ethereum a bad name.

The real problem with the idea of a decentralised exchange is not the technology, its the users.

Users do not care about decentralisation at all. The only thing they care about is convenience, fees, speed and security. DEX has great security, but fees will always be higher and speed will always be slower.

Correct, users don't care.

Plus, trade speed will be the critical problem that will prevent any DEX from seeing high volume, especially in the future.

I've spent quite a lot of time looking at ways to achieve high frequency trading (HFT) that is both secure and reliable (trades don't go missing, no "queue jumping"), and I don't think its possible to get < 5 second easily without some form of semi-centralization.  When you compare traditional HFT exchanges such as the NYSE and others which are able to process trades sub-millisecond, well, our decentralized counterparts are never going to be able to compete as a serious alternative.

The fastest I've been able to get trades in our DEX with sufficient reliability is about 10 seconds, but that comes with quite a bit of overhead across the board in terms of bandwidth, processing and other costs.

There are better ways to do this, however I doubt a fully anonymous exchange is even desirable. In the end its about how one thinks about law, risk and identity. The failures of MtGox and Crytpsy are a bit over-rated since other exchanges have been operating for years. I think its in part that Bitcoin is just not good for holding deposits - its not that deposits are always undesirable. It should be possible to trust others if one chooses to. One can create reputation and credit systems on top of trustless systems. From a regulatory point of view consensus on assets is 100x harder then consensus on money. Imagine a fully P2P world-wide exchange. To get proper clearance for assets will be almost impossible for a long time. Otherwise one is operating in a legal greyzone. Anonymous digital cash and anonymous exchange are very different things. So one has to think about very clearly what kind of activity what wants to facilitate. It is impossible to touch fiat without KYC/AML, but that is not even desirable. To transmit fiat money on electronic networks one needs a banking license. Fiat money ultimately settles in the Internetbank market. A completely decentral exchange, IMO makes most sense for swaps between Altcoins and commodities.

I can agree that users don't seem to care about decentralization... yet. I think that centralized exchange users will keep getting "goxxed", and eventually everyone will understand why DEXs are so important. It is a long term play that requires the inevitable to continue happening (exchanges going bankrupt). Let me comment on your list of most important things for an exchange:

I can only use Bitshares as a measuring stick, but it is very convenient compared to most exchanges. Simply entering a username and password is much easier than most exchanges where you at the very least need to confirm your email address.

The fees can be adjusted, and I think soon you will see a competitive fee structure on the Bitshares DEX. Low percentage-based fees are inevitable because the community mostly agrees that is the only way to proceed.

As far as speed, Bitshares settles trades in less than 4 seconds, which sounds slow on paper but is actually pretty fast when you actually use it. It is hardly an inconvenience and is not that much slower than centralized exchanges. Maybe high volume day traders would not like the lag, but for casual traders or "buy and hold" types the lag is not a problem. That is my opinion of course, but I am in the latter group and the lag doesn't bother me a bit- 4 seconds or less goes by much faster than you'd think... 4 seconds is the maximum amount of time if you happen to submit the trade right after a block was produced, so in most cases it will be more like 2 seconds.

Security is great with DEXs.. that is the point. There is some systematic risks involved with decentralized derivatives, but I see them as being much more unlikely to collapse than a centralized exchange going belly up.

Don't take this the wrong way, as I like you and your eMunie project, but I don't get this statement. You claim eMunie can process way more TPS than Bitshares, yet you can't get trades to settle on your DEX in less than 10 seconds? That doesn't make sense to me. Bitshares settles trades in less than 4 seconds reliably. In fact, 4 seconds is the maximum amount of time and it usually takes around 2 seconds, but it does depend on when you click the confirmation but in relation to when the last block was produced. I suggest trying Bitshares' DEX. I think you will be impressed with the speed of settlement.

Also, I don't think anyone expects DEXs (at least as the technology is today) to realistically compete with the NYSE or other large HFT exchanges. I only expect them to compete with cryptocurrency exchanges in the near to immediate future. You can however trade stocks and commodities on Bitshares which is a benefit compared to most cryptocurrency exchanges.

That thread has way too many sock puppets and shills for me to take it seriously. I will look into it though.. I remember seeing this thread but I never looked into elCoin.

Load handling isn't the same as settle or confirmation time, which is a completely different kettle of fish :)

It comes down to good old CAP and consensus.   Assume there is a trade T with an ask of 100.  User A submits a buy with a price of 100, User B also submits a buy with a price of 100 at exactly the same time but at the opposite end of the network.  Which is the correct buy to apply?  Some nodes will see A's buy first, apply it, and B's will be invalid, others will see B's first, apply it, and A's will be invalid.  Then you end up in a conflict, half think A was first and is the correct buy to match that ask, the other half think B.

So while the initial acknowledgement can be very fast (sub 1 second), the duration to come to consensus is much longer and in some circumstances the original acknowledgement that A and B see may not be the one the network ultimately agrees on.

In the case of Bitshares, it has what I consider to be semi-centralization in the form of DPOS, which makes this task much easier to do quickly.  Not only that, I doubt that Bitshares is seeing trading loads high enough yet to be triggering that scenario in the first place.

Bitshares also has very fast block times IIRC, and coupled with DPOS, they mitigate a lot of the problems that you have to deal with when doing the same in a fully decentralized system.

Is the Bitshares approach the right or wrong way?  That depends what you want from the platform, if it does what it says on the tin and both they and the users are happy with it.  If everyone is happy, then sure, why the hell not :)

Also I agree that HFT DEXs will probably never be required, but I spent a little time pushing the limits just so I knew where they were :)

high volume and high frequency are two things. You could attract users to make infrequent large trade and get high daily volume. B&C allows user to trade between their own wallets and can potentially attract high value traders to trade often.

Here is another project

Lykke

website: http://www.lykkex.com
whitepaper: https://wiki.lykkex.com/colored_coin_exchange_white_paper

Lykke is a more of a mix of decentral and central exchange targeting a large scale market and also institutions. The authors have significant expertise in the traditional financial markets and I think that is a valuable perspective. As outlined its not the same as the idea of decentral exchange in the Cryptocurrency sense.

It is good to begin with the word exchange and think backwards from there. To physically exchange goods you need to be in the same location. To transport goods around the world one needs permission from those who control the flow of goods. Then one has the problem that one good might be legal in jurisdiction A and illegal in jurisdiction B. Part of a marketplace is also the definition and registration on what goods should be traded (markets where the cost of creating a digital asset is zero removes friction, but also leads to spam).

If both sides of the trade are not in the same jurisdiction its not an exchange in any legal sense - no legal protection for the buyer and seller. There is no purchase contract underlying the transaction, and no legal recourse. Note that the way the economic system currently functions is that we have large institutions which determine the outcomes of these processes and provide the market infrastructure. If you for instance want to buy a stock certificate in a developed country you have many different institutions involved (stock exchange, market-makers, brokers, settlement). The simpler, but still non-trivial case is a warehouse receipt. If two parties exchange 1 bar of gold for instance usually one has some expert acknowledging the quality of the metal. There are only 20 or so commodities traded on the large markets. To exchange a good or service is far more complicated than it seems. If one is exchanging physical goods for instance there is the question of quality and location. Undeveloped countries often lack financial infrastructure and need to build this on their own. In the case where such countries build up a new exchange market one can see what is involved with developing a marketplace. And this doesn't touch even on the complexity of equity and bond markets. A lot more research could be done in this area to show what things are possible and how Crypto-economics could lead to new types of markets.

