MUFEX (OP)
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July 03, 2023, 03:31:24 PM |
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The rise of blockchain technology and the burgeoning popularity of cryptocurrencies have ignited a fresh wave of decentralization in finance - DeFi. DEX, a significant component of this emerging field, is witnessing rapid growth in line with the overall DeFi ecosystem. Its current market value stands at USD 15.5 billion, accounting for approximately 35% of the total DeFi market value.
DEX operates in a decentralized manner, providing a platform for users to trade directly and securely. This is the key distinction from CEX. As scandals involving CEX continue to surface and global regulatory efforts intensify, distrust and concern towards CEX have been escalating among users. According to data from CoinGecko, DEX grew by 33.4% in Q1 2023, while CEX only saw a 16.9% growth rate. DEX's growth rate is almost double that of CEX.
Given these developments, will DEX potentially usurp CEX's dominant position in the future?
The value proposition of DEX
Before we address this, it's important to understand DEX's advantages over CEX. The main benefits of DEX's decentralized model include:
1. Enhanced user asset security: Users maintain control over their cryptocurrencies rather than storing them in the exchange's wallet, which has often been a focal point of security concerns in the crypto community. 2. Transparent trading process: Operating on blockchain, all transactions on DEX are open and verifiable. 3. Reduced systemic risk: Users don't have to place assets in the exchange, averting potential losses from operational risks. The absence of a centralized "agent" makes DEX less susceptible to single-point attacks. 4. Openness and freedom: Any type of crypto asset can be created and traded on DEX, providing it has a matching supply and demand. 5. Strong financial inclusivity: There is no KYC process in DEX, significantly lowering barriers to entry, especially for those without access to banking services.
Despite these advantages, DEX also faces challenges including high user thresholds, unfriendly user interfaces, and inadequate liquidity.
However, technological advancements and growing demand for privacy and security are likely to make the benefits of DEX more pronounced.
The innovative path of DEX
DEX's main issues to tackle include lowering the entry barrier, improving user interfaces, enhancing transaction efficiency, reducing transaction costs, and boosting liquidity.
MUFEX, a DEX focusing on derivatives, has integrated several innovative technologies and mechanisms to achieve these goals:
1. Account Abstraction: MUFEX uses account abstraction technology to simplify the usage of on-chain wallets, significantly lowering the threshold for new users. 2. ZK Rollup: This solution increases the throughput of the blockchain network, further optimizing trading costs. 3. Hybrid Liquidity Pool and Off-chain Order Matching Mechanism: MUFEX improves liquidity pool utilization and ensures adequate liquidity, thus providing a superior trading experience. 4. Multi-chain Asset Aggregation: MUFEX can access assets from multiple blockchain networks, enhancing traders' options.
MUFEX's design showcases the best of both worlds, CEX and DEX, offering a top-tier trading experience for both beginners and seasoned traders.
In conclusion, DEX is in a phase of rapid evolution. With the advent of new technologies and innovative practices, DEX has a plethora of possibilities ahead. MUFEX, being an industry leader, is expected to offer valuable insights into the development of DEX. Whether DEX can ultimately replace CEX depends on several variables including regulatory policies, technological advancements, and market acceptance. However, under the guidance of exchanges like MUFEX, DEX will continue to mature and challenge the dominance of CEX.
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Plaguedeath
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July 03, 2023, 03:46:11 PM |
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In short MUFEX is scam.
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stompix
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July 03, 2023, 03:59:01 PM |
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In short MUFEX is scam.
Brutal but highly possible! Whenever I see all that bla bla bla hyper ultra state of art never seen before technology vaporware it's either a rug pull, a long con scam, or just your average shitshow platform that will die a painful death of neglect. Anyhow, assuming it's not, I saw a 150x leverage mentioned there in the first lines on their website, it's just an invitation for users to lose money gambling on the second especially since we're dealing with shitcoins. That aside, OP, if it's a decentralized solution, how do you ban IPs? ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif)
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avikz
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July 04, 2023, 02:58:48 PM |
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Not on MUFEX but I believe the entire DEX ecosystem works well when it comes to trading crypto pairs. The fees and UI issues will be eventually solved as the time goes by. But DEX can never replace CEX in one things - P2P trading. Not every crypto users are traders. Majority of the crypto users want liquidity so that they can spend. That's where CEX stays mile ahead of DEX and that will never change.
When it comes to transactions involving bank account, people will prefer KYC verified traders every single time.
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Z390
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July 04, 2023, 03:07:13 PM |
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Few DEX are bringing back the features that are only present on centralized exchanges, in near future DEX can take over and become the top 5 crypto exchanges by rating, this is possible, but what is MUFEX? I thought you created this thread to discuss about the future potential of DEXs over CEX but now it looks as if you created this to shill this scam MUFEX, upon all the good crypto DEX in this space right now, from VeloDrome to DyDx and even integral, you only come up with MuFEX? That's a scam I believe, prove me wrong if you think I am wrong.
