The decentralized finance, popular as DeFi, market is growing at an extraordinary pace over the past year as cryptocurrency traders and investors look for security and privacy from the prying eyes of the government and third parties. One area witnessing magnificent growth is decentralized exchanges (or DEXs), which have soared from $4.38 billion to $34 billion in total volume transacted over the past year, data from DeFi Pulse show.
As Bitcoin rose to all-time highs last week, centralized exchanges are witnessing a huge outflow of coins from the exchanges to personal wallets. As per CryptoQuant, Bitcoin reserves on centralized crypto exchanges dropped to their lowest, recording 2.3 million BTC on exchanges, representing a 10% drop since reaching its yearly high of 2.54 million BTC.
This shows the demand for non-custodial exchanges is skyrocketing hence the need for efficient, cheap, and fast decentralized exchanges to fill the demand gap. Launching in 2021, 4JNet will offer users a transparent, licensed, and fair DEX to carry out crypto transactions, trade digital assets, and mint non-fungible tokens (NFTs) effortlessly with a few taps of a button.
4JNet Exchange: The pinnacle of Fairness
As mentioned above, 4JNet is a decentralized exchange set to launch in the latter days of 2021 to revolutionize cryptocurrency trading and the minting of NFTs. According to the website, the development team will launch its exchange platform on December 1, 2021, kicking off multiple features including deposits, withdrawals, currency swaps, and its NFT marketplace.
Forked from Safemoon’s code and vision, 4JNet improves some aspects of Safemoon to provide users with new innovations and a better, safer, faster platform. According to the company’s website, the launch of the exchange aims to “create a fair, friendly and prosperous community to provide people with safe, transparent, fair and decentralized blockchain products”.
So what are some of the improvements that 4JNet has made to its yet-to-launch platform?
First, 4JNet ensures the fee rate for adding liquidity is entirely controlled by the contract. This ensures the liquidity is permanently preserved by incineration of the recovery rights in the liquid wallet. Unlike Safemoon, handling fees mapped to dividends of all currency holding addresses are set as an immutable constant. Additionally, the initial liquidity certificate added by the 4JNet team will be transferred to a black hole address ensuring there are no changes made to the contract.
The 4JNet NFT vision explained
According to the statement from the team, there will be a total of 5,000 limited-edition NFTs available during the minting process. The minting process is set to commence on December 1, 2021, giving users an opportunity to purchase and hold some of the rarest and unique NFTs built on the Binance Smart Chain. As of writing, the price for each NFT has been reduced from 3 BNB (~$1800) to 1 BNB (~$600) with a third of the NFTs already sold out.
Apart from token rewards, NFT holders will also enjoy a reduction of a 3% service charge on each transaction carried out on the platform. Finally, users will also be able to trade their digital assets freely, and the interest from the sale of the NFTs will be transferred to their accounts along with the NFTs.
If the NFTs are sold out before the set date, the countdown will be reset to 72 hours giving users more time to purchase the NFTs. At the initial sale of an NFT, there will be a 90% initial transaction fee with the fees expected to reduce by about 0.1% after each successive sale till it reaches the minimum cap of 10%.
Among the transaction fee, 6% is used as dividends and the remaining part will be sold and repurchased to provide liquidity on the platform, the website further reads. As mentioned before, the initial liquidity certificate added by 4JNet will be transferred to the black hole smart contract, which can be verified here.
A plethora of features on 4JNet
The 4JNet vision lies in creating a fair, user-friendly, and secure platform to create a prosperous community. The purpose of the NFT marketplace and its upcoming exchange is “to pursue the ideals of security, transparency, fairness, and decentralization brought by blockchain technology”.
As the new metaverse faces troubles in implementing secure and audited smart contracts, the number of scams and hacks has skyrocketed across the blockchain ecosystem. 4JNet aims to solve this problem by creating a stable and transparent project that promotes security and fairness. To ensure this