The DEX (Decentralized Exchange) Thread

[CoinHoarder]

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.

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?

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[CoinHoarder]

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

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.

[CoinHoarder]

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.

[CoinMode]

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

[CoinMode]

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.

[CoinMode]

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

[CoinHoarder]

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.

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

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

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.

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

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.

[CoinMode]

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.

[CoinHoarder]

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.

[cointabo]

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

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

[chrysophylax]

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

so this thread is very helpful indeed ...

#crysx

[blacque]

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

[AmarO]

Bitbay seems best

[sud]

Bitbay seems best

Bitbay.net ? It's not decentralized.

[GTTIGER]

Have you reviewed HEAT ledger?

[CoinMode]

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

[GTTIGER]

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

[CoinHoarder]

Have you reviewed HEAT ledger?

Not really, only the knee jerk reaction below:

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.

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.

[DrStein]

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?

[Cass Lin]

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