IMO, this is a very bad idea. When identity generation is trivial, there is no recourse for the long con attack; attackers create an identity, build the required trust and then pull off a huge scam and repeat the process until the system as a whole is worthless.

Confusion of context, I was referring to a high volume of transactions, not value, which I guess is the same as high frequency.

OK. Distributed systems tend to be slower to reach consensus.

High frequency trading requires very, very fast response times; that's the key part. It doesn't necessarily follow that trades are submitted at a high frequency in HFT.

That's what I said up thread, its not possible to get that fast enough in a decentralized system.


That's not entirely true IMO.

If the frequency of submitted trades are low, then the likelihood of a conflicting trade being presented at the same time is also low, so the millisecond settle time is not as important with regard to conflicts.

Even if you are referring to the issuance of high frequency trades that want to take advantage of the minute price movements that happen over the course of a second, then without the absolute volume of trades overall these tiny differences in price over the course of a second won't occur either, as there aren't enough traders making multiple trades per second on that resource anyway to effect the price enough for anyone to take advantage of.  Thus the millisecond settle time again is mitigated.

If the frequency of trades are low, then any trades you make in the above manner are just trading on the last buy/sell, which is likely yourself.

I don't suppose it matters much to argue about it though, as its not possible in a decentralized, or even semi-decentralized system to get anywhere near these millisecond settlement times.

There is little reason to buy an asset from an anonymous counterparty (stocks or bonds require trust in the issuer). Cash and assets are entirely different things. Capitalism requires more than cash. Credit and reputation are strongly related. Almost every action in the economy relies on some previous record of an individual or organisation and involves more than 2 parties. Although Bitcoin minimizes trust in a third party, still that's doesn't change that 2 counterparties interact in some way based on a range of assumptions. If Alice sends Bob 1 BTC she expects something in return. Escrow solves that only in a limited way (although that concept could probably generalised to work in many more contexts).

But in terms of pure DEX (and ignoring the very hard problem of consensus on assets): instead of just talking about HFT, its more fruitful IMO to think about price determination and total order of events in general. Blockchains implement only partial order, so by default auction systems on top of them are not really going to work in a meaningful way. A solution would be desirable for determining prices of transactions themselves (fee market).

I was just making the clarification that HFT bots need fast response times in order to work with any chance of a profit, which we can't have in a decentralised system, rather than just a plain high TPS which you could argue that bitcoin with a huge block size might have, but this would be a totally inappropriate design for HFT traders to use.

I agree that it's largely pointless arguing about the minutiae of this in the face of the fact that it's impossible, though :)

Then I fail to see what the point of using a decentralised solution would be - if you add trust, you might as well use a centralised service, which would have all of the advantages with none of the disadvantages.


It depends on whether a semi-deterministic ordering of transactions can substitute for a total ordering. You can get a semi-deterministic ordering using a similar methodology as the LCR for blocks, the probability of the ordering holding increases logarithmically in N for blocks which are N behind the head.

Decentral as a word is misleading and doesn't say much per se. Bitcoin for instance is used by millions, but only a very small fraction uses it without trusted third parties. And the people who use its advanced features is even smaller still. And as I mentioned Bitcoin does require trust in your counterparty - if you send someone BTC or USD doesn't make much difference from the standpoint of counterparty risk. Bitcoin minimizes risk to third parties, not counterparties. Bitcoin has ways to minimize counterparty risk, but almost nobody uses them, for reasons related to what I've described here. One of them: to do anything at scale requires some interaction with the law, and soon as one has a business at scale most things change (modern economies scale via organization).

Bitcoin is not designed to be a trading protocol, it is designed to be a transfer protocol. You'd need a new design for a trustless trading protocol, and even then you'd only be able to trade tokens within that system.

However, bitshares does have something to teach us from that perspective; which is that, for purpose of trading and speculation, owning a token which exactly tracks the value of some real world asset, is equivalent to holding that real world asset.

I just googled it and you so many options to choose from. I'm still waiting to see which ones will survive. Any advice witch one to use right now with enough volume?

Don't forget Mintpal !

I added InstantDEX to the OP.


Most of the information on this seems to be in Russian. As mentioned up-thread, it also seems kind of scammy. At this point, I am waiting for projects to be more "established" before adding them to the list. The only vaporware I have included is B&C Exchange, which already has an established community and development team with a history of successful releases (Nubits/Nushares). Admittedly, Nubits/Nushares is in dire straights right now and I am monitoring that situation.

Lykke seems like another iteration of Ripple/Stellar, seeing as though it is only IOUs that will be tradeable. Also, it seems that a corporation/private investors owns 80% of the tokens. IOUs are a big reason why we need to pivot from centralized exchanges to DEXs... to pivot away from IOUs and the risk of hacks/theft/insolvency. They only DEX in the OP that currently uses IOUs is InstantDEX, but the way I understand it, they are planning on implementing non-IOU trading in the form of PAX. PAX = BTCD yet-to-be-developed feature (http://bitcoindark.com/pax-faq.html and http://bitcoindark.com/docs/pax-infographic.png)

You are probably aware by now, but Mintpal ended up being a scam. You did post this in 2016 though and the scam has been well known since 2014.... http://siliconangle.com/blog/2015/02/23/mintpal-scammer-ryan-kennedy-arrested-in-u-k-over-theft-of-3700-bitcoins/

Has anybody considered creating a SWAPCHAIN-BLOCKCHAIN ?

Blockchain combined with

https://en.m.wikipedia.org/wiki/Swap_Chain

Would that work?

 ???

I don't think so, or at least I can't conceptualize how it would work with different blockchains.

Bumping this thread on the news of the Bitfinex hack. How many more exchange defaults are needed before most people realize.a switch to a decentralized exchange is necessary?

Mt. Gox, Bitcoinica, Bitfloor, Bitcurex, Canadian Bitcoins, Mintsy, Cryptsy, Bitfinex ...

Yes. The question is why is not there support from the users to invest their money thru a DEX. It is safer and they control everything and the trade is direct with the other users. Maybe the problem is that most of the users do not care.

Bitfinex? Oh, thats only a scratch!

https://youtu.be/zKhEw7nD9C4?t=1m25s

....  Bitmarket.eu

....

Up

Hi,
due to the frequent outages at Poloniex, many people are looking for alternative exchanges now. DEX seems very intersting to me. I would like to hear some experiences others made with DEXs, so i wonder why this thread is so dead.
Is there maybe another thread that i have missed?

Hi everyone!
Interesting thread.
Did you take a look at the new DEX that already have Waves Platform?
Own wallet with DEX.
They are working on the new gui.
In 4-6 weeks must have this look:

https://i.imgur.com/CW4DNfS.png

Yeah i was checking it too, but i think it's not enough coin pairs there ATM. But in time it can be really good.

BTW There is https://bitsquare.io/ but it's volume seems low.

It's nice to see some discussion here without me having to initialize the conversation. :)

I have been meaning to update this thread since I started posting again in March of this year, but I haven't got around to it.

Waves has been on my radar for a while, and it will definitely be added to the OP. I like their GUI and easily accessible SPV wallet. I am not that fond of IOU DEXs though. I personally don't really mind using IOUs, but I know they are a non-starter for a lot of people in the crypto community.

I added Blocknet a while back, but then never got around to updating the information about it. I think it is the best DEX in development at the moment. The most decentralized for sure, and it does not rely on derivatives or IOUs. Since I am more informed about it now, I will update it soon.

There is also EtherDelta which is a DEX on the Ethereum blockchain in which Ethereum coins can be traded.I haven't researched it much yet, so I can't really comment on it.

