The fervour surrounding non-custodial exchanges, or decentralized exchanges (DEXes) – as they are commonly referred to as – has eased dramatically in recent times, along with the price of bitcoin (BTC), ether (ETH), and the cryptocurrency market in general. A project called DEX.AG, however, is out to rekindle the haemorrhaging DEX narrative. That journey started today with the launch of DEX.AG’s alpha version.
Introduced via an announcement from Settle – a web-native operating system for decentralized finance – DEX.AG represents an app that lets users “instantly compare prices across decentralized exchanges.” Regarding why this is important for crypto traders and investors, the announcement went on to state that:
Until now, there hasn’t been an easy way to compare prices on different DEXes. It’s cumbersome to navigate each DEX’s interface and remember each price, and by time you finish checking them all, your opportunity may have slipped away.”
You see, by aggregating pricing data (i.e., the reason for the “AG” in DEX.AG) from various DEXes, the need for the user to onerously navigate between multiple DEX interfaces in search for the best price is eliminated. In many ways, DEX.AG’s solution is similar to what the likes of Fetch and Totle are offering.
At launch, DEX.AG users can compare prices between the following seven DEXes: Uniswap, DDEX, LedgerDex, Kyber, IDEX, Paradex and Radar Relay. Notably, the latter two are the most heavily used relayers built on 0x (ZRX). At the time of writing, they account for a collective 96.6 percent of trading volume (USD) over the past 24 hours – Paradex (70.2%) and Radar Relay (26.4%) – according to data retrieved from 0x Tracker.
As for what can currently be traded on DEX.AG, users have the option to buy and/or sell 23 different crypto tokens, all of which are paired against ether (ETH). Most of these – such as Augur (REP), FunFair (FUN) and 0x (ZRX) – are crypto tokens native to Ethereum-enabled ecosystems, whilst others – like Dai (DAI) and True USD (TUSD) – are stablecoins.
Earlier in January, Settle declared DEX.AG the winner of Settle Virtual Hackathon 2 (SVH2), which ran from November 26 until December 10. For their efforts, DEX.AG’s creator Timur Badretdinov won $3,000 worth of ETH.
Big news today! With the guys from @SettleFinance, I launched the @dex_ag: the ultimate aggregator of decentralized exchanges.
Check it out 👇https://t.co/QdFPzenl4n
— Timur Badretdinov (@DestinerX) January 30, 2019