DEX Discussion Thread

[ArkadiyDeliev]

Since the previous topic seems to have stopped being updated, I decided to restart the discussion with an up-to-date list of DEXs.

This thread is intended to track the development and features of DEXs. Feel free to bump the thread with updates or new projects. 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)

B&C Exchange

• Status: Vaporware Dead Project?
• Website: https://bcexchange.org
• Forum: https://bitcointalk.org/index.php?topic=1033773
• White Paper: https://bcexchange.org/assets/Blocks_&_Chains_Decentralized_Exchange.pdf
• Powered by an autonomous network of multi-signature addresses
• FIAT derivative

Strengths:

• No derivatives or IOUs (for cryptocurrencies)
• FIAT IOUs

BitBay

• Status: Released
• Website: https://bitbay.market
• Forum: https://bitcointalk.org/index.php?topic=890531
• Wallet: https://bitbay.market/downloads

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
• Website: https://bitshares.org
• Forum: https://bitsharestalk.org
• Wallet: https://wallet.bitshares.org

Strengths:

• Working implementation - the oldest and most established DEX
• Commodity, FIAT, Equity, and Index-based derivatives are possible
• Advanced user issued assets
• Decentralized referral system

Weaknesses:

• Systematic risk of derivatives (optional)
• Trusted third party risks of IOUs (optional)
• Low volume and liquidity (although improving slowly)
• Lack of development

Bisq

• Status: Released
• Website: https://bisq.network
• Forum: https://bisq.community
• Wallet: https://bisq.network/downloads

Strengths:

• Working implementation - one of the oldest DEXs
• Effortless listing via a Git pull request
• Assets are stored on users' own wallets

Weaknesses:

• Java client
• No web client
• Low volume and liquidity

Blocknet

• Status: Released
• Website: https://blocknet.co
• Forum: https://bitcointalk.org/index.php?topic=829576

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

BarterDEX

• Status: Released
• Website: https://komodoplatform.com/en/barterdex
• Forum: https://bitcointalk.org/index.php?topic=1605144
• Fully decentralized peer-to-peer trades via atomic swaps
• Can access several different sources of liquidity, including: Nxt assets (including Multigateway coins) and centralized exchanges via API keys

Strengths:

• Working implementation
• Fully decentralized peer to peer trading (via atomic swaps)
• Optionally utilize centralized exchanges' APIs for additional market depth and liquidity

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*

CryptoBridge

• Status: Released
• Website: https://www.crypto-bridge.org
• Forum: https://bitcointalk.org/index.php?topic=2015949
• Wallet: https://wallet.crypto-bridge.org/?r=cryptobridge

Strengths:

• Working implementation - based on Bitshares
• Commodity, FIAT, Equity, and Index-based derivatives are possible
• Advanced user issued assets
• Decentralized referral system

Weaknesses:

• Systematic risk of derivatives (optional)
• Trusted third party risks of IOUs (optional)

EtherDelta

• Status: Released
• Website: https://etherdelta.com
• Forum: https://bitcointalk.org/index.php?topic=2018051

Strengths:

• Working implementation
• Advanced user issued tokens on ethereum blockchain

Weaknesses:

• Only ERC-20 tokens
• Lack of development

ForkDelta

• Status: Released
• Website: https://forkdelta.github.io
• Forum: https://www.reddit.com/r/ForkDelta

Strengths:

• Working implementation
• Forked EtherDelta with the goal of fixing its issues

Weaknesses:

• Only ERC-20 tokens

NEXT.exchange

• Status: Released
• Website: https://next.exchange
• Forum: https://bitcointalk.org/index.php?topic=2535995

Strengths:

• Working implementation
• Pool trading
• Lots of developer funding
• Instant ICO deployments
• Cold and secure storage of funds
• Community trading

Weaknesses:

• To be updated once I have time to do more research and better analyze it...