I've heard Supernet is working on a DEX as well. I think their DEX works by utilizing autonomous multisignature, so there are not IOUs or derivatives. Multisignature DEXs are not as decentralized as most IOU/derivative exchanges though.

It seems the B&C Exchange project is dead... its community got hit pretty hard when Nubits collapsed about a year ago. I hope someone picks up the project and develops it though, because I think it is one of the best DEX concepts that have been published.

There is a lot more activity in the DEX space now than a few years ago, so it looks promising. I think sometime in the next few years a DEX or two will reach critical mass, and then we can finally rid ourselves of centralized exchanges, along with all of the problems they cause.

I will try to update the OP tonight with at least Waves, Blocknet, and Etherdelta.

Alright, I added Waves and Blocknet, and edited all of the existing entries to make it easier to read. Since there are more DEXs I edited the old DEXs to be more concise.

As always, let me know if a description is inaccurate.

Blocknet
- Status: Alpha
- Website: http://blocknet.co/
- BCT Thread: https://bitcointalk.org/index.php?topic=829576.0
- Blocknet is not only a DEX, it is a peer-to-peer protocol between nodes that connects different blockchains. The DEX is its first application.
- Trades are done in a fully decentralized manner via autonomous atomic swaps
Strengths:
- No derivatives, multisignatures, or IOUs
- Direct peer to peer trading via atomic swaps
Weaknesses:
- You must download the entire blockchain of each coin you want to trade, have the wallets running, and configure the RPC username/pass*
- Alpha

Waves
- Status: Released
- Website: https://wavesplatform.com/
- BCT Thread: https://bitcointalk.org/index.php?topic=1387944.0
- Wallet (Chrome App): http://forum.instantdex.org/
- IOU trading, including cryptocurrencies and FIAT derivatives
- The SPV wallet is a Google Chrome app, and the installation is super easy.
Strengths:
- A pretty and easy to download SPV wallet
- Lots of developer funding
- FIAT IOUs
Weaknesses:
- You can only trade IOUs

Next I will add Etherdelta. Let me know if there are other projects that should be considered. :)

I have also added "practicing in insider trading" to the list of grievances about centralized exchanges, because of the recent debacle with Poloniex delisting several coins and the trading activity leading up to the announcement. More info here: https://bitcointalk.org/index.php?topic=1893008.0 and here: https://bitcointalk.org/index.php?topic=1876822.0)

Right now I have the following as being issues with centralized exchanges:

1. Going bankrupt
2. Getting hacked
3. Offering little to no transparency
4. Operating on fractional reserves
5. Faking volume
6. Onerous KYC/AML requirements
7. Withdraw delays/holds
8. Participating in insider trading

Let me know if you can think of any more (I know there are others that aren't popping into my head ATM)! :)

Nice work! I love Blocknet and the only other DEX that interests me is The Internet of Coins. They are having an ICO though next month. Would like to see an analysis of their technology added here as well.

Great stuff!
Maybe also add:
 -- Limitations and preferential treatment of coins added.
 -- Delisting blackmail

Also don't forget to mention BitBay as a decentralized exchange based on OTC trades - any coin pair and any coin to fiat pair is possible with choice of trustless or guarantor smart contracts.

Do you think it's worth adding volume and/or trading pairs? Think these are crucial bits of information.

So many bad thing happened when you dont always check your investment in just a split second your investment can all go wrong i also invested in poloniex and i was really careful because of so many conflication and also site problems.

Dex needs to be improved much more. The community deserves this, they're very right actually. It has a potential and this should be improved by the way.

Following the news and announcements.

waves is basically not a DEX, centralized order matching and centralized FIAT are literally miles away from making this platform decentralized

Take a look:
Waves Decentralized Exchange and safe trading of blockchain assets.

https://blog.wavesplatform.com/waves-decentralized-exchange-and-safe-trading-of-blockchain-assets-8e54422cda25

https://i.imgur.com/00YUvYD.jpg

You should add BitHalo and BitBay to the list for FIAT decentralized exchange. Basically in the coins for cash templates you can do decentralized exchange of fiat that should have replaced localbitcoins years ago. It uses double deposit escrow which makes both parties deposit in order to prevent deception.

I've already done multiple wires for the sales of coins for cash. And so have many other members of BitBay.

BitHalo supports Bitcoin and Blackcoin. But ANY coin can be sold for cash as long as the deposits cover the payment.

Also users who don't have deposits for their "first" deal can enter into a guarantor contract which is unilaterally binding to the seller. The seller encumbers only the risk of the buyer flaking completely which is why they would sell a smaller amount and do a small personal KYC.

The advantages of this over any other fiat gateway are mind blowing. First off its totally decentralized and cannot be shut down! It WORKS. Its not vaporware this software has been around for 3 years and the latest version is so solid.

Two party escrow (as discussed for years time and time again) makes theft obsolete because it takes the profit out of it. Thus when doing P2P fiat, you can do business with anyone in the world and totally bypass any regulation since its a private deal. You as a seller or buyer simply do your own kyc. The software is completely FREE and the markets for posting orders are totally decentralized P2P based on Bitmessage. You don't have to meet sellers face to face, you don't have to deal with reversals since you can use cash payments which are actually favorable in these deals. And you can even deal with untrusted parties.

I wish places like Venezuela or China knew about this as it would just totally change how they do business. Places that can't get into crypto can using this software.

Also, the template has price tracking so it always keeps your order at the market price. You can set stop losses and you can set a quantity by adjusting the maximum and minimum orders. You set your own service charge and contact details.

https://i.imgur.com/GiW61bs.png

Seeing is believing here is the software in use.

https://www.youtube.com/watch?v=aL2e8FniDWg&index=2&list=PLILfNPSQCo6yjFiwXY6-C-ikIDs6v2nHU&t=53s

Again it also works in BitHalo with Bitcoin where in BitHalo you don't have to download the blockchain as it uses electrum.

There are 100s of other features too but just for the sake of decentralized exchange of fiat I really think this should be added. In theory you can already trade coins on Halo using microtrading but I'm not going to recommend that because it is tedious and requires sending a bunch of transactions and atomic trading is a better way to do DEX of coins.

But as far as DEX of fiat there is absolutely no better way to do this and I don't ever see there being a better way. Since the middle man is totally demolished.

Exactly.
Recently exchanged 3500$ for Bay to a guy half way around the globe in Australia - all trustless.

After bank wire fees, the total cost of the transactions was 37$.

So just over 1% fee for the crypto to fiat transaction (international). The centralized competition will have a nice wake up call in the near future with their 5 - 10% cuts.

I guess that I agree with you... at least partially. I need to add centralized order matching to both the pros and cons, as it does technically allow quicker trades but at the same time it is more centralized than most other DEXs.

Same with Waves gateways... both a pro and a con, since you can deposit/withdrawal real assets, but at the same time you have all the issues that gateways can potentially cause.

Thanks. I will add Bitbay. I like the decentralized localbitcoin implementation. I think it could prove to eventually be more popular because of the fees, and perhaps necessary if governments of the world crack down on Local Bitcoins. There are signs that they are cracking down on Bitcoin sellers already with a few news articles about people being arrested for such. Although Bitbays solution will not protect sellers anymore than Localbitcoins, it will be more resilient if the authorities start trying to shut down the Localbitcoins site itself.

I agree for sure that DEXs need improvement. They are all far from perfect or ideal in their own ways. There are better designs in the works, and nothing's stopping current implementations from improving themselves. I think we will see a lot of improvements over the next few years.

I'm coming here from the WAVES thread. Thanks for pulling this list together!

