DEX : what features you want in it

[jrrsparkles]

Already decentralized exchanges are existing here with all the feature but it can't work in the same way like binance and other centralized exchanges works because it is having centralized network so they have customer support as well so lot of people trusting them and trading using their platform but on dex it is not possible to expect the same liquidity as CEX which is the major feature missing on DEX.

[jossiel]

Another thing would be is that they just don't turn into a centralized exchange which will ask for KYC.

But jossie, it is either a KYC done CEX or a would-be-scam DEX always.

You are right, a DEX that asks for KYC. Thank you for reiterating that. 

It just so happen that I remember the DEX in nature and description which turned out to be asking KYC of their users. It's been a long time since I've used that particular exchange.

I just wish that the remaining and proven DEXes won't turn out to be the same.

[Shasha80]

Of course I hope DEX can provide more choices of coins for trading, then security also comes first. Because secure exchanges make it
comfortable for traders to use them. Users need fast transactions and low trading fees too, so DEX has to fulfill it. Actually there are still
many features that I would like to see on DEX, but a few things I mentioned must be fulfilled first. So that in the future DEX can be more
attractive than CEX.

[RealMalatesta]

I would say just have some sort of volume, that is it and nothing more. Believe me when I say this, volume is a big big big problem with DEX, they have either fake volume or no volume at all, no DEX in existence has as real volume as binance which is why they are not as big as binance neither, there is no way to trade there without hurting the economy of the coins you like.

I had to deal with couple of them because they had the coin I got paid for bounty, so I just wanted to sell and get out, and I checked the volume for other stuff (wanted to turn BTC to USDT as well) and the volume was so low that even my 120 or so dollars basically all changed a bit of the market, how the hell could 120 dollars change a market, specially as big as btc/usdt pair which should be in millions of dollars.

[cabron]

I would say just have some sort of volume, that is it and nothing more. Believe me when I say this, volume is a big big big problem with DEX, they have either fake volume or no volume at all, no DEX in existence has as real volume as binance which is why they are not as big as binance neither, there is no way to trade there without hurting the economy of the coins you like.

I had to deal with couple of them because they had the coin I got paid for bounty, so I just wanted to sell and get out, and I checked the volume for other stuff (wanted to turn BTC to USDT as well) and the volume was so low that even my 120 or so dollars basically all changed a bit of the market, how the hell could 120 dollars change a market, specially as big as btc/usdt pair which should be in millions of dollars.

Volume is already solved through the Defi today. The uniswap is actually one of the best system that had been used today and the reason why there are spikes of prices. Its not just the Uniswap that is making a good liquidity today, several DEFI today also have volume. $1M of volume is already considrable today than back 2017 and I guess this will continue to increase in the years to come.

[CryptopreneurBrainboss]

The defi exchanges are already in existence I think they are already perfect because they don't ask KYC and only protocols that work in all transactions. The only feature I guess that is needed here is to make it available for bank transactions like BTC or ETH cashout where USD will go to the bank account or going to PayPal account. If this feature will be added, there could be no users going to major CEX.

For starters they're not perfect, they still need some improvement which with time they'll improved on themselves in giving us a better decentralized experience. Before we had just IDEX like decentralized exchanges that supposenly was the best but in recent times exchanges like Uniswap are making the industry proud with the number of trading volume it's recording (most time surpassing major centralized exchanges). You suggestion can't be achieved, only centralized exchanges can do that.

For it to be done on decentralized exchange we have to used stablecoins which obviously is already been used as you can trade your UDSC with wrapped BTC on dex. The deposting or withdrawing aspect via banks has to be an agreement with the banks to start accepting decentralized dollars or what ever currencies you intend depositing which is unlikely to happen anytime soon.

[sarmrakib]

DEX no need to add more feature .If you add more feature on that the identity will be exposed and DEX will loose its characteristics .So it think it will be easy to use nothing more need to add.

[TheUltraElite]

DEX no need to add more feature .If you add more feature on that the identity will be exposed and DEX will loose its characteristics .So it think it will be easy to use nothing more need to add.

That is fine, I would also agree to a minimalist design but with features that are essential. But you have to understand that as a project becomes more and more popular, the number of people using it also increases. This leads to a bunch of users who dont follow this idea and want more and more features. That is a problem that every developer group faces at one time or another. It is like a bad effect of being popular/over-achiever - people just keep wanting for more.

Few things on a DEX are always good like what I already said, direct BTC conversions which is not an easy thing for devs to put in. I also detest the anonymity of the teams running the project in case of a DEX but I guess that is a part of being a DEX or not being a CEX.

[Krabby]

I've used a lot of DEXs like IDEX, Binance DEX, Forkdelta and all have one downside is too few trading features there. Because it is DEX, I accept the coin transfer process will be quite slow and sometimes we have to pay quite a lot of fees, but in return it must have features like Stoploss, OCO. those features are very important to people with less time like me, hopefully in the future there will be DEXs to do this.