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🎁 | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . 375% | 200 . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . | 🛞 | ☆ | | ☆ | 🛞 | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . | ▀▀▀▀▀▀▀▀▀▀ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . | ▀▀▀▀▀▀▀▀▀▀▀▀ .U P T O . ▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ .300€ + 50 . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ .F R E E S P I N S . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | 🎁 | |
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348Judah
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July 04, 2023, 03:53:03 PM |
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Before we address this, it's important to understand DEX's advantages over CEX. The main benefits of DEX's decentralized model include:
1. Enhanced user asset security: Users maintain control over their cryptocurrencies rather than storing them in the exchange's wallet, which has often been a focal point of security concerns in the crypto community. 2. Transparent trading process: Operating on blockchain, all transactions on DEX are open and verifiable. 3. Reduced systemic risk: Users don't have to place assets in the exchange, averting potential losses from operational risks. The absence of a centralized "agent" makes DEX less susceptible to single-point attacks. 4. Openness and freedom: Any type of crypto asset can be created and traded on DEX, providing it has a matching supply and demand. 5. Strong financial inclusivity: There is no KYC process in DEX, significantly lowering barriers to entry, especially for those without access to banking services.
I will make this in addition that if someone never have the experience of being scammed by the centralized exchanges he may not understand what it really means to be decentralized, to me if you're still under a centralized exchange, you're no difference from someone using the banks to hodl his money no matter how you've invested in bitcoin but still having them under the control of a centralized exchange, one day the prophecy of not your keys not your coins will surely manifest and by then it would have been too late to adjust.
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LogitechMouse
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July 04, 2023, 03:54:01 PM |
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In short MUFEX is scam.
I wonder how many minutes did the OP took just to create this thread only to find out that many will just simply ignore it. You're straight to the point, but the chances of it to be a scam is high, or it might be 100%. I've seen some of these threads in the past already. The title is asking question then the contents of the created thread is something that's about their project that they're promoting. This is one of them, and obviously this is a scam project... but a project can't be called a scam until it does, so like what others are saying here, it's possible that it's a scam project. Well, I would be happy, and most here would be happy if we were wrong about accusing this new project as a scam.
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Nrcewker
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July 04, 2023, 04:14:44 PM |
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Many people choose cryptocurrencies or specifically Bitcoins due to the decentralised nature only. So if there is any better facility available then of course people will move to it. I mean no one wants to get bounded by laws, and unnecessary taxes, so in that moment if you introduce them to a DEX, then definitely they will move into it to use the cryptocurrencies without any hassles or identity verification. People are nowadays using more P2P trades than futures, so yes this prediction of yours can be really possible in the near future.
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Upgrade00
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July 04, 2023, 04:34:17 PM |
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<snip> In reality people are not looking to use decentralized exchanges and find different reasons to avoid them. There is a list of credible Dexes which allow P2P trades and does not require identity verification, but the bulk of crypto users are still using centralized ones eeb though they have a long history of hacks and stolen identities. If they want to trade P2P they use the knock down version on centralized exchanges.
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ruski
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July 04, 2023, 04:43:24 PM |
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While DEXs have gained momentum and offer notable advantages such as decentralization, user control, and privacy, it is unlikely that they will completely replace CEXs in the foreseeable future.
Both types of exchanges have their strengths and weaknesses, and the coexistence of CEXs and DEXs is more probable, catering to different types of traders based on their preferences, trading strategies, and regulatory requirements.
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Cryptomultiplier
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July 04, 2023, 04:52:21 PM |
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I think you don't clearly understand the scenerio you are trying to paint, OP. DEX is what many of the crypto trading gurus use to successfully trade crypto currency. It is more like the name that I call my personal bank network. Since I am in control of it. Not the government can detect when I exchange my currency or tell who I exchanged it with. That's why major SEC in some countries like U.S, UK, are trying so hard to tax and regulate the activity of DEX in order to know the dealings and doings of everyone having cryptocurrencies.
The CEX is the one we see with physical buildings and financial monitoring agents and government bodies watching and tracing every transaction details and taxing according to what they see. Although both have some level of security like KYC verification and i.d verification, authentication protocols, the DEX is the mechanism on which the future of cryptocurrency is expected to succeed. CEX defeats the purpose of individual control over their finance and puts it in the hands of the government.
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KiaKia
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July 04, 2023, 05:20:24 PM |
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People still decided to use Binance exchange after the FUD months ago, I mean millions was withdrawn from Binance in a day and later millions went back into the exchange, peole understand the risk, they just seem to prefer using centralized exchnages over DeX, by now DEX should be the top crypto projects by volume but nah.
We already have good numbers of DEX and many new ones are already gearing up for launch, there is GNS trade, Dodo, ZigZag, and pancakeswap, where kYc is not important, it's a matter of choice and that's why centralized exchanges are still winning, when will dEX takes over? That's unknown and it may never happen, FTx collapse was scary enough to make people stop using CEX but that is not happening.
I don't know much about your Mufex and some are calling it scam already, if it's your Dex do drop a link, and let's see how the Dex look, also you need ANN and marketing for the DEX, because true be told, no one knows MUFEX and there are indeed new scam DEX out there where you don't want to connect your metamask to or other wallets to avoid assets getting drained.
