Back in March, the cryptocurrency exchange Bitfinex revealed its decentralized exchange, EOSfinex, to be built on EOS.IO technology.
Ideally, moving to an on-chain exchange would provide additional transparency and speed for investors looking to trade on the platform.
Presenting The Future
As the first significant update since the reveal, Bitfinex published a detailed blog post on EOSfinex and how the blockchain will benefit traders.
The post summarizes the exchange before breaking down the details:
“EOSfinex is a high-performance, decentralised exchange built on EOS.io. technology. As an entirely trustless trading experience, EOSfinex will facilitate a highly-scalable network of peer-to-peer value exchange, unconstrained by borders and built around a foundation of transparency, speed and integrity.”
Of course, the goal is to provide a completely trustless P2P experience for investors. One of the issues with traditional exchanges is, somewhat ironically, centralization. With platforms like Coinbase or Binance, users are still relying on a third-party with server-side wallets and trading.
EOSfinex hopes to solve the centralization issue while keeping the trading process simple. The page lists decentralization, trust, and performance as its three pillars for development, looking to “replicate and exceed the current standard of cryptocurrency exchanges to deliver a new standard for decentralised trading.”
Suggested Reading : Learn how Bitfinex compares to Coinbase here.
Starting Out Proper
At launch, EOSfinex will support EOS (EOS,) Bitcoin (BTC,) and Ethereum (ETH) to USD trading pairs. The plan is to expand quickly from there. According to the announcement, adding another pair is “trivial and can be done by anyone after the trusted contract issues a new tradable token.”
The decentralized exchange will offer market, limit, post-only, and immediate-or-cancel orders. Alternative order methods will be based on customer feedback.
Finally, the blog post announced the unveiling of an EOSfinex beta version at London’s “Blockchain Live” event on September 26th. The reveal will take place in the “Block.one village” at the event alongside other EOS.IO innovations.
Ideally, EOSfinex will be the first of many large-scale decentralized exchanges. It’s only natural that the market moves from centralized spaces over to blockchain-based trading platforms, and Bitfinex clearly wants to be at the forefront of that movement.
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