The decentralized crypto asset exchange (DEX) built on the BitShares blockchain, DynX, recently announced their plans to integrate Dash onto their platform.
[tweet https://twitter.com/DynXofficial/status/1097521375676387330 align=’right’] DynX separates itself from other decentralized exchanges by focusing on community engagement since their “listings, roadmap and the entire project will be decided by the community feedback and requests”, plus they also feature a 24/7 live support chat, according to Miguel, co-founder of DynX. Their fees are currently not disclosed since they are only in testnet and “it will be [their] ‘secret sauce’, but “will release an innovative fee structure” once in mainnet.
Currently, their planned base pair currencies are Bitcoin, Digibite, Polis, and the fourth is being decide via a community poll. The poll currently has over 2200 responses in 2 weeks and will last until DynX goes to mainnet, which is planned to be at the end of this month pending no hiccups, at which time the winner will be selected.
Providing superior, decentralized solutions
Cryptocurrency aims to help out all consumers, including those disenfranchised by the current financial and monetary system. Unfortunately, many exchanges are implementing KYC/AML regulations, as recently seen with Shapeshift, which bottlenecks adoption of many cryptocurrencies. While fiat gateways are still a bottleneck, decentralized exchanges will allow those that can at least attain one type of cryptocurrency to easily move into and out of their preferred cryptocurrency. DynX is making to sure to accomplish this by working through UI/UX issues and not launching until the product is consumer ready. Additionally, they are self-funding the entire project to ensure that they can focus on generating surplus and returns for users rather than investors. The founders also come from a mining background so they hope to make the platform conducive to miners and also stakers.
Thus, the Dash integration aligned well with their motivation of “Community is King” to provide excellent community cryptocurrency services.
“DASH is an established project with a huge community. I think it’s quite a no brainer for a project with our orientation. We are very excited to support DASH and deliver a superior experience to all DASH users.”
DynX will help distribute the community benefits of Dash to more individuals by increasing the liquidity and access to Dash.
Dash aims to lower adoption barriers
Decentralized and peer-to-peer exchanges like Bisq, Komodo. DashNearby, Dashous, and Wall of Coins all offer traders additional liquidity at a lower cost and without the risk of being shut down for various KYC/AML regulations that have been known to randomly appear. The ability to trade cheaply, quickly, and censorship-free has a particularly important aspect for Dash since the business development team noticed that many cryptocurrency traders prefer to use Dash as their fund movement vehicle due to its super fast transaction speeds and low costs.
[tweet https://twitter.com/StayDashy/status/1093230710520008704 align=’left’] Additionally, Dash’s focus on constantly improving speeds and costs without sacrificing security has positioned Dash as a merchant favorite. However, many merchants are still concerned about holding cryptocurrency long-term and want to exchange some of their funds back into fiat currencies so Dash is also working to increase Dash-fiat exchange integrations, such as with Uphold. Nevertheless, some exchanges still only offer fiat pairs with a limited number of coins. This is where decentralized exchanges come in handy to allow merchants to accept their preferred currency, but still be able to easily access fiat through various exchanges. As merchants continue to adopt Dash and value begins to stabilize, then the need to convert will become less necessary.