As DEXs rise in popularity, the world continues to seek out secure and easy-to-use solutions for their digital currency transactions.
In the last year, more people than ever before have taken to cryptocurrencies as a medium for investment. It is estimated that this amount is more than 100 million people, including a growing number of Gen X-ers and baby boomers, two groups that were previously skeptical of its place. As a result, trading volumes have reached new all-time highs with volumes of an estimated $3.8 trillion.
Many have come to know the value of decentralization in their holdings and monetary transactions, making DEXs a popular choice against a traditional centralized exchange (CEX). A DEX, or decentralized exchange, replaces centralized authorities with an automated protocol so that users do not risk losing control of their assets to the exchange’s servers, effectively restoring ownership.
Despite their ongoing success, DEXs continue to be affected by several significant challenges, including their exclusive operation on smart contracts. This concern comes down to decentralized exchanges operating on-chain and becoming subject to the scalability trilemma, resulting in higher fees and reduced efficiency compared to their centralized counterparts. As a result, most DEXs offer limited liquidity making asset prices inefficient.
Additionally, these exchanges still face the considerable challenge of being difficult to use, making their usability a significant barrier to adoption. If these concerns didn’t present enough challenge, the last year has also demonstrated the growing number of cyber thefts and other hacks possible without proper security protocols.
While DEX’s have yet to solve the many security challenges of CEXs, the cryptocurrency trading industry is continuing to grow, making the demand for a solution that can address the advantages of DEXs without the weaknesses. Secretum is attempting to change this narrative as the decentralized and encrypted, secure trading DApp built on the Solana (SOL) blockchain. One of the major innovations behind this platform is the ability to trade all cryptocurrency assets, including those that are both fungible and not between users, alongside a new era of peer-to-peer (P2P) over-the-counter (OTC) trades and secure messaging.
Improving the DEX experience
To address these concerns, Secretum looks to features including a secure and anonymous sign-up process, which only relies on the user’s cryptocurrency wallet address. This anonymity contrasts greatly with the traditional process, which often relies heavily on user verification through their name, email or other personal data.
In addition to the anonymity, the interface itself is designed to be more intuitive, with a P2P interface that has been designed with the end-user in mind, enabling the simple transaction between sending and receiving cryptocurrencies or NFTs. Secretum is also taking advantage of the smart public channel to enrich project launches further and enable conversations with verifications for NFT collection holders, crypto traders and investors.
As far as costs are considered, offering competitive prices is largely possible due to the capability of the Solana blockchain. Solana has been designed to manage over 60,000 transactions per second with an average cost per transaction of only $0.00025. For users, this means that fees are significantly more favorable than the 0.1% to 0.2% gas fees that are typically charged. In combination, traders are also given the ability to contact each other directly, adding to the liquidity in the cryptocurrency market and bettering the execution times and prices.
The power of the Solana blockchain
Secretum is currently backed by Venture Capitalists, including Insignius Capital, Zen Capital, Cryptobuddy, Whitelist Ventures, DIB Ventures, Alphahunt and OXO capital. The team has since launched their private sale, which has resulted in the token price increase from $0.35 to $0.50. They continue to work on developing their MVP, with plans to unleash it at a time strategically aligned with DEXs reaching billions of dollars in valuations. Secretum is setting this release to occur at the end of January, with a public sale to follow.
Cointelegraph