Stellarport

• Status: Released
• Website: https://stellarport.io

Strengths:

• Working implementation
• Hardware wallet support
• Real time modern trading interface
• Transactions average at 5 seconds

Weaknesses:

• To be updated once I have time to do more research and better analyze it...

Waves

• Status: Released
• Website: https://wavesplatform.com
• Forum: https://bitcointalk.org/index.php?topic=1387944
• Wallet: https://beta.wavesplatform.com

Strengths:

• Working implementation
• SPV wallet
• Lots of developer funding
• FIAT IOUs via gateways
• Centralized order matching allows quicker trades
• Utilizes gateways allowing deposit/withdrawal of real assets

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.[/list][/list][/list]

Code:

6/3/2018: Added Stellarport
7/3/2018: Added Bisq, CryptoBridge, EtherDelta, ForkDelta; removed nonuser-friendliness as a weakness of Blocknet

[JuniAiko]

Don't forget Stellar Port DEX

https://stellarport.io/

Features

Stellar Performance
Stellarport is a portal to the Stellar Blockchain. When you use Stellarport, you gain Stellar's unmatched security, reliability and performance.

Lightning Speed
Contrary to other blockchains, the stellar blockchain network settles transactions in an average of 5 seconds (and a maximum of 10 seconds).

Hardware Wallet
Stellarport supports hardware wallets. Trade, send payments and more directly from your connected hardware wallet with total security!

Modern Trading Interface
With Stellarport you can interface directly with the stellar blockchain using the modern trading interface you know and love.

Account Management
With Stellarport you can view your account profile, history, assets and open offers as well as send payments to you acquaintances with the click of a button.

Real Time
Stellarport's trading interface is real time. As you trade you will see the trades that you and others have executed on the stellar blockchain, all in real time.

Lowest Fees
Trading fees are super low. We only charge takers 0.15% - on Stellarport, makers trade entirely for free.

Secure
Stellarport never takes your secret key. When you use Stellarport, you sign your transactions privately and keep your peace of mind.

Truly Global
The Stellar blockchain is global and so is Stellarport. Transacting on Stellarport is transacting all around the globe.

[JNR]

why you didn't listed etherdelata and forkdelta , and new decentralized exchange called cryptobridge
i think all of that exchange are decentralised not centralised 

[auliahr]

of its many decentralized exchanges available today, I just love wavesdex. for me wavesdex is easy to understand, its friendly interface and can be used in smartphone.

[Agamemnus]

Out of these I only know of blocknet and it has a beautiful user interface, I don't know why you said negative about the UI. It has got an amazing UI. Also dex are going to be the future and the faster we accept them the better for the crypto future.

[B1tUnl0ck3r]

great topic ! pivx devs are building too a dex integrated in the wallet with zpiv (the anonymized pivx)... will be interesting field to watch ! thanks for your review.

[sylance]

Thank you for putting this together!  I hope this is the year decentralized exchanges take off.  I believe Circle (backed by Goldman-Sachs) is the first move into purchasing exchanges from the banks.  Once banks get their hands on exchanges then regulations and high fees are sure to follow.

What we need are super private coins and decentralized exchanges... then we no longer have to worry about government bans.

[B1tUnl0ck3r]

Thank you for putting this together!  I hope this is the year decentralized exchanges take off.  I believe Circle (backed by Goldman-Sachs) is the first move into purchasing exchanges from the banks.  Once banks get their hands on exchanges then regulations and high fees are sure to follow.

What we need are super private coins and decentralized exchanges... then we no longer have to worry about government bans.

or like pivx, discrimination by poloniex because they backed only dash... and they know that pivx is better. But who cares, ultimately it has incentivized the pivx devs to build the decentralized exchange integrated in the wallet .

Anyway btc brought 24/7 trading, the next step is decentralized exchanges... real disruption or the real web 2.0 and not those centralized censored systems...