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bittraffic
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July 04, 2023, 05:30:49 PM |
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With the activation of CBDC, it wouldn't be surprising that more users will prefer the DEX for privacy. Although the prices really differ in each platform, I think users will find it a lot more important to have privacy than sending KYC documents. 33.4% is a surprising growth just this year.
What is not great about DEXes is that they usually have no BTC in them. No BTC wallet that works to connect but Metamask. The users depend on how many are fans of ETH and all its 2nd layers.
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ololajulo
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July 04, 2023, 05:33:16 PM |
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I believe decentralized exchanges (DEX) offer significant advantages for trading and escaping government regulations and oversight. However, one limitation is that gains made through DEX cannot be easily converted to fiat currency for everyday expenses or other investment opportunities. Until DEX platforms address this issue, their full potential may not be realized.
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nelson4lov
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July 04, 2023, 05:56:41 PM |
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I believe decentralized exchanges (DEX) offer significant advantages for trading and escaping government regulations and oversight. However, one limitation is that gains made through DEX cannot be easily converted to fiat currency for everyday expenses or other investment opportunities. Until DEX platforms address this issue, their full potential may not be realized.
Yes, there is a lot of promises for the future of DeFi technologies. Uniswap took the crypto space by a storm when it wsd initially launched and it took me over a year to actually learn how it works. But it has gotten better since and yes, security is still a nig pronl6and that is why Security and auditing of smart contracts is actually a big deal right now. Once security has been addressed, we can begin to discuss new protocols that allow users to securely trade with each other as they do in a classic swap trade on existing DEXs. It would be a while until we get a solution that actually works. The space is still young, a lot is yet to come.
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KingsDen
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July 04, 2023, 06:12:07 PM |
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While DEXs have gained momentum and offer notable advantages such as decentralization, user control, and privacy, it is unlikely that they will completely replace CEXs in the foreseeable future.
Both types of exchanges have their strengths and weaknesses, and the coexistence of CEXs and DEXs is more probable, catering to different types of traders based on their preferences, trading strategies, and regulatory requirements.
There will never be a time that DEXs will replace CEXs, never! If there should be a replacement, the reverse should be the case. But coexistence has always been better. CEXs are the friends of the government. The government like centralization such that they can control, manipulate and tax everyone. So they work closely with CEXs to collect KYC data of people. So, government will choose to ban non corporating DEXs than banning their allies CEXs.
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The Cryptovator
Legendary
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Crypto Casino and Sportsbook
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July 04, 2023, 07:29:01 PM |
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I don't have any knowledge about MUFEX DEX, but regardless of its status as a decentralized exchange, it should undergo auditing by reputable firms. Dex platforms can pose significant risks if they are not thoroughly audited. Without proper auditing, there may be vulnerabilities or backdoors that can result in the loss of your funds. However, it is important to note that DEXs will not completely replace centralized exchanges (CEXs). Despite the controversies surrounding CEXs, many individuals still rely on them for trading. Several factors come into play when choosing an exchange, including liquidity, security measures, and the availability of trading pairs.
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Upgrade00
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Playgram - The Telegram Casino
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July 04, 2023, 07:33:13 PM |
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So, government will choose to ban non corporating DEXs than banning their allies CEXs.
The government does not need to ban Cex for decentralized exchanges to get more popular. With the knowledge that; • Centralized exchanges are regulatory arms of the government, • You do not own they keys and they are not your coins, • Your (not really yours) coins can be hacked, • Your private information can be stolen, etc... Crypto users who are privacy inclined should opt for decentralized options.
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BIT-BENDER
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July 04, 2023, 08:33:31 PM |
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Why would anyone ever think Centralized exchange would replace decentralized exchange in the future. The only way I see that happening is if government takes over crypto-currency which I think would be impossible.
The advantages Decentralized exchange has over centralized exchange is much and I think the only reason anyone is using centralized exchange is due to the way they understand crypto-currency. An experienced person in the ecosystem would readily for decentralized exchange because of the privacy protection they can get from it over centralized exchanges
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Hamphser
Sr. Member
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Vave.com - Crypto Casino
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July 04, 2023, 10:43:06 PM |
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Why would anyone ever think Centralized exchange would replace decentralized exchange in the future. The only way I see that happening is if government takes over crypto-currency which I think would be impossible.
The advantages Decentralized exchange has over centralized exchange is much and I think the only reason anyone is using centralized exchange is due to the way they understand crypto-currency. An experienced person in the ecosystem would readily for decentralized exchange because of the privacy protection they can get from it over centralized exchanges
We do love that decentalization but we should really be that appreciating on what CEX is been offering on which DEX cannot. This is why its not shocking or surprising on why volume is really that created or molded on centralized platforms due to those known factors or reasons on why achieving these numbers which if you do make out that kind of indepth analysis then you would realize that CEX is really that much more preferred. Even people do love decentralization and anonymity but since we do really end up on dealing with fiat or making conversions into paper money then it cant really be that avoided that it would really be that in exchange with our personal information on which it would really be that just that a common approach and something that people could just simply accept as long they would be able to utilize and make use of those features then sharing up your information wouldnt really be that an issue even though it would really be that contrary on overall concept and preference.
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