Beyond DEX: The Future of Crypto Trading on Solana Is Called Secretum
December 09 2021 - 4:07AM
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Crypto asset trading has continued to skyrocket in 2021, hitting
new and unprecedented records: Volumes reached $3.8 trillion in
April 2021 when bitcoin hit its all-time high. Between August 2020
to 2021, the traded value on large decentralized exchanges (DEXs),
like Curve, Uniswap, and PancakeSwap grew by about 550% Major
centralized exchange (CEX) Binance’s spot cryptocurrency trading
volumes totaled $789 billion in September, versus $454 billion
(€390.7 billion) in July, while derivatives volumes jumped almost
25% to $1.7 trillion. DEXs have been gradually grabbing market
share from CEXs: One of the major drivers of this trend is
the perceived superiority of DEX on many fronts: DEXs replace a
centralized authority with automated protocols that enable trading
and direct swapping of tokens, while CEX users give up control of
their assets to the exchange’s servers. DEXs provide the user full
control of their assets, eliminating jurisdictional constraints,
and negating the need for KYC procedures. DEXs generally have lower
trading fees compared to CEXs. Despite their ongoing success, DEXs
are still affected by a series of significant challenges. They
operate on smart contracts only, limiting their trading
capabilities. Most DEXs offer limited liquidity, therefore asset
prices are often priced inefficiently. Transaction speeds may be
slow as they need to be checked and validated on a blockchain
network by the network’s miners, not the exchange. Most DEX
platforms are considered to be not user-friendly. Moreover, DEXs
have been the subject of a growing number of cyber thefts and
hacks: In March 2021, the DODO DEX experienced a smart contract
hack, with the attackers stealing approximately $3.8 million in
cryptocurrency. In August 2021, hackers stole more than $600
million of digital tokens from the Poly Network DEX. Half of all
crypto hacks in 2020 originated from DeFi protocols and DEXs. DEXs
have not been able to solve the many security challenges of CEXs.
As the crypto trading sector continues to expand, there is a strong
market demand for a definitive trading solution – one with all the
advantages of DEXs, without its weaknesses. This solution is about
to come to market, and its name is Secretum. Secretum: Crypto
Trading, Reinvented. Secretum is the world’s first and only fully
decentralized, encrypted, and secure trading DApp built on the
Solana Blockchain. The major innovation of Secretum is enabling the
trading of all crypto assets (fungible and NFTs) directly between
users, via a hybrid messaging + trading function. The defining
features of Secretum are a game-changer for crypto trading. A
secure and anonymous sign-up process, which only needs the user’s
crypto wallet address – no emails, names, or other personal data.
An easy, intuitive, and purely P2P trading interface to send and
receive cryptocurrencies and NFTs. A unique search function to
locate the owners of specific NFT assets, enabling two parties to
connect to each other solely via wallet address and trading.
Secretum’s advantages over DEXs are significant: No risks of
sensitive data leaks and full protection of the identity of
crypto-asset owners. All data is stored on the independent and
verified nodes in the Secretum network, with no central point of
failure. Record low fees and almost instant trades, thanks to
Solana’s capability of 50,000 transactions per second and an
average cost per transaction of only $0.00025. This compares
favorably to the 1% to 0.3% + gas fees usually charged by DEXs.
Traders are able to contact each other directly and find hidden
liquidity in crypto markets – improving execution times and prices.
Secretum is ready to unleash its platform at a time where major
DEXs are reaching valuations well into the billions of dollars: As
crypto trading continues to grow, hacking attacks and cyber theft
will become an even larger threat in terms of frequency and size.
Investors will therefore highly value a superior trading and
private messaging platform with unrivaled security features. By
leveraging the power of the Solana Blockchain to offer unique
benefits to crypto traders, Secretum is positioning itself to be
that platform. Secretum litepaper.
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