Discovering Dexilon: A Unique Decentralized Derivative Exchange
Dexilon is not your ordinary decentralized exchange (DEX). It is a next-generation platform that offers a wide range of derivative contracts for non-crypto assets like metals, energy, soft commodities, and foreign exchange (FX). What sets Dexilon apart from its competitors is its transparent trading logic, instant execution, and low fees. Let’s delve deeper into this innovative crypto derivatives exchange.
Getting Started with Dexilon
To begin your journey on Dexilon, you need to connect a compatible wallet, such as MetaMask or a hardware wallet through MetaMask. Currently, MetaMask is the only supported wallet, but Binance wallet support is on the horizon.
Connecting your MetaMask wallet is a quick and secure process. If you don’t have the MetaMask extension yet, simply add it to Chrome from the Chrome extensions web store. After installation, follow the SignIn or SignUp process to connect your wallet. Once connected, you can log in to the Dexilon website. Dexilon will prompt you to set Polygon Mumbai as the preferred network for the website. Agree to this step, and you’re good to go!
Trading on Dexilon
Since Dexilon is a relatively new decentralized exchange, the number of assets available for trading is currently limited. However, this will expand upon the full-scale launch later in 2022. At present, you can swap the following assets on Dexilon:
– Bitcoin (BTC) / USD Coin (USDC)
– Ethereum (ETH) / USDC
– Solana (SOL) / USDC
– Cardano (ADA) / USDC
– Cosmos (ATOM) / USDC
– Dogecoin (DOGE) / USDC
– Polkadot (DOT) / USDC
– Polygon (MATIC) / USDC
Key Features of Dexilon
While Dexilon is not the first cryptocurrency derivatives trading platform, it distinguishes itself by offering a fully decentralized limit off-chain order book on a native blockchain with high transaction per second (TPS) capability. Dexilon prioritizes security, trust, and transparency to set a new standard for crypto exchange platforms.
Here are some of Dexilon’s standout features:
1. Self custody with personal cryptocurrency wallets: Dexilon allows you to maintain full control over your funds by utilizing personal cryptocurrency wallets.
2. Fee redistribution: Dexilon redistributes fees among takers, makers, insurance funds, and data providers, ensuring a fair and balanced ecosystem.
3. Rebate for limit orders: Every time you use a limit order on Dexilon, you receive a flat 0.01% rebate, providing an opportunity to earn rewards while trading.
4. No gas cost for each request: Dexilon covers the gas fees for each request, compensating the nodes from the taker fee.
5. No KYC requirements: Dexilon does not require KYC for futures, cryptocurrency, or derivatives trading processes, giving users the freedom to trade without unnecessary regulations or restrictions.
Safety on Dexilon
Dexilon ensures the safety of your funds by operating as a fully decentralized exchange. Your funds are locked within smart contracts, eliminating the risk of third-party theft. With Dexilon, you can trade with peace of mind, knowing that your assets are secure.
Understanding Dexilon Fees
Dexilon employs a fee structure that benefits both makers and takers. Makers receive a flat 0.01% rebate for every trade executed using limit orders. Takers, on the other hand, are subject to fees starting from 0.05%, which can decrease to as low as 0.015% based on trading volume and the number of DXLN tokens held.
Disclaimer: This article provides informational content and should not be considered financial advice. The author’s opinions expressed here do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.