DMEX integrates xDAI for inexpensive decentralized open-ended contracts with up to 100 times the leverage and without KYC – press release Bitcoin News
PRESS RELEASE. In response to rising gas prices in recent weeks, DMEX has shifted its trade processing to the xDAI sidechain, which enables much cheaper transaction recording. Customer funds will still be stored in an Ethereum smart contract. However, the commercial record is now carried out on xDAI.
This change allows users to place orders as low as $ 100, which was previously impossible. The minimum order requirements rose to as much as $ 200,000 during Ethereum’s gas price spikes.
The new structure allows for a flat minimum order value of $ 100 regardless of Ethereum gas prices.
How does it work?
The custody smart contract remains on the Ethereum blockchain, so the same margin currencies are used for trading (ETH, BTC or DAI), while the smart contract, which is responsible for processing and recording trades, is on the xDAI sidechain is hosted. Whenever a user deposits money at DMEX, the custody contract (on Ethereum) communicates via a decentralized bridge with the trade contract (on xDAI) and tells the trade contract that the user has made a deposit.
The trader then starts trading the xDAI contract with cheap gas fees and low minimum orders. Whenever the trader wants to withdraw funds from DMEX, the xDAI trade contract sends a request to the Ethereum custody contract to release funds to the user’s wallet.
DMEX offers the best decentralized user experience for perpetual futures contracts with up to 100x leverage with lightning-fast trade execution, instant withdrawals and no KYC checks. Check out the DEMO version to see it with your own eyes.
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