Dexter announced the official launch of his decentralized exchange for the Tezos community. The project that launched in July 2019 as DEXter, now announced a fully decentralized platform for trading cryptocurrencies, especially Tezos.
According to the exchange, tzBTC and YSDtz are the initial FA1.2 tokens available. As more projects like DAO add their tokens to Tezos, the assets supported by Dexter will expand.
Decentralized trading platform and liquidity provider for the Tezos community
Decentralized exchanges are famous among crypto enthusiasts who are deeply focused on anonymity and cutting out the middlemen from transactions. Dexter provides full decentralization for members of the Tezos community. It is "a constant automated product market maker, similar to Uniswap," according to the ad post.
Dexter is a liquidity provider as well as a decentralized trading platform. Users can exchange their XTZ tokens on this exchange with FA1.2 tokens. They must pay a 0.3% trading fee that will be used as a financial incentive for liquidity providers.
Users must provide an equal amount of XTZ and an FA1.2 token to become a liquidity provider on the Dexter exchange. They will receive tokens from the liquidity pool that determine their participation from the earnings of the liquidity pool. Each liquidity provider can redeem their token at any time.
Dexter is now available in a web version and can be used by connecting a Thanos web wallet. There will soon be an option to connect to the exchange through the Ledger Nano wallet. The other option is the Magma mobile wallet. Dexter will soon be integrated into that wallet.
The web UI on Dexter Exchange is not completely decentralized, unlike the backend. But “camlCase has distributed the Dexter user interface over an IPFS cluster, which is a decentralized file-sharing network that anyone can participate in. This makes it difficult for any entity to censor the Dexter user interface. "
Dexter is currently in the early steps and surely needs time to grow and mature. Although it can act as a fundamental component in the ecosystem DeFi At Tezos, there are still many developments in progress to help this ecosystem grow faster.
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