TRON (TRX), the massively popular cryptocurrency and decentralized application (dapp) development platform has launched their first decentralized exchange (DEX) called TRXMarket on December 12, 2018.
The new platform will provide TRON enthusiasts and crypto traders alike with the opportunity to trade a variety of TRC-20 tokens on the TRON network in a safe, transparent, and convenient way.
TRXMarket launched with 3 TRC-20 tokens available to trade; TRONdice, TronFun Token, and DiceBet. Trading these digital assets is only possible against TRON’s native cryptocurrency, Tronix (TRX).
TRXMarket is an improvement to TRON’s existing DEX that focused on TRC-10 tokens.
TRXMarket Features and Improvements
The team behind TRXMarket believes the exchange has the potential to become an industry leader for decentralized exchanges and will overtake the existing centralized platforms that dominate the industry.
Though the exchange is decentralized, they base its operational entity out of the Cayman Islands with the team being based in Malta. As the TRXMarket operations are in the Caymans, the exchange abides by the laws and regulations set forth in this territory.
As for the inner workings of the TRXMarket DEX, TRX smart contracts carry out all trades, with records stored on the public blockchains of the digital assets being traded. This leaves a public record of every trade for full transparency and no manipulation can take place unnoticed.
Users can easily use their own crypto wallets by opening a TronLink account, which is a Chrome extension that simplifies access to the TRON blockchain. It allows users to securely and seamlessly trade on the exchange directly from their own wallet.
As for the listing of new tokens, developers can create and issue their own token on the TRXMarket DEX. To do this, they must complete a token application form which professional auditors will then review.
Final Thoughts
TRON’s new DEX is still very new and has yet to capture a significant number of users.
However, the team behind TRXMarket and many TRX supporters are very optimistic about the future of the TRON network and their role in decentralized exchanges.
The popular cryptocurrency exchange, Binance, is also launching a decentralized exchange alongside the launch of their proprietary blockchain in 2019.
It appears the DEX marketplace will soon heat up with growth and competition.
Do you plan on trading on TRXMarket? How will this exchange shape up to the competition of other DEX’s and traditional exchanges? Let us know in the comment section below.
