The launch of Ethfinex Trustless, a new platform that allows users to trade over 57 Ethereum-based tokens, was recently announced. Ethfinex says the release is designed to fuel a new era of virtual asset trading that is based on security, privacy, and liquidity.
The Ethfinex team introduced the new Ethfinex Trustless trading platform in a blog post on September 17th.
The trading solution is marketed as the first platform to give control back to community members without “having to sacrifice the benefits which centralized cryptocurrency exchanges provide.”
Introducing Ethfinex Trustless - an Ethereum based trading solution placing security, privacy and control in the hands of the user.— Ethfinex (@ethfinex) September 17, 2018
Take control of your trading on https://t.co/KjfSyA0C6O.https://t.co/YYdd1b2LE7
According to the blog post, Ethfinex Trustless users will be able to maintain control of their funds (by "connecting directly via MetaMask, Ledger, Trezor or Keystore"), and execute trades against a “highly liquid off-chain order book.”
The new platform offers “trading solutions to over 57 Ethereum-based tokens.” The platform is powered by the Nectar (NEC) token, which is given to traders on a monthly basis.
A Seamless Trading Experience
The Ethfinex team notes how there are no sign-up requirements for those looking to trade.
Additionally, Ethfinex’s off-chain matching system facilitates “instantaneous order execution,” withthe platform allowing users to trade directly against order books from Bitfinex and Ethfinex.
The team also mentions the rise in decentralized exchanges over the past year, and points out the eventual goal is to allow Ethfinex users to “collectively govern” the exchange’s operations. The vision behind Ethfinex is to eventually democratize various decision making processes on the platform, which could include listings, fee structures, margin decisions, and profit distribution.
Gradual Rollout of The Platform
The Ethfinex team says users will be mandated to hold at least one Nectar (NEC) token if they want to trade during the first two weeks of the rollout. This is so that team members can get an understanding of who is using the platform, and allows them to be able to immediately respond to any unexpected issues that may arise.
Once the roll-out is deemed successful, 40+ tokens will be added, including Dai pairs. The platform’s architecture is also designed to be easily upgraded to use the new 0x V2 smart contracts once they have been tested.
Early numbers seem to signify the initial release was a success. As of press time, Ethfinex Trustless had already processed more than 642,000 ETH worth of volume.
Featured Image Courtesy of Ethfinex