There are a couple of decentralized exchanges I didn't see listed:

Maker Market: https://oasisdex.com/

EtherOpt: https://etheropt.github.io/

Sorry but I don't know much about them other than they were listed at /r/ethtrader on reddit.

Have you heard about HEAT, they also have an awesome DEX platform and some profitable mining right now

I updated Waves pros and cons. Hopefully they more accurately represent the Waves project now:

Strengths:
- Working implementation with a SPV wallet
- Lots of developer funding
- FIAT IOUs
- Centralized order matching allows quicker trades
- Utilizes gateways allowing deposit/withdrawal of real assets
Weaknesses:
- Centralized order matching and gateways make more centralized than most other DEXs
- You can only trade IOUs via gateways or other user issued assets.

Good points. I have reworded those a little bit, but added them nonetheless. I added "& enlisting" before the word blackmail due to the exchanges that make users pay to "vote" to have coins added to an exchange. This is surely a form of blackmail as well, no?

I also thought of another complaint about centralized exchanges... the one that made me leave Poloniex for good recently. Delayed withdraws due to verification/KYC/security procedures. I got tired of Polo holding on to my withdraws for hours because of "verification" purposes...

The current list:
1. Going bankrupt
2. Getting hacked
3. Offering little to no transparency
4. Operating on fractional reserves
5. Faking volume
6. Onerous KYC/AML requirements
7. Withdraw delays/holds
8. Participating in insider trading
9. Limitations and preferential treatment of coins added
10. Delisting & enlisting blackmail
11. Withdraw delays due to verification/KYC/security reasons

I almost think #1 and #4 could probably be combined into one complaint? If an exchange goes bankrupt it is not a huge deal, but if they go bankrupt and were operating on a fractional reserve then it is a big deal. Thoughts?

I think that's a good idea, but I'm not sure that information is very easily accessible for the majority of the DEXs at this time.

I added Bitbay to the OP. I need to research it a little more to deduce its weaknesses though.

BitBay
- Status: Released
- Website: http://bitbay.market/
- BCT Thread: https://bitcointalk.org/index.php?topic=890531
- Wallet Downloads: https://bcexchange.org/assets/Blocks_&_Chains_Decentralized_Exchange.pdf
Strengths:
- Working implementation
- Fully decentralized peer to peer trading via atomic swaps
- No derivatives, multisignature gateways, or IOUs
- Effectively, the DEX feature of BitBay is a decentralized version of LocalBitcoins
- The only DEX that allows for FIAT/Crypto trading without gateways, derivatives, or IOUs
Weaknesses:
- To be updated once I have time to do more research and better analyze it...

Next up on the to do list is researching, analyzing, and adding the following Ethereum DEX projects:
Dex.top (https://dex.top/)
Ether Delta (https://etherdelta.github.io)
Ether Opt (https://etheropt.github.io/)
Oasis (https://oasisdex.com/)

... along with doing the same for Bitbay.

Probably one other non-Ethereum DEX, but TBH I am not that excited about it (my knee-jerk reaction from glancing over the project). The project is HEAT. Since more decentralized and trustless DEX implementations are being released and/or nearing release, I am becoming less and less impressed with DEX implementations that function via IOUs/gateways.

WAVES matcher (DEX) nodes can be run by anybody. There is a list here along with other stats: http://dev.pywaves.org/nodes/

I just saw Openledger DEX here: https://openledger.io/create-account

They seem to have the most volume out of all the decentralized exchanges with WAVES in a close second place.

I didn't see Bitsquare in the list: https://bitsquare.io/

Openledger is Bitshares user issued asset IOU tokens for different cryptocurrencies, so I don't think it deserves its own entry.


I might add it. I don't know anything about it TBH.

I don't have a ton of time nowadays to research and analyze all of these projects after work and working on my own projects.


Interesting. Everywhere else I have read stated that the order matching was centralized, but if it is done through masternodes then that isn't fully decentralized, but it isn't centralized either... I will have to look into it more.

Right now there aren't a lot of matcher nodes on WAVES because the project is still very early in development. As it starts to integrate more fiat and cryptocurrency trading pairs and the volume rises there should be a correlating increase in both leasing and matcher nodes. I wish that I could provide more info about some of the other exchanges I mentioned but their volume is just too low. I don't care who wins so long as we eventually get high-volume/low-spread decentralized exchange where some bullshit like Mt. Gox can never happen.

I can certainly agree with that. I think that DEXs will get a lot more popular over the next few years. We shall see. :)

I would prefer Bitshares over any of them, specially Bitsquare, it loads heavy, slow, half the time face connection issues, and 0 volume compared to Bitshares.
Waves DEX new GUI indeed looked good, but haven't used them yet

we will be looking at a number of the decentralized exchanges ...

so this thread is very helpful indeed ...

#crysx

possible new entrant in the DEX race:  https://nvo.io

Bitbay seems best

Bitbay.net ? It's not decentralized.

Have you reviewed HEAT ledger?

HEAT is shit. They only trade HEAT/BTC/GNT and their trading platform sucks. http://coinmarketcap.com/exchanges/heat-wallet/

I agree, it is shit right now. But it has potential.
https://github.com/Heat-Ledger-Ltd/heat-dev-kit/blob/master/README.md

Not really, only the knee jerk reaction below:


I apologize, but I am 39,000+ lines of code into my new project, and anything else is pretty much just a distraction. I have hardly been posting here.

As always, I am open to cooperation. If you want to post an overview/analysis of any DEX, then it would make it easier for me to add it to the OP.

Cheers.

Hi all.

The bears are back in town and I think that one of the main problems of crypto is and will always be the centralization of something that is and must be decentralized.

Most of the exchanges that we all use will be controlled by the local governments sooner or later. Taxes will be enforced and anonymity might be lost.

In a situation like this, the DEXs will gain popularity inevitably.

Any opinions about the good DEXs right now? Which one has the most cryptos, better interface or volume?

There are some new DEX projects in town which will go live next yr, really look forward to it. E.g., Kyber, 0x, Omega One, etc.

Etherdelta seems working well at the moment. Hopefully OP will find some time to update this later. :p

Great topic to discuss especially in these days of regulations and ban from Asia. I bookmarked and will be learning and contributing. Waves DEX could be the leader in the race of best and reliable platform for autonomous trading. I will be doing my research snd bring us to speed here.

Etherdelta is working but there are less volume on trade not to talk of endless token erc 20. Trader don't trust coin that are not present in centralized exchange yet.

Is this an ico or some sort of market exchanger?
if yes hopefully can be popular market and can attract traders

DEX is not an exchange! Dex is an acronyms for DECENTRALIZED EXCHANGE. i.e a platform not own by a person or grouo of induvidual who make decision of running it purely based on profit alone.

Right, and I guess this is also the problem with DEX. Not sure the market is ready for DEX. Or perhaps it is a topic that they are not set-up appropriately? As even they are decentralized, obviously some kind of governance is still required. If I just think about e.g. the scams happened on Wave, as people were initiating Bitcoins, which had no value, but other people believed they are real bitcoins. So platform needed to be improved, (which they did), to avoid such missunderstanding. But still you can release useless tokens on Waves. Why is there not a kind of voting in place to make it more substantial?

Yes, this is the current problem with DEXs now. There are already a few and more coming up. I am personally waiting for NVO, which had a huge ICO in July. It has not yet experienced mass adoption, but that is just an issue of time. DEXs by nature should not need the expensive maintenance of centralized exchanges so can afford to wait. The crowds will slowly move to them.

For now, just patience will have to be our plot.

