Following the FTX collapse and SEC scrutiny on centralized exchanges(CEXs) like Binance and Coinbase, an increasing number of users have begun exploring decentralized exchanges (DEXs). Data from DefiLlama reveals that DEX trading volume surged to $133.1 billion in March, marking the third consecutive month of growth.
How are they decentralized exchanges? Can you trade bitcoin and other main coins like that on Ethereum Dex, Binance Dex and other smart contract decentralized exchanges? If truly they are decentralized, people should be able to trade all coins. Or if not all coins, it should not be in a way that you can only trade single main coins with just its tokens.
Despite these developments, a majority of users still opt for CEXs. The primary reason for this preference lies in the user experience issues associated with DEXs. These platforms present high barriers to entry and complex operations, such as private key management and wallet interaction, which differ from the user habits of CEXs. For newcomers, CEXs serve as a primary gateway, offering a familiar process to complete registration and KYC procedures. On the other hand, trading on DEXs like Uniswap v3 requires multiple steps and technical knowledge, including wallet usage, mnemonic phrase backups,etc. In contrast, CEXs follow a traditional Web2 model, ensuring consistent user habits and minimal educational costs.
Some other reasons is because you can buy and trade fiat on centralized exchanges unlike the decentralized exchanges.
Is there a solution that provide DEXs with user experience same as CEXs? Enter Transparency Exchange(TEX) .
TEX is an trading platform that to address the user experience issues associated with DEXs.
Registration and Login: Users easily register and log in with their phone or email.
Trading Experience: TEX offers professional market charts, a user-friendly trading interface, an app for trading anytime, anywhere.
Trade Depth: Users can experience limitless liquidity similar to CEXs.
Account Recovery (ERC-4337): To facilitate secure account recovery for users, TEX innovatively employs smart contract accounts (ERC-4337), account abstraction, and social recovery methods.
Who tells you that the decentralized exchanges are not liquid enough? The only one that I have checked before is this one that makes use of bnb as its main coin which is the Pancakeswap. There are others too. On Pancakeswap, BTC leverage is up to 200x. You know what that means for liquidity or how it is directly proportional to liquidity?
You have not explained the meaning of TEX, read what is in your post and notice that you have not even explained what it is. You are only talking about the importance. Without the meaning, you can not jump to the importance.
You register and login on TEX? So what makes it differ from CEX?
Mention some TEX exchanges?