[RealMalatesta]

There is really no feature that could make it suddenly much better, dex is not something that lacks features that causes it to be not that much loved, at least not as much as binance, that is not the main reason. The biggest thing that causes cex to be better is volume and that has been talked a million times, but the reason why it gets so much volume is the fact that there is this company centralized on it that you can contact with.

People assume that just because we love decentralized coins we should also like decentralized exchanges as well but the logic is not even remotely the same. I like decentralized currency because it is currency and I do not want anyone to be involved, but exchange is a business and every business should have an owner that I can complain to.

[Yamifoud]

Thanks to all of you who responded.

I hope you'll get satisfied with all the replies above.

Only I have to tell you that is that you will find DEX that meets your expectations, not all of them are worthy to trust nor many of them are worthless instead. We wanted to change their features which very unlikely to happen and I don't think it is necessary.  The most important is we are seeing them being consistent in regard to market performance.

[piebeyb]

You don't have to have a lot of features, just look at binance.org only available for special DEX tokens in the BNB network while Uniswap is used only for the ETH network, why not create a DEX with multiple networks from BNB, ETH or some altcoins that have tokens in it such as TRX, EOS and others in 1 dex so that people only need 1 website to transact there

[teosanru]

Hello Friends,

If there is a DEX to be developed from scratch then what features will you want in it,  which is not in other exchanges. How this DEX can be made work like binance.
thanks.

I think there is just two features that DEX miss. One is the speed of trading which is very much needed for any trader. No one would want to trade on an exchange where it would take you a minute to buy any coin. And consequently due to these reasons the second problem is the volume that these exchanges have. You will find huge slippages even on many reputed coins. This slippage makes trading unprofitable especially for small traders. But seriously it's difficult to cure these issues in DEX because you will have to compromise with the very core idea of DEX. Bitmex even though not completely considered DEx by many is actually the best DEX to trade on.

[Maslate]

I don't see anything to improve with the current DEX, the exchange is just suppose to be simple, that's it, unfortunately CZ CEO of Binance was wrong saying DEX is the future as his own DEX does not progress based on our expectation.

[bitgolden]

Being truly a dex is really one of the biggest things I am looking into them. There is one for example that has token of its own as you might imagine and 100% of it is owned by the team, how is that decentralized? They are basically saying that they used the D in dex as a fake thing and not really caring about it, if you hold all the tokens that means you can make it do whatever you want as well.

If there is a dex that claims to be decentralized I want to see if it is actually dex or not first. That would be the biggest urgency and would be the greatest deal breaker if they are not like that at the core. However if they are truly decentralized and legit, I would have to look at the team created it and also look at volume those are very important too.

[CryptopreneurBrainboss]

I don't see anything to improve with the current DEX, the exchange is just suppose to be simple, that's it, unfortunately CZ CEO of Binance was wrong saying DEX is the future as his own DEX does not progress based on our expectation.

Cz is one of the most hard working CEO in the industry, if he says dex are the future (although that's no news) then you better believe him. He came into the industry late but look how far he has take his business to, he's now top of the ladder and everyone in the industry wants to associate with his project.

Don't also forget he has one of the most hard working teams constantly wanting to improved on their already existing features you can see that with the development launchpad, pool, flexible and lick savings etc.

Although his dex exchange hasn't had an impact like we thought it'll, the project isn't a dead one and it's been worked on behind closed doors. With time it'll come to cement its stay in the industry just as the cex has come to stay.

[SquallLeonhart]

CZ says dex is the future because he has a binance dex of his own, not because he thinks his opponents will beat him. Dude is playing both sides at the same time trying to win. His cex is already the biggest in the world and there is no question he is already doing awesome on that front, he doesn't need to do marketing for binance cex because it does its own marketing by being such a huge and common point for all traders.

However his dex may need some marketing, there are other dex which are bigger, but if he can corner the dex market like he did to cex that means he is going to be fine for a long long time. He is not playing for the next few years, he is playing for the decade and that requires him to promote dex since he has one himself as well.

[zasad@]

I will write only 1 interesting thought about decentralized exchanges.
Trading in tokens that can be blocked by the owner of a smart contract is like trading using the world's payment systems
If you make a decentralized exchange, then you need to add only 1 condition: all coins and tokens should not have locks from third parties.

[3meek]

The most important function for DEX exchanges, in my opinion, is multicurrency! So that any user can easily exchange coins from different blockchains!

[tbterryboy]

If there is a DEX to be developed from scratch then what features will you want in it,  which is not in other exchanges. How this DEX can be made work like binance.
thanks.

Decentralized exchanges are just lacking in a few ways, but I think that’s how it’s meant to be as long as it’s decentralized exchange that we are talking. One of the ways I would say that they are lacking nowadays is when it comes to functionalities or features that they have to offer, you will notice that DEX's are way more limited than centralized exchanges.

But, as I said at first, that’s because they are decentralized. By being decentralized they can only offer you with basic functions and nothing more, unlike CEXs that will offer margin trading and even allow you to make a deposit of fiat. It’s all with time, things will improve.