Also about WAVES tokens, they can be useless but there is a process for voting them to be VERIFIED. These are the real tokens you should look at :)

My favorite dex is Waves Platform.
Its secure and fast. Working like a charm. And also waiting for october for new dex for waves platform. Teaser was perfect

For me, Waves is a good solution and i think clearly that it's not the moment for a mass adoption.

But This platform is very efficient for its mission.

soon, with the contract, we could keep all ERC20 token on that wallet.

great !

I agree with DEX that it has great potential but it is still new. Several years from now, waves will also be known and more ICO will be issued. They are having updates also now and also having a contest.

I hope someone selects the project and develops it though, because I think it's one of the best DEX concepts that have been published. I love Blocknet and other DEX that I care about is Internet of Coins. They are having ICO though next month. Also want to see an analysis of their technology added here as well. So many bad things happen when you do not always check your investment in just one second. Your investment share may be all wrong. I also invest in poloniex and I was really careful because A lot of conflicts and also site problems. thank you for watching

to date, Etherdelta actually has more volume than other DEXs in this thread...

Yes, Etherdelta from day to day have good volume since many Ethereum token based listed there. Looks like will be the best dex exchange.

Current projects are very small and undeveloped. Even EtherDelta with its popularity has too many cons. I hope that projects that concern DEX concept will be developed and released in 2018.

Is B&C dex project still active?

Yeah, I have already experienced Waves and Counterparty,,, have to say that Waves is super easy to use and XCP not really but both have the same initial issue that there are very few trades available. I think even some poor exchanges have more activity going on. I would say not to forget NVO dex, I think it is coming out in November or December.

I need to update this thread, huh? It takes quite a lot of time though. If you have a DEX project that you want me to review and add to the OP, then quote a DEX entry from the OP and edit it for the DEX project you want me to add/review. I will be much more likely to add it if you help me out like that.


I don't think so. It seems to have been abandoned when Nubits' price collapsed about (from memory) 2 years ago.

Etherdelta is a good exchange for what its worth. The people that complain that it's just too hard to use is kind of spoiled in some way.

Xtrabytes will have a DEX hopefully in the coming months. If you haven't researched XBY you should, brilliant innovations happening in this project.

https://bitcointalk.org/index.php?topic=1864397.0

Thanks to recent waves of exxxxxx. I was forced to use ether delta so i can buy some token. Initially i was reluctant not because i 'll find ut strange or difficult to use, but because there is to much negative reactions from those who think is such a difficult platform. To my suprise, etherdelta is the must secure and transoarent DEX ever made! You get charged for every activities but you know exactly what you are spending and how you want to spend! We need more of ED Asap!

0x will be the rockstar of DEX arena. Because there are lots of relayers and projects going to use 0x protocol but this is limited with Erc20 tokens , it depends on Ethereum network's success. There will be stratis , neo , tezos we need a global dex maybe it could be Kybernetwork but for sure we need more than one solid Dex. Dex's need to be really fast and easy to use like Bittrex or Poloniex to be very widely used products , thats for sure. But we can easily say that Dex's are the future of Crypto.

https://www.0xproject.com/wiki#List-of-Projects-Using-0x-Protocol

@Ether Delta

I agree that Ether Delta (and exchanges like it) are probably some of the best DEX iimplementations thus far because they do not use IOUs or derivatives. However, seeing as though you can only trade ERC20 tokens (which are effectively all very risky and volatile investments) they are still not ideal.

I am still awaiting a more optimal DEX that can exchange tokens between different blockchain without IOUs or derivatives.

In case you have missed it, BarterDex (http://barterdex.supernet.org/) is near release. It is a full exchange based on Atomic Swaps. In fact it is the most advanced Atomic Swaps solution available now.

http://coremedia.info/blockchain-news/item/836-barterdex-atomic-swaps-made-easy

It includes the following features:

• Realtime orderbooks
• Update your prices in realtime
• Liquidity multiplier (http://coremedia.info/blockchain-news/item/808-easydex-liquidity-multiplier-introducing): you can place multiple orders with the same funds, when any gets filled the others get cancelled
• Electrum lite mode: no need to download the full blockchains of the coins you trade
• Variable confirmations preference setting: from zeroconf (25-30 seconds per trade but less secure) up to full notarization on Bitcoin blockchain
• Portfolio api: set percentage of coins you want and it automatically trades towards that goal
• Easy to use GUI (in development)

Among the coins supported (or soon to be), are: Bitcoin, Litecoin, Dash, Zcash, Stratis, Komodo, PIVX, Vertcoin, Dogecoin and 80+ other coins, including Komodo's assetchains and fiat pegs... more will be added as soon as they update their code to include Cltv & gettxout or their equivalent

Whitepaper
https://supernet.org/en/technology/whitepapers/barterdex-a-practical-native-dex

Video Demos (using a basic ugly gui with command line, pretty gui is in development)
https://www.youtube.com/watch?v=XovwcWnZ9vM
https://www.youtube.com/watch?v=bf371VQRh0M

General video about Komodo:
https://www.youtube.com/watch?v=Cb7An2CGBQw

Superb technology! This is definitely going to be amongs most successful DEX in the future. Liquidity multiplier seems niiice feature ;)

Please write here another decentralized stock exchange.
RuDEX

https://rudex.org
Thank you!

I feel etherdelta could be way better if they make some improvements to their interface and the mechanism they use because it's very hard to perform simple actions and it's not user friendly. I get some people already use it with their eyes closed but something that is suposed to receive all kinds of public needs to be more easy and simple to use in my opinion.

As a day trader, i don't agree ether delta is the best DEX. It need to fix how that system work, many lost money on that exchange because of mistake in place order.

Grewal Satinder has released the first full working BarterDex gui, it's for advanced users and requires some learning curve though. This is the first really working Atomic Swaps Dex, not the usual buzzwords or press releases:

https://github.com/SuperNETorg/BarterDEX-Simple/releases

More info here:

https://medium.com/@komodoplatform/mega-post-updates-information-and-explanations-about-the-komodo-barterdex-a27dea784918

Other more noob friendly gui are in development, one could be released this week

Komodo Platform’s BarterDEX will be turning heads in 2018! GUI is currently in beta testing, new releases every week.
OVER 15,000 ATOMIC SWAPS www.dexstats.info

Komodo Website: https://komodoplatform.com/en
*NEW*BarterDEX WP: https://komodo.ocloud.de/index.php/s/lwdiBny0IkH3vxa#pdfviewer
Bitcointalk [ANN]: https://bitcointalk.org/index.php?topic=1605144.0

Anybody know any good resources about DEX?

List of DEXes which work now, comparison, newbie guides etc?

So how do you invest in Barter DEX?  Do they have their own coins (ICO) or do we have to buy Komodo?

Komodo will certainly benefit from it because if you want ~5 seconds swaps you need a Kmd "security deposit" of equal value. The more people want to trade and the more Kmd will be locked this way.

The trading fee is only 1/777 from seller side, the amount goes to the DEX asset holders. This asset was traded on Nxt Asset Exchange as InstantDEX (https://www.mynxt.info/asset/15344649963748848799)but it's now being migrated to its own Komodo assetchain called DEX (https://nxtforum.org/unity/supernet-assets-nxt-ae-gt-komodo-migration). You can buy it on Nxt AE and swap until march or buy DEX directly on BarterDex.

