As cryptocurrency sounds heavy in the recent digital globe, the exchange of cryptocurrencies is one of the most preferred ways by many to earn passive income. Centralized Exchange is an online platform that helps for exchanges of cryptos with the presence of intermediates. This increased the trading time and reduced trust among the people. Thus, there evolved the concept of Decentralized Exchanges.
Decentralized Exchanges are one where the exchange of digital assets occurs without the presence of central authority. Here the blockchain-powered smart contracts carry out the trades automatically. This increases trust among crypto traders and reduces the execution time of transactions.
Now here we are about to discuss the steps to build a Decentralized Exchange Platform and the major benefits of starting your own DEX Platform.
What is a Decentralized Exchange Script?
The complete source code with decentralized smart contracts built on a blockchain network that executes crypto transactions automatically without any central authority is known as a decentralized exchange script. It is a completely user-based cryptocurrency exchange website, where users can control their funds and can proceed to peer-to-peer exchanges directly from their wallets.
This readymade decentralized exchange script can be utilized to launch your own DEX Platform. Bitdeal provides DEX Script with advanced features and plugins. To know the cost, contact our experts now!
How Does Decentralized Exchange Work?
1. Here users don’t need to deposit their funds to the admin wallet.
2. No need to share the wallet’s private key to admin or any other third-party service provider.
3. Instant exchange of cryptocurrency is possible here.
4. Zero KYC
Working Process Of Decentralized Exchange Platform
1. A decentralized exchange will generate a one time key for a user to log in, which will be active only for a certain period of time, after which the key will be truncated.
2. Will not ask any other details about the trader some exchanges will ask your KYC details when you proceed to exchange more than a certain limit.
3. No need to sign up
1. Decentralized exchanges (DEX) will use Atomic swapping method to perform instant trading. So that the trade value will never be lost during the trading and will result in an expected high-level profit.
2. Here exchanges will be done under the concept of plug- play. (i.e) one must have to connect or import their keystore/ cold wallet and can start the exchange directly from the wallet.
3. No need to deposit funds in an admin wallet.
4. Existing decentralized exchange websites allow a user to perform Exchange between ETH tokens and other altcoins. Other cryptocurrency exchanges are under beta development.
Benefits of Decentralized Exchanges over Centralized Exchanges
Listed here are the advantages of a decentralized exchange platform.
Transactions are recorded on the blockchain which can be viewed by all and this shows DEX has a high level of transparency over CEX.
In DEX users need not do any identification process as like CEX, Anonymity is ensured while exchanging cryptocurrency.
Simplicity of Interfaces
With an easy to use interface that allows users to quickly adapt to the cryptocurrency industry.
Preservation of Assets
If exchanges shut down, the authorities can conficates its servers & assets which includes blocking of users account.
How To Launch Your Own Decentralized Exchange Platform ?
You can start a Decentralized Exchange Platform(DEX) by anyone of the following method
Centralized exchanges websites are not all safe, and one must need to keep on updating their exchange website with high-level security integration for often. The only alternative solution to Centralized exchange is DEX(i.e) Decentralized exchange site.
You can create your own decentralized exchange by
1. Hiring a well-versed developer who is expert in coding an advanced decentralized exchange website.
2. Purchasing and installing a ready-made decentralized exchange script/ source codes from blockchain development companies or any web development company
3. Purchase a decentralized exchange software, and start setting up your exchange website on your own.
4. Get connected with a complete cryptocurrency exchange solution or firm, and start developing your decentralized exchange website, with their guidance.
Steps To Develop Cryptocurrency Exchange
1. UX/UI Design
2. Front end Development
3. Back-end Development
4. Enhancing Security Functions
5. Placing digital currency on exchanges
6. Exchange launch and more.
Technology Stacks Used For DEX Development
Solidity and more.
What's New in Bitdeal's DEX Development?
Each day there is an evolution in the crypto industry and from the entry of decentralized exchange to till now there are more new innovations in the field of DEX. The entrance of DeFi and NFTs has transformed DEX Exchanges to levels higher than in the past. Since then, there are many DeFi based decentralized exchanges like Pancakeswap, Bakeryswap, Uniswap and more. Now after the entry of NFTs and knowing its potential, many DEX exchanges have integrated NFT Marketplace in their platform to attract more crypto traders.
Bitdeal- Leading Cryptocurrency Exchange Development Company , after keen R & D, started developing DEX Scripts with both DeFi based features and NFT marketplace plugins to launch its own DeFi based Decentralized Exchange with NFT Marketplace. We develop and deploy the error free smart contracts on blockchain networks such as Binance Smart Chain, Ethereum, TRON and more to integrate with DEX Script for the seamless processing of DEX Platform after the launch.
We also provide clones of top DeFi based DEX exchanges such as
- Pancakeswap Clone Script
- Bakeryswap Clone Script
- Uniswap Clone Script
- 1inch Clone Script
- Binance DEX Clone Script and more.
Blockchain Networks We Work
Some of the most important blockchain networks , we build DeFi based DEX Scripts includes :
- Binance Smart Chain
- Tezos and more.
Want to launch your own DEX platform with DeFi and NFT Marketplace Protocol ?
Then, catch Bitdeal’s crypto exchange experts now and share your requirements and launch your DEX platform instantly!
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