One of the benefits of software development is the speed of development. Unlike hardware that requires physical parts and machining, developers can add, remove, and tweak code as often as necessary. The blockchain world is no different, due in part to the 24-hour nature of the software; blockchains never sleep. The rapid iteration encourages continual improvement. This attitude is present in LCX with the announcement of their DeFi Trading Terminal service, set to launch within 24 hours.
For all their usefulness and recent adoption, decentralized exchanges (DEXs) are still lacking the conveniences of centralized exchanges. They offer market orders only and zero margin options. Users are at the mercy of high ethereum fees, coin lists can be incomplete, and there is no native charting integration. But the fact remains that exchanges like Uniswap are benefitting from an unbelievable amount of volume compared to their centralized counterparts.
Despite the recent drop in volume, Uniswap is still the dominant DEX and is home to most DeFi tokens. There are no listing fees for Uniswap, and speculators will buy tokens with low market caps in hopes that they will rise. Entire communities have arisen online to find these “Uniswap Gems” before the “whales” do.
LCX’s DeFi Terminal is built on top of Uniswap as a Layer-2 solution to help accelerate adoption. Its custom price discovery engine allows limit orders. Like traditional exchanges, users will be able to enter a price to buy and sell tokens, with the added ability to cancel unfulfilled trades. This admittedly essential capability is a significant benefit for Uniswap traders looking to purchase their token at a specific price.
Additionally, Fire Salamander can instantly display the top 1,000 trading pairs on Uniswap. This is a marked improvement over the default 100 trading pairs, which often load slowly for traders. Considerable back-end work had to be done to accomplish this, as the LCX team is innovating ahead of Uniswap. The new trading pair website will look like the below image.
The DeFi Terminal is a stand-alone service not included in the primary LCX offerings. Users will need to have a Metamask account and at least 10,000 LCX tokens to unlock the terminal. LCX will also collect a small ETH fee with each trade to support future features.
The continual innovation on its platform and the Salamander Terminal will bring new attention to LCX and its capabilities. Its emphasis on DeFi and its designs on Uniswap are in line with the continually growing industry trends.
Fire Salamander – https://defi.lcx.com/dashboard
Twitter – https://twitter.com/lcx
Telegram – https://t.me/JoinLCX
*Disclaimer – LCX is our Media Partner, and this content is made available with their support. The above article does not represent financial, investment or trading advice and we do not recommend the purchase of any cryptocurrency or product without consulting a financial aid. The Daily Chain strongly encourages you to do your own research before making any investment decisions.