Here's a flowchart of DEX revenues (and other Komodo Assets): https://forum.supernet.org/t/supernet-revenue-flow-chart/265

so where is Barter DEX download link? i can't find it  ;D

The latest release is on Komodo github: https://github.com/KomodoPlatform/BarterDEX/releases

There are a few videos that explain the basics:
https://www.youtube.com/watch?v=drl4FEuEoBY
https://www.youtube.com/watch?v=V1cbzQLUneA
https://www.youtube.com/watch?v=XevjsvhhXn8

For everything else there is the #tradebots channel in Komodo Slack

If the learning curve is still too high, wait for the simple gui release. Anyway people that wish to squeeze the most gains out of this Dex will need the advanced gui.

Crypto bridge is great.  Downloading the exchange program is much more secure than using a centralized exchange via a web browser.  Also if you buy bridge coin you can earn a percentage of the exchange fees.  No other exchange I found does this.

http://crypto-bridge.com/

Barter DEX has cool tech. I think Atomic Swaps may be the future of DEXs, but I can't believe people are actually using it in any sort of meaningful amounts in its current implementation. The GUI is super haggard and not easy to understand or use. Stats such as X number of successful atomic swaps can be easily gamed. Until the usability improves I can't really say I'd recommend it to anyone.

I still prefer Bitshares at the moment... best combination of everything... GUI, volume, trading pairs, and features. https://wallet.bitshares.org/?r=del.coinhoarder

The new Waves wallet is nice too. I wasn't much a fan of their old one, but their new one is much better: https://beta.wavesplatform.com/

Anyone knows about some new DEX which is going to have an ICO in coming months? Investing in a good DEX ICO could bring a very nice profit.

Didn't see barterdex anywhere, only for desktop at the moment and has atomic swaps active.

https://barterdex.supernet.org/

BarterDEX is a rebrand of InstantDEX. It's a very good concept indeed, but the fact that you have to download the blockchains of every single cryptocurrency you want to trade is a quite huge minus :P

Wrong! You can use the Electrum Lite Mode on every Coin in Barterdex without downloading the whole blockchain :P

This is good topic, Here are what I got:

paradex.io (https://paradex.io/) - ERC20 token dex platform powered by the 0x protocol
dextroid (https://www.dextroid.io/)- They claimed as the next generation dex, but it seems still beta phase

You don't have to download the full blockchains, it uses spv mode with electrum servers for most supported coins. Some coins don't have electrum servers setup yet, but when they do they can use lite mode too.

In my opinion, in the future decentralized exchanges will be superseded by ordinary ones. I like this idea, but I have not seen a single word about the future exchange of NEX, based on the NEO platform.

I think this new era of exchanges is very cool. Fees are getting decreased, asking for kyc and many other things become obsolete. Dividend sharing dex coins are also great. I enjoy investing into these exchanges.

One disadvantage of decentralized platform is the speed of trades compared to traditional platform. It is also much higher transaction fee than the normal trading platform. Even security is also an issue like what happened in Etherdelta. I like decentralize platform but I think it needs  more time before it is fully adopted.

I agree, DEX like BarterDEX are not for every crypto user, if you don't mind kyc regulations and don't mind some risk from hacks and scams from using centralised exchanges then DEX is probably a lot more trouble than it's worth in many ways, slow and requires effort to learn new way of thinking based on things like utxo and atomic swaps. Maybe 80% of small-medium traders will not bother to learn, but DEX niche will still be substantial.


I disagree though, BarterDEX fees are cheaper, and security issues are non existent, you always control your private keys, and there's no central website, so no chance of phishing or dns spoofing.

IDex.market is a user-friendly exchange.

I have been using ForkDelta lately which gives you access to the contracts that underpin EtherDelta but with a site that is better maintained.

I haven't added it to the list yet, but it has certainly been discussed in this thread. I have not been able to see or use it yet. I am no longer adding vaporware DEXs to the list since enough DEXs are functional and exist already.


https://www.komodoplatform.com/en/barterdex

^^^ This says I can sign up to be notified when it is released. Ping me when it is so that I can evaluate it.

Unfortunately, yes... this thread is unpopular. Everyone is having a hard time understanding why DEXs are so important. They are beginning to come around though. I have been seeing a lot more chatter around Crypto Twitter about DEXs recently. Sadly I haven't had much time to update this thread though. I will try to do better...


Thanks... I have not heard of either of these DEXs!

Tech inevitably improves upon itself. I mostly agree with you, but you also need to consider that well-funded incumbent (such as already existing DEXs) can and will implement new technology.


I can agree with all of that. They are not optimal, and never will be, but they will be improved upon slowly. We need to still support the DEXs that currently exist even though they are not perfect. Liquidity will not move from centralized to decentralized if there is little/no liquidity on the DEXs.


Never heard of it. I am glad there are so many DEXs I haven't heard of!!

Interesting, thanks for sharing. The Etherdelta phishing attack was certainly unfortunate. At least the Smart Contract itself has been resilient thus far!

Because there are so many tokens on commercial decentralized sites, so the transaction volume is very large, leading to transaction delays and high transaction costs. If the commercial pages overcome these two things, the success rate is huge.

It's not vapoware! BarterDex has been live on mainnet since november, a small selection of the pairs is listed on CMC too: https://coinmarketcap.com/exchanges/barterdex/

All main Bitcoin-based coins are supported and Eth/Erc20 in next version



That is outdated, this weekend there will be a new Komodo website online

I love the concept of decentralized exchanges, this is for sure the future of exchanging cryptos. BarterDex project look to be promising. I also look forward when Binance changes itself to be decentralized - they've got plans to do that.

0x has been added to the list:

0x Protocol
- Status: Released
- Website: https://0xproject.com/
- Exchange: https://0xproject.com/portal
- Whitepaper: https://0xproject.com/pdfs/0x_white_paper.pdf
Strengths:
- Working implementation
- Fully autonomous and decentralized
- 0x is a DEX "fat protocol" that other projects are building on top of (https://0xproject.com/wiki#List-of-Projects-Using-0x-Protocol), thus liquidity will be shared among multiple exchanges
Weaknesses:
- Only compatible with Ethereum and/or ERC-20 tokens

Some have come up. The likes of IDEX, Forkdelta, Token Market are some good ones. I'm particularly impressed by IDEX's UI and hitchfree trading although the minimum withdraw funds are higher than most I've seen in other dexs

Thanks for the recommendations. Those names have come up before up-thread, but I just haven't had time to check them out... hopefully I can soon.

I just added Bancor too. TBH, I am pretty impressed with the simple and straightforward approach of it. It also provides a novel solution to the liquidity problem most DEXs and decentralized/autonomous stablecoins face.

Bancor
- Status: Released
- Website: https://www.bancor.network/
- BCT Thread: https://bitcointalk.org/index.php?topic=1789222.0
Strengths:
- Working implementation
- Fully autonomous and decentralized
- Allows straightforward and simple (Shapeshift-like) exchanges
- A novel and elegant solution to the liquidity problem most DEXs and decentralized/autonomous stablecoins face
Weaknesses:
- Only compatible with Ethereum and/or ERC-20 tokens

You mean The Token Store. It's far better than Forkdelta and IDEX in terms of functionality (the node actually works well) and has a slick and simple UI

I believe that decentralized exchanges will become very popular in future. But not all of the listed above will survive. Most likely, there will be 3-5 large and popular decentralized exchanges. Now it is difficult to guess which of the projects will begin to develop more actively.

I appreciate this initiative and I see that there were some newer exchanges added in the last months.

However, I would divide it in at least two sections: one-blockchain-exchanges and multi-blockchain-exchanges.

One-blockchain DEX's are quite old, I think the oldest was Ripple in 2013, or maybe Mastercoin (Omni), or even one of the early "coloured coins" implementations. They have gained traction again with the ERC20 boom in 2017 but they continue to be a relatively simple and limited technology. There are now over 50, maybe 100 different one-blockchain exchange protocols (as some like Counterparty were cloned on many platforms) and I consider it impossible to follow the development of them all.

