Decentralized exchanges (DEXs) have been the most popular applications to arise from decentralized finance, but they still have many inherent flaws that need to be improved for DEXs to reach true mainstream adoption. Beyond Finance, an up-and-coming project recently coming out of stealth development, has created what it believes to be the ultimate DEX for intuitive user access, designed to overcome many of the current problems faced by DEXs.
With Beyond Finance, users will be able to gain access to the price exposure of any digital asset without having to actually hold, own, or store the underlying asset. Beyond Finance accomplishes this through the utilization of synthetic tokens, offering users the ability to capitalize on asset price fluctuations without the inherent risks of holding the actual token.
A Decentralized Marketplace For Every Digital Asset Available
Even the most robust and widely used DEXs available, such as Uniswap, SushiSwap, and PancakeSwap, are highly limited in the assets they can offer their users. This is because in order to facilitate trading, there has to be a market supporting the actual asset trading pairs. By introducing synthetic tokens into a DEX economy, Beyond Finance will offer its users the ability to trade with any asset through synthetic product minting.
This will allow users to introduce new marketplaces and trading pairs regularly, greatly expanding on the capabilities of available DEXs. Through the use of decentralized price oracles, Beyond will be able to instantly and accurately update real-time cryptocurrency prices so users can access fair trading through any asset they wish.
A Suite of Updated Product Features
Introducing synthetic tokens into a DEX ecosystem could fundamentally change how DEXs function, but Beyond isn’t stopping there, as they are implementing a variety of value-adding properties on top of their DEX. Some of these implementations are straightforward, such as introducing a user-friendly and intuitive application interface and auditing the platform for safety, but Beyond is taking it one step further.
To fight the rapidly growing transaction fees and slow transaction times that exclude a vast majority of users from trading, Beyond is introducing a transaction fee mechanism that directly pays users through gamified functionality. There is also the problem of accessing deep liquidity pools, as most DEXs are segmented off from one another, resulting in divided liquidity.
Using the Beyond Finance Treasury, the team will specifically dedicate a pool of funds to provide ample liquidity for users, mitigating this problem. One of the final important additions is the introduction of accurate price tracking through its oracle system, a problem exchanges face that can drastically hurt their users’ profitability.
Gearing Up for Launch
Now that Beyond has made itself known in the public eye, it will start actively preparing for its launch. Beyond has successfully completed a $7.5 million seed fundraising round, a show of confidence from some of the industry’s top investors who believe that Beyond will be able to drastically innovate within the current DEX ecosystem.
Considering the Beyond Finance development team has over 25 years of collective experience in traditional finance, Beyond is ripe to take over the DEX industry and introduce a better way to trade onchain. Keep an eye out for Beyond’s upcoming IDO on DuckDAO and Ignition (+DAO Maker Pool) on April 12, 2021.
Disclaimer: The Daily Chain encourages you to carry out your own research before you make any form of investment and educate yourself about how to stay safe in the crypto space. This article is informational/educational and does not represent financial advice.