Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bitfinex opens the services of its decentralized crypto trading platform eosfinex. For new beginners and traders, the platform also provides tutorials and blog support to guide them through the entire process.
Crypto exchange Bitfinex has finally announced the completion of its on-chain trading platform eosfinex, built using the EOSIO technology. Eosfinex is a decentralized trading platform that offers trusted and non-custodial crypto trading facility to its users.
Bitfinex calls it “a highly-scalable network of peer-to-peer value exchange built around a foundation of speed, transparency, and control.” Moreover, unlike other centralized exchanges, eosfinex performs all operations like order matching, custody, and others on the EOS blockchain network.
eosfinex is here.
eosfinex combines the speed and scalability of EOS with Bitfinex’s industry-leading trading expertise, resulting in an on-chain exchange built around speed, transparency and control.
— eosfinex (@eosfinexproject) July 30, 2019
Currently. the decentralized exchange is offering four trading pairs. Besides acquiring the RAM and EOS tokens, users can also get access to tokens from other crypto projects like the EOX and EMT tokens.
eosfinex Services and Features
For new traders and beginners, the eosfinex platform has got tutorials along with the blog support. Moreover, the platform levies 0% maker fee and nearly 2% taker fee. To encourage more liquidity on the platform, the service also gives the makers a small rebate of 0.05%.
The launch of eosfinex is followed by a bug-bounty campaign along with four months of intensive testing. The official blog post notes that “a number of additional updates will follow throughout the next few weeks as we transition away from beta mode, unveil additional features and begin the process of open-sourcing the foundations of the exchange”.
Moreover, for the enhanced community integration and development, eosfinex plans to open-source the smart contracts running on the platform.
Paolo Ardoino, Chief Technology Officer at Bitfinex, said:
“EOS was picked as the foundation for eosfinex due to its potential for high-throughput, low-latency transactions, and the results of the beta period have further confirmed our confidence in its capabilities. The launch of eosfinex is a further testament to the exceptional qualities of the Bitfinex development team, and we are incredibly pleased to continue the second stage of this journey”.
The EOSIO blockchain technology backing eosfinex will allow for the horizontal scaling of the decentralized application (DApps). This will further allow the developers to create high performing and efficient distributed applications.
There has been a mild reaction to the news from EOS investors. At the press time, EOS is trading at 1.90% surge and a price of $4.26 with a market cap of $3.9 billion. At the current price, EOS is training at 50% from its price at the beginning of 2019.
With the latest announcement, eosfinex joins other decentralized platforms like Binance DEX, Atomic DEX, Shapeshift.io, etc.