The most interesting technologies for me are multi-blockchain exchanges. They really connect the blockchain world and are the only technology that really could replace altcoin exchanges. So at least I would like to see a separation of both technologies in this thread.

For those that know German, I have created a similar thread in German some months ago here: https://bitcointalk.org/index.php?topic=1542761

BTW: BarterDEX is missing, it seems at this moment the most advanced multi-blockchain DEX, with a relatively easy-to-use GUI.

Bancor has opened their first fiat gateway, so you can now but Ethereum with a credit card directly from wallet, and then convert it to any token listed on the platform. I think this is the best decentralized exchange for ERC20 tokens out there, at least for now. Developers are adding lots of features lately, and now this credit card option. All is looking good.

And what about IDEX, I dont see IDEX on your list and IDEX is pretty big, there are many ICOs listed here.
In the future hope there will be also MIDEX ;).

Supernet still being developed on top of NXT?  We gathered that the lead dev is dropping NXT due to some API issues in one of the upgrades.  And that the Supernet lead dev was the one responsible for dumping all that NXT to its lows.

Where is Etherdelta, IDEX, Radar Relay in this list?

In my opinion, in the future decentralized exchanges will be superseded by ordinary ones. I like this idea, but I have not seen a single word about the future exchange of NEX, based on the NEO platform. :) :)

There are well over 100 decentralized exchanges (https://github.com/distribuyed/index), in operation or as projects. So OP's list is incomplete - but it's understandable due to the sheer quantity of DEX projects. Etherdelta, however, is one of the biggest "intra-chain" exchanges (without cross-chain abilities), so I would support its addition to this list here at Bitcointalk.

Does NEX have cross-chain capabilities?

Thanks for awesome sharing the list of DEX exchanges. Even though large part of them are in development - found out plethora of new exchanges for me. Great that DEX exchanges are in development - may be they are the future of cryptotrading. Who knows

Waves DEX could be the leader in the race of best and reliable platform for autonomous trading. I will be doing my research snd bring us to speed here.

Etherdelta is working but there are less volume on trade not to talk of endless token erc 20. Trader don't trust coin that are not present in centralized exchange yet.

I saw a new DEX launched last week - CoinchangeX - www.coinchangex.com

I haven't tried it though, says that there is no transaction fee. I am waiting for feedback from community, if more people say it is worth a try, then I will try  ;D don't want to waste my time otherwise

So it's nothing really new. It should be equally "safe" to use than Etherdelta, but in my opinion these "ethereum-only" exchanges are not really exciting. Cross-chain DEX are ...

DEX is not an exchange! Dex is an acronyms for DECENTRALIZED EXCHANGE. i.e a platform not own by a person or grouo of induvidual who make decision of running it purely based on profit alone.

I was only using etherdelta from last one year and it was working fine for me it just had that lagging issue which cause trouble sometimes, then when its issues grew a lot i moved to idex and to my surprise it is even better version so im now enjoying trading at idex.

It was not work well for me any time, especial when ethereum network are congestion. My transaction was pending for a week, and they still charge fee for any transaction which i made. You know, you can not do any thing with your token, it's suck.

BarterDEX is the most advanced DEX available, created by the Komodo dev team, rated the 2nd most innovative crypto project by the Chinese government after Bitcoin itself.


https://www.ccn.com/china-ranks-ethereum-as-the-worlds-best-blockchain-network-bitcoin-at-13/

in a DEX, in the off-chance that something goes wrong, do you think the lack of accountability is an issue? or rather, who should be accountable? the coders who wrote the code? the community that submitted the code for adoption? the founders? the developers part of the project who vetted the code submitted by the community?

thoughts?

Dex is the future exchangers. forkdelta is now good I think, Idex and bancor. I use three exchangers to get eth or other tokens. It is much  more secure than using centralized exchangers. However, the fee of the transaction is big. Waves dex is the worst platform.

https://groestlcoin.org/forum/index.php?topic=555.msg2298#new

I'm taking a rest from this, and the information is rapidly ageing; but if it helps . . .

Anyone here actively struggling with BarterDEX?

Try HyperDex, BarterDex newest Version is 1.0.6

Waves DEX is my favourite, easy to use GUI with fiat supported, and really low fees per trade regardless of the trading amount!

FTFY. (IOU=centralized token on the Waves blockchain)

There are no blockchain-based exchanges (Atomic swaps or blockchain-internal-token-exchanges) which can support real fiat money without intermediaries. The best try is actually Bisq.

I have outlined how a complete replacement for centralized exchanges could look like: https://bitcointalk.org/index.php?topic=4102739.msg38097740#msg38097740. It would be a mix of a Bisq-like protocol, stablecoins (like Dai or BitUSD) and atomic swaps (BarterDEX-like TierNolan-protocol-based or Lightning-based). The only thing it wouldn't support is high frequency trading.

Interesting proposal, BarterDex supports both Tether and TrueUSD. Integrating with an escrow service and then it's ready to go.

Very good information shared in this forum. Each and every exchange has been segregated and identified with their positive and negatives is awesome. Really wonderful post I believe, I personally heard about DEX and the information you have provided adds value to what I know.

All the exchanges are good and each exchanges has their own merits and demerits I think.

My proposal would use "decentralized" stablecoins, which have some incentive mechanism to maintain the price stable, but no centralized "backer" like Tether. The reason: these IOU-stablecoins are equally dangerous than MtGox. They introduce a single point of failure.

TrueUSD seems a centrally-backed stablecoin too, so it's also not what I'm aiming at. My proposal would be to integrate something like the DAI. It would be easier, however, with Basis/Basecoin, as this kind of coin has no "forced settlement" to fear.

@zaylynn: It seems that Faast is not a decentralized exchange but a centralized instant exchange like Shapeshift. At least, I wasn't able to find information about its inner workings (in fact, on their website they don't claim they are a DEX).

thank you for this informative topic. ^^
DEX is the future of trading platforms.
but for this downtrend, I don't think any project can has good fame.
still prefer kucoin cause it listed lots of ICO  ;D ;D

I also hope that in the near future decentralized exchanges will become convenient, fast and will help to make the exchange of cryptocurrency as well as on centralized exchanges but with less commission.

I guess https://altcoin.io is building decentralized exchange with cross chain swaps, using Ethereum plasma tech. I'm not familiar with how it works TBH, but here is more info about it - “Why we’ve chosen a Plasma-like sidechain solution for our DEX” https://blog.altcoin.io/why-weve-chosen-a-plasma-like-sidechain-solution-for-our-dex-97737ca46b86

I think that to develop a fully autonomous decentralized exchange, a link between the various blockchains is necessary. For example, a "Parachain (Parallel chain)" in the Polkadot project. When this project is implemented, maybe new solutions will appear.

BISQ needs to be added to that list, it is a decentralised exchange with a nice selection of privacy coins. As anonymity is highly sought after in the crypto world you can bet that BISQ is going to succeed due to having a niche market without competition

I can say to you that altcoin.io is not decentralized - read there Privacy Terms ... They store your token on the blockchain, and then when you want to trade, they connect you with another individual who also has token stored on the blockchain. Then Altcoin.io perform an atomic Swap, removing the middlemen from the exchange process.

They store, they connect, how is that decentralized ?? They are still the middleman themselves.
This is marketing mambo jambo :D !
Ref Links? Fully decentralized? Think again!


