Pro-test the decentralized exchange IDEX, it is really not suitable for beginners
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Author | Qin Xiaofeng
Editor | Lu Xiaoming
Introduction: Decentralized Exchanges
Many people's understanding of decentralized exchanges is only conceptual. Therefore, this article will show readers the most authentic decentralized exchange trading scenarios through the author's personal experience.
What we choose to experience isIDEX, which is currently the largest decentralized exchange Dapp on Ethereum. and the largest decentralized exchange Dapp on EOS (Newdeximage description
(data fromdappradarsecondary title
IDEX experience
If you want to experience the decentralized exchange Dapp, if you know the URL, you can search directly; if you don’t know the URL, you can log indappradarordappreview image description
(Screenshot of Dappradar official website)
We just landed on IDEX. Like traditional centralized exchanges, we need to have our own account, and the account here is an Ethereum address. We can choose to create a new address, or we can choose to import our existing Ethereum wallet address.
Import an existing address
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(import private key)
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(Download the Metamask extension)
In terms of security: import wallet > create new address > import private key; in terms of operational simplicity: import private key > create new address > import wallet; combining the characteristics of both, we think creating a new address is more suitable for Xiaobai user.
create new address
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(create Account)
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(download keystore)
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(save private key)
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(newly created wallet address)
Clicking on the address will jump toetherscan (Ethereum browser) page, indicating that the address is currently available on Ethereum and the address is valid. But in order to verify whether our newly created wallet address can deposit and withdraw normally, before making a large transfer, you can transfer a small amount of ETH for testing.
trade
trade
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(deposit, withdrawal, transfer)
Here is a reminder that "deposit" on IDEX refers to transferring money from the wallet account currently logged in at IDEX to the IDEX address; "withdrawal" refers to transferring money from the IDEX address to our current wallet account; "deposit" and "Withdrawal" is similar to the transfer of funds within the centralized exchange, except that the transfer takes a long time, and it takes about 5 minutes to arrive at the account (the account is transferred immediately at the centralized exchange). The "transfer" in the above picture refers to the transfer from the wallet account currently logged in IDEX to other third-party addresses.
Why does IDEX need to deposit funds into the exchange address for transactions? In fact, IDEX is a smart contract trading platform based on Ethereum. The mode it adopts is the order book mode under the chain. After the user must send the currency to the exchange address, all transactions will be matched through the transaction processing arbitrator and traded in order. , and finally publish the result to the chain. The IDEX smart contract is designed so that only exchanges have the right to submit signed transactions to Ethereum.
Will I run away after depositing money into IDEX? A major feature of decentralized exchanges is that they will not run away. After we transfer the coins to the IDEX address, we can transfer them back to our wallet at any time, because its smart contract defaults that the private key of the exchange address is not restricted to users, although we cannot see the private key.
Other trading steps are the same as those of centralized exchanges. IDEX also has limited price orders (deals at a limited price) and market orders (deals at current market prices); for transaction fees, Maker (order holder) pays one thousandth, Taker (active Taker) pays two thousandths, and the Taker also needs to bear the Gas fee (there is no Gas fee when trading on a centralized exchange).
From the fee difference between Maker and Taker, it can be seen that IDEX intends to allow more users to be Makers and liquidity providers.
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(order completed)
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(IDEX trading area)
In addition, many people may wonder why there are no mainstream currencies such as BTC and BCH on IDEX? This is mainly because IDEX is an exchange built on the main chain of Ethereum. It trades tokens on Ethereum, and has not opened cross-chain exchange with other public chain tokens, which affects to a certain extent its mobility.
Some blockchain start-ups have also taken this issue into consideration. For example, Kyber Network issued an Ethereum-based Bitcoin ERC-20 token - WBTC on January 31 this year, which is exchanged 1:1 by BTC. Come, the price is benchmarked against BTC, but the current market circulation is less than 70.
Withdraw coins
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(Withdrawal requires at least 0.04 ETH)
So far, we have completed address creation, deposit, transaction and withdrawal on IDEX. After the transaction is over, you can click " SIGN OUT " on the home page to log out.
login again
When logging in again to make a transaction, we can "import the existing address", the specific method is as follows:
Import the new account address "key" created and saved before;
Import the previously saved keystore and the password you set;
postscript
postscript
At present, there is still a large gap in scale between decentralized exchanges and the current top-ranked centralized exchanges in the world.CoinMarketCapZhao Changpeng
asZhao ChangpengSaid: "The market has voted with its feet, and centralized exchanges are more popular. Its trading volume and liquidity are currently much higher than decentralized exchanges."
The problem facing decentralized exchanges is how to break through their inherent shackles and be reborn from nirvana? If other features (such as ease of use) are sacrificed only for the pursuit of so-called freedom, such decentralization is not very meaningful. Decentralization is not the ultimate goal, but just a means.