[ArkadiyDeliev]

Don't forget Stellar Port DEX

https://stellarport.io/

Features

Stellar Performance
Stellarport is a portal to the Stellar Blockchain. When you use Stellarport, you gain Stellar's unmatched security, reliability and performance.

Lightning Speed
Contrary to other blockchains, the stellar blockchain network settles transactions in an average of 5 seconds (and a maximum of 10 seconds).

Hardware Wallet
Stellarport supports hardware wallets. Trade, send payments and more directly from your connected hardware wallet with total security!

Modern Trading Interface
With Stellarport you can interface directly with the stellar blockchain using the modern trading interface you know and love.

Account Management
With Stellarport you can view your account profile, history, assets and open offers as well as send payments to you acquaintances with the click of a button.

Real Time
Stellarport's trading interface is real time. As you trade you will see the trades that you and others have executed on the stellar blockchain, all in real time.

Lowest Fees
Trading fees are super low. We only charge takers 0.15% - on Stellarport, makers trade entirely for free.

Secure
Stellarport never takes your secret key. When you use Stellarport, you sign your transactions privately and keep your peace of mind.

Truly Global
The Stellar blockchain is global and so is Stellarport. Transacting on Stellarport is transacting all around the globe.

Just added it! Seems very interesting indeed, although I am quite a big critic of Stellar Lumens. I guess I wouldn't use this as my DEX of choice because of the underlying technology but hey, that's what free choice is for

[ArkadiyDeliev]

why you didn't listed etherdelata and forkdelta , and new decentralized exchange called cryptobridge
i think all of that exchange are decentralised not centralised 

Added! I have no idea how I forgot about those
Have you also heard about OpenLedger? How do you think it compares to CryptoBridge?

[ArkadiyDeliev]

great topic ! pivx devs are building too a dex integrated in the wallet with zpiv (the anonymized pivx)... will be interesting field to watch ! thanks for your review.

Do you have any links? I can't seem to find anything concerning a PIVX DEX. In fact, I never really researched PIVX, so I have no idea

[cdb1690]

If you have EtherDelta you could also add:
0x project and Kyber for ERC-20 tokens
NEX for NEP tokens only (this is not released yet)

[justin86]

I like bisq, waves and forkdelta. But I always face some problems and feel not comfortable when using them. I think oax exchange has potential to be better than these dexs.

[jondel]

I sometimes use idex.market. I wonder what is your reason not include idex.market on your list. Maybe your opinion can be useful for me.

[99th]

FORKDELTA - Strengths:
Works Great on a Mobile device
Has every token possible



ETHERDELTA - WEAKNESS:
Sucks on a mobile device
API issues

[Bagorrr]

There will be some promising DEX projects in near future. I think hibrid DEX have more chances to become most popular

[B1tUnl0ck3r]

If there is one million different dex, how will there ever be trade? it's like the torrent protocol, if everyone tries to develop his own incompatible version how to find peers?

[Edward Finney]

No mention of 0X? I think they'll be a fantastic decentralised exchange once regulators step up their game

[B1tUnl0ck3r]

No mention of 0X? I think they'll be a fantastic decentralised exchange once regulators step up their game

the goal is to wipe "regulators" and their conflicts of interests and others scams and the costs they generate, by passing them completely once the ruling platforms emerge.

The only shitty issue, is the money laundering and all those issues about terrorism... If you DEX who knows who is on the other side of the trade... and then they come... "you financed al-cia-da and end up in indefinite detention somewhere, maybe even in black site for the rest of your lives, while those having put you there will collect their checks and fuck their "wives".

[rbt]

You forgot to include IDEX on your list of decentralized exchanges (idex.market). You can transact only ERC20 tokens on IDEX, but it has very good trade volume, bigger than most of the exchanges you mentioned ($5,3 million today, according to CoinMarketCap and I remember seeing it to over 8 million). I never used so far, but I successfully used EtherDelta in the past - even if it had that outdated user interface.