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@Acura3600

Whoops, looks like you are right, I wasn't digging too much just read thru their first page. Decentralization is becoming the buzzword for crypto marketing...

Everything has mentioned about they are centralized but they don't even know about the meaning of the decentralized. The majority of the platform is using it to be the marketing purpose right now. The decentralized just a marketing word but the majority of people are still lack of knowledge about that.

I have a quality share, I think the same thing. I read the entire article and I was informed. I wish everybody has plenty of money in this market.

I quite agree that decentralized exchanges are the future. It gives the user the enablement to trade its tokens without registration. The user only needs to input his private keys and does his transactions. Trading with centralized exchanges comes with risks as anything can happen to the exchaange and if you have funds in it, you lose the funds as well

I trust somebody chooses the undertaking and creates it however, on the grounds that I believe it's extraordinary compared to other DEX ideas that have been distributed. I cherish Blocknet and other DEX that I think about is Internet of Coins. They are having ICO however one month from now. Likewise need to see an examination of their innovation included here also. Such a large number of terrible things happen when you don't generally check your interest in only one moment. Your venture offer might be all off-base. I additionally put resources into poloniex and I was extremely cautious on the grounds that A great deal of contentions and furthermore site issues. much thanks to you for observing

I have some problem or concerns when using decentralized exchange. First, in using DEX they set minimum selling and buying amount which i think is not favorable to some users. Second, the security features in DEX is not so good in my opinion which is prone to hacking.

I always tend to prefer a DEX for executing my trades rather than a centralized one-I just have to spend some time searching for the DEX that has the token that I want and enough liquidity (I have my list of personal favorites). Regarding your first concern if you do proper research you can find a dex with a minimum deposit/withdrawl of 0.001 ether. As to your other concern, I always thought that a CEX was more prone to hacking than a DEX by definition! And increased privacy is always a plus! No KYC, no accounts required! My go-to DEXs are IDEX, EtherDelta, and Ethen!

Dex is the future of Cryptocurrency trading.  The whole idea of Cryptocurrency is about trust less transactions and p2p everything.  Regulation might restrict Cryptocurrency activities in the future,  but I believe Dex will come to the rescue.

Another DEX released by Ethfinex (https://coincodex.com/exchange/ethfinex/), which will utilize Ethfinex's and Bitfinex's (https://coincodex.com/exchange/bitfinex/) order book to provide liquidity on the platform.

https://coincodex.com/article/2352/ethfinex-announces-ethfinex-trustless-platform/

More focus should be for other blockchain platforms like neo, stellar, achain, NEM etc if they cant have a platform that can access all but also give advantage to more decentralized exchanges that can trade their tokens.

Stellar X someone already tested? How do you like him?

not decentralized

They may even drawn the attention of the community but it isn't enough for investors to have some addition for DEX, erc20 based token are still leading in DEXs and maybe the profit is more attractive for having it. I guess the above coins should have a MEW like wallet to attract more traders.

---

I'm quite surprised in bancor, like it took 2 years to develop and to roll in the market.

Yes, Exactly recently Binance CZ announced by the end of the year they are going to launch their own Decentralised platform which helps to launch ICO under their own blockchain. Soon Binance will be leading exchange which will help the nation to join their blockchain platform.

We play the role of a user and we do not care much about the convenience of applying it to us. In fact, many users do not know what decentralization is

If so, i don't think it's a good way to lead the top exchange sites because probably the DEX will turn out with no volumes again like the others. Etherdelta was a good DEX last time, but it turns out into a trash EX site.

Still, it's better to list a project token in the binance's main platform to have a huge amount of volumes.


Some people care about having a convenient exchange and also have a lot of volume. In fact, user knows a lot of decentralization because there are so many DEX that has been created in the crypto exchanges. Even the crypto currency is decentralized so I think they know a lot about it, but the disadvantages and advantages of being decentralized must know.

Going back when ED is still famous because most tokens do always start up to be traded there mostly on erc20 and talking on your point which is actually part of the truth. When these tokens did able to hit new exchange (higher/reputable) ones then it would really end up on leaving tokens on Dex will be no in volume yet most trades will surely moveout on a place where they can able to see much more volume.

I wouldn't compare current decentralized exchanges to future Binance DEX, it's pointless. Binance has established a good reputation and has big community in crypto space, so it will be on a different level than ForkDelta or IDEX. I'm sure there will be enough incentives for users so they won't struggle with low volume.

DEX compare
https://cdn-images-1.medium.com/max/1600/1*T8KscI52HFjCSe52h6YRhg.png

Many wrong facts on Barterdex/ Komodo

thats a litteral comparison you got there brother but ithink that kind of chart is not needed anymore because we can easily tell and compare if what is the advantage of dex exchange or the disadvantages rather when compare cex exchange  . 

Dex exchange mainly foccuses on alts and erc20 coins while cex exchange mainly foccus on bitcoin ,eth , bch and other main cryptos  . 

Cex exchange are mainly the ones that being used the most by traders while dex exchange are the favorite of bounty hunters and airdrop hunters  .

the advantage of dex exchange that I like is that when the dump occurs it is not as fast as lightning as it does in a centralized exchange such as binance etc.

Dump will happen in any exchange based on the the company do in the market. We need to wait for the recovery because we have seen many downfalls in the market. Some time due to increase in the price of Bitcon and ETH makes the price of altcoins will decrease in the market.

Any reason why Bisq can't make it to this list? Anyone able to shed some light on this?

Everyone can now test and participate on the public AtomicDex Beta!

Public open Beta Test for ALL ! A true AtomicSwap Dex .

https://play.google.com/store/apps/details?id=com.komodoplatform.atomicdex

I agreed, decentralized exchange actually is much more good and better compared to centralized, but in reality most of the community they patronized more on regulated exchange, and most of the traders are abusive especially on DEX(decentralized exchange).

DEX is not as popular as CEX because with dex, traders have to keep their funds themselve which is an additional responsibility not everyone is willing to take.

im not against decentralized exchange but i use centralized exchange the most especially if im going to trade regularly ( e,g buy and sells bitcoin or ether ) but if im going to stop trading and foccus on bounty and airdrop  ,  i do use decentralized exchange most of the time  and i can see the difference between them  .  dex have its advantages which is security and anonymity while cex do also have its advantages which is the volume and better interface  imho,

Hi,
   You are right that DEXs will be the future.
Reason, why we have also launched https://Bitball-dex.com.
We can see some successful swappers like uniswap, future is bright for decentralized exchange.
We will be starting a thread on Bitball DEX shortly.

DEX offer traders some kind of freedom to trade. I love the fact that you control your piece of code and you have to take care of your wallet. The technology behind it is still young and there might be some bigger vulnerabilities in the future, so take care of your tokens. But I believe DEX will become bigger and more people will use the decentralized service. Still in the early stages of DeFi  ;D

i think defi exchanges at least have good volumes and could be really interested for trading and investing...

just today read interesting announce about xsigma exchange, based on curve - looks great

At present the trading volume of decentralized exchange (DEX) has increased a lot. At the same time, the activities of scammers have also increased. The most popular decentralized exchange Uniswap now has many fake tokens. We must be careful while trading. A good way to identify the real token is to check the contract address of that token.

The volume of trading on the decentralized exchanges - DEX of the Ethereum ecosystem in less than May almost doubled the April figure, breaking the mark of $115 billion over the past 30 days, the figure was $129 billion, over the past year $570 billion. https://duneanalytics.com/hagaetc/dex-metrics

https://i.ibb.co/mDg67Tx/2021-05-26-193721.jpg (https://duneanalytics.com/hagaetc/dex-metrics)