The collapse of crypto exchange FTX not only shook people’s trust in centralized crypto exchanges to the core but also triggered an exodus from exchanges. Glassnode data shows that during the month of the FTX meltdown, crypto asset owners withdrew a record amount of Bitcoin from exchanges.
Deemed “the biggest year ever for crypto hacking” by Chainalysis, 2022 saw the crypto ecosystem realizing the risks involved in holding funds on centralized exchanges —which have been the target of numerous hack attacks in the past. But where do withdrawn crypto assets end up? Several analyses show crypto users have a new understanding of self-custody, where users have full control over their assets.
New trends have brought new necessities, and one existential issue arose as more and more people flocked into self-custody solutions for their crypto assets: The majority of the self-custody offerings did not have the functionality and range of services provided by centralized platforms. For a while, people had to pick security over utility when jumping to self-custody solutions.
Thankfully, the crypto space was surprisingly quick to come up with solutions to cater to the needs of traders and investors who want to access a wide range of trading services without giving control of their funds to third parties. Different needs are solved by different services, and crypto users who want to trade with leverage without third-party involvement have ended up in DPEX.
Built on the Polygon blockchain, DPEX is an aptly-named Decentralized Perpetual Exchange that allows users to trade cryptocurrencies like Bitcoin, Ethereum and Matic with up to x50 leverage without losing the ownership of private keys. Offering low transaction fees and no price impact, no matter how large the order size, DPEX lets DeFi users trade with perpetual contracts that don’t have an expiry date.
Polygon gets decentralized perpetual exchange
Users from all experience levels can utilize the effective and secure experience thanks to the intuitive design provided by DPEX. Crypto traders can profit from swaps, market making, leverage trading and spreads on multi-asset liquidity pools powered by the Polygon network, which has a total value locked of over $1 billion.
DPEX Foundation, the decentralized entity behind the DEX, aims to provide users with greater control over their assets while also allowing for leverage trading and on-chain voting. Through the use of the DPEX token, which functions as the utility and governance token of the platform, users can participate in the platform’s ecosystem and have a voice in its development. The LP token designed for liquidity providers is named DPLP. During the launch, DPLP will be offering four main assets -MATIC, ETH, WBTC and USDC- with more can be added with a vote of approval from the community.
DeFi users can use MetaMask, Coinbase Wallet or WalletConnect to start using the app for opening long or short positions as well as swaps from the same screen. The trustless platform enables making transactions without any form of KYC verification. By not having any third-party involvement, DPEX eliminates any potential fraud attempts targeting users.
Airdrop for GMX, dYdX and Synthetix hodlers
To celebrate the launch of the DPEX protocol, the team announced an airdrop of 1 million eDPEX tokens to eligible users who have GMX, dYdX and Synthetix holdings recorded on the Ethereum blockchain. eDPEX tokens, which can be converted to DPEX at a 1:1 ratio following the official launch of the platform, have been airdropped into the Polygon wallets of said tokens’ owners.
With a goal to maximize the potential of decentralized trading, the DPEX team continuously develops technologies to make trading easier and more efficient. Following a successful seed round, the private sale and pre-IDO phases were completed within hours. The team is now fully focused on launching an IDO.