New Listings: Radar Relay, OpenLedger DEX and Oasis DEX

New Listings: Radar Relay, OpenLedger DEX and Oasis DEX

We are happy to inform our users that we have added three new exchanges to Exchangify: Radar Relay, OpenLedger DEX and Oasis DEX.

The key aspect is that all three of these exchanges are decentralized.

In short, decentralized exchanges are exchanges where trades (between buyer and seller) occur directly between users (P2P), usually via a decentralized escrow system (e.g. a smart contract on the Ethereum blockchain).

Thus, users trade wallet-to-wallet directly, which means no funds have to be deposited on the exchange beforehand.

This is a huge advantage over centralized exchanges, where traders are always subject to exchange risk: the risk of losing your funds due to issues with the exchange, such issues being hacks, theft or even exit scams.

For a more in depth explanation of how decentralized exchanges work, check out this article at CryptoCompare.

Radar Relay

Radar Relay is a decentralized exchange headquartered in the United States.

It is an ERC20 token exchange, which means it only supports tokens that are based on the Ethereum blockchain.

The quote currency is either WETH or DAI.

WETH is “wrapped Ether (ETH)” and as of right now solely exists to facilitate smart contract trading between ERC20 tokens and Ether (fuel of the Ethereum network) itself.

Unfortunately, this makes things unnecessarily complex, and luckily steps are being taken to update the ETH codebase to make it compliant with its own ERC20 standards.

Radar Relay (and most decentralized ERC20 exchanges) allow you to wrap your Ether directly from your wallet, so for the tech savvy end user, the process should remain relatively straight forward.

The other quote currency is DAI, which is stablecoin that attemps to be equal to exactly 1 USD.

It is different from USDT in the sense that the way USDT works is that for every Tether printed, they hold an equivalent amount of USD in a bank account (or atleast claim they do).

The potential risks here could be that:

1) The Tethers aren’t actually backed by USD, which is something Tether Limited has been accused of in the past due to a lack of proper auditing.

2) The bank accounts holding the USD could be frozen at any point in time for whatever reason, jeopardizing the value of USDT completely.

DAI on the other hand is backed by Ether and lives completely on the blockchain where its stability is not affected by third parties.

The technicalities of DAI are quite challenging, so we will leave it at this.

For readers that would like to know more, we recommend the following guide: Maker for Dummies: A Plain English Explanation of the Dai Stablecoin

Radar Relay UI

Decentralized exchanges have come a long way in terms of user interface.

Going back to Radar Relay, the most interesting aspect of the exchange is the lack of any trading fees as of right now.

This means you only pay the gas fee when transferring cryptocurrencies (which you do when you deposit at a centralized exchange as well).

OpenLedger DEX

OpenLedger DEX is powered by the BitShares platform, which is a platform similar to Ethereum, but more limited in capabilities and mainly aimed at providing faster transaction speeds.

The DEX has a number of coins and tokens listed, with a decent aggregated 24hr volume of around 500k USD at the time of writing.

It is important to note that trading fees are fixed and always equal 0.1 BitShares. This is opposed to most exchanges that charge a percentage of the amount traded.

The advantage is that high volume trades will be significantly cheaper and small trades may end up costing more.

Oasis DEX

Final exchange added is Oasis DEX, which is also headquartered in the United States.

It was created by MakerDAO, which is the company that is behind the aforementioned DAI stablecoin.

It is very similar to Radar Relay and also uses WETH as a quote, however their API reports ETH.

This is slightly annoying, since the actual quote being traded is WETH, not ETH.

Lastly, trading fees are 0% as well, rivalling Radar Relay.

Since the 24hr volume is also a bit higher, investors may consider it over Radar Relay, but in the end, the choice will most likely depend what specific token the investor is looking to get.

Oasis DEX UI

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