On Tuesday (14 August 2018), Coinbase announced that Paradex, the decentralized exchange (relay for Ethereum tokens) it acquired on 23 May 2018, has been updated, with several new features added, such as support for BNB, CVC, HT, KNC, MANA, STORJ, and TUSD tokens.
As you can see in the following tweet by Brian Armstrong, the CEO of Coinbase, Paradex (just like Coinbase Pro and Coinbase Index Fund) is a tool for advanced crypto traders:
We're starting to do a better job surfacing all the products @coinbase is working on. Each one will help us get one step closer to an open financial system – lots of pieces need to work together 😊 https://t.co/8TjjDuGd87 pic.twitter.com/AncYrcWjd8
— Brian Armstrong (@brian_armstrong) August 13, 2018
In a post on Paradex’s Medium blog titled “Toward a million markets…”, Jacob Horne, the Product Lead for Paradex, talked about Paradex’s vision, why traders should use it, and what the latest new features are.
Horne says that his team’s mission is “to build an open financial system for the world.” Here is how he describe’s Paradex’s vision of “tokenization of everything”:
“At Paradex, we believe that everything that can be tokenized, will be tokenized. We expect there to be millions of tokens that have value to their communities and provide utility in ways not possible before. Tokens will serve many different use cases, and be embedded in a variety of products and user experiences. But while their use cases may be distinct, every token needs a price and thus an accessible market…
Paradex brings that generic price-discovery functionality to every token — making it easy for anyone to buy or sell any token, whatever its specific use.
Markets are a critical component of any token ecosystem, and it’s Paradex’s goal to build this infrastructure in a way that’s reliable and easy to use — whether you’re a developer seeking liquidity in your dapp or a user looking for a simple way to buy a token you want to use.”
Reasons to Use Paradex
These are the reasons Horne gives for using Paradex:
- You can trade directly from your wallet, with no need to worry about depositing funds, withdrawal fee, or limits.
- Paradex’s “best in class matching engine” means that you always get the best price possible.
- It is easy to use (via the web, their mobile app, or through the available APIs).
- You are protected against “front running” (unlike on some other relays).
- It costs nothing to cancel open orders.
- There is now support for the following tokens:
- New DAI Trading Pairs: You can now trade Basic Attention Token (BAT), Request Network (REQ), and Status Network Token (NT) against stablecoin DAI.
- Updated Dashboard that makes it easier to see what is happening on Paradex.
- A redesigned market selector.
- A speed dial “to make it easy to see prices and quickly move between markets.”
- A mobile version that is “available on any Web3-enabled mobile wallet.”
Featured Image Credit: Interface Image Courtesy of Paradex