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What is Radex?
Radex is a decentralized exchange for ethereum tokens. Radex is the first decentralized exchange for ERC223 tokens - a new token standard that has some advantages over conventional ERC20.
Radex is the first 0% fee decentralized exchange. It consists of two parts: a smart contract that handles all the financial transactions and the web application that makes interacting with the smart contract easier. The smart contract is well reviewed, tested, and most importantly open source. You can view the code for the smart contract on our Github. You can read more about its architecture and development philosophy here.
When we say 0% fee we mean that the exchange does not have an admin or another entity of authority that extracts rent from exchange ownership. However it’s worth noting that there are certain fees for every transaction that you send to Ethereum blockchain. These fees go to Ethereum miners that secure the blockchain for all of us. Keep reading to find out the full fee structure.
How do I start trading on Radex?
First, you need to make sure you have a web browser that works with web3js. Examples of these browsers are Mist wallet, MetaMask and Brave browser. If you don’t know what to choose feel free to follow this guide to download and configure Brave browser.
When you’re ready, visit exchange.rados.io and start trading!
What is the fee structure on Radex?
Because all trading activity on a decentralized exchange happens directly on the blockchain you need to pay transaction fees for every action on the exchange. These fees go to Ethereum miners for processing your transactions.
In ETH world, these fees are calculated as gas_amount_per_transaction * gas_price. Gas price fluctuates depending on how busy the blockchain is. You can see the current suggested gas price at ethgasstation. As for how much gas each transaction uses - here’s a table:
| Action | Gas used |
| Deposit ETH | 29948 gas |
| Deposit token | 50930 gas |
| Create Order | 151560 gas |
| Trade | 53626 gas |
| Withdraw ETH | 38386 gas |
| Withdraw token | 51070 gas |
On top of that, there is a 0.1% fee on each trade that you execute against someone’s buy or sell order. This fee goes to the person who created the order as the Market Making Bonus.
What kind of orders are available on Radex?
While we’re in alpha stage only limit orders are supported (buy / sell orders), as well as trading against orders created by other users. Market order support is scheduled for a future release.
What is market making bonus?
Market making, in a broad definition, is bringing liquidity to the market by creating buy and sell orders. Without market makers an exchange cannot exist. It’s like going to a farmers market but the farmers didn’t show up.
Market makers take a certain risk when they create an order and quote a certain price. In order to reward you for taking the risk and pumping life into the exchange we charge 0.1% from every trade that is executed against an order that you create and give it back to you, like cashback on a credit card. However, if you create an order that doesn’t have a good price and nobody wants to trade with you you will end up paying the ethereum transaction fees for creating the order and will not receive any market making bonus, so make sure you create orders at a reasonable price!
To summarize, market making bonus encourages market makers to participate in trading and drives prices to be more competitive.
What fees do you, the administrators of the exchange, charge?
Zero. The only people that benefit from fees on Radex are Ethereum miners who process your transactions and market makers.
Is Radex open source?
The smart contract that is in charge of processing all financial transactions is available on our GitHub. The smart contract is also deployed on Ethereum mainnet, you can check it out on etherscan.
You mentioned Radex works with ERC223 tokens. Can we trade ERC20 tokens on Radex?
Yes! We created a protocol for upgrading legacy ERC20 smart contracts to the new ERC223 format. Token holders do not need to do anything - the upgrade happens on our side. You get to keep your ERC20 tokens in your favorite wallet and enjoy secure trading. You can learn about how it works by reading the code of the smart contract on GitHub or reading this blog post.
I want to list my token on Radex!
Every once in awhile we will create a poll on this forum where Radoseans will vote for what tokens they’d like to trade on Radex. If your token has an active user base first create a topic for your token here and then ask them kindly to express their support. The most actively requested tokens will end up in the poll and democracy will decide which tokens will be added in the next batch.
These votes will happen fairly regularly so don’t get discouraged if you don’t win the first time. More likely than not you’ll be able to win the vote next time.
