Amid the decentralized finance (DeFi) hype, the decentralized exchanges (DEX) witnessed massive growth and popularity. In the third quarter of 2020, DEXs grew more than that of centralized exchanges. The growing popularity of decentralized exchanges has led the digital currency Decred (DCR) to introduce its own decentralized exchange known as DCRDEX.
DCRDEX – A user-friendly decentralized exchange
As per the announcement, Decred’s DCRDEX is a user-friendly decentralized exchange. The main purpose of Decred behind introducing this decentralized exchange is to provide users with a platform that is user-friendly, cheap, and safe. It is based on blockchain and therefore, it is different from other traditional cryptocurrency exchanges such as Coinbase and Binance which are centralized exchanges.
Initially, only a few cryptocurrencies will be available for users. These include the native digital currency of Decred DCR, the top-ranked cryptocurrency Bitcoin (BTC), and Litecoin (LTC).
While talking about DCRDEX, the Co-Founder & Project Lead at Decred.org Jake Yocom-Piatt said, “No DEX to this day has been solely created in the name of the public good, for the users of crypto in the original spirit of crypto… Decred is leading the way in helping crypto stay true to its original ideals and keeping crypto decentralized.”
Main Features of DCRDEX
DCRDEX will offer various facilities to users. First of all, this decentralized exchange will not charge users with any kind of fees on the trading of cryptocurrencies neither there are any fees on deposits and withdrawals, according to Decred. Users are only required to pay a small fee for their registration.
Decred claims that its DEX is more secured for users and ensures their privacy. Also, users would not have to go through any Know Your Customer (KYC) policy on this decentralized exchange. Moreover, it ensures real-time verification of funds and trades.
Following this news, the price value of Decred’s native digital currency DCR surged high. With a spike of over 7 percent in 24 hours, the price of the coin has surged above the $13 figure. Currently, DCR’s price value is standing at $13.12 USD with a change rate of 7.88 percent in the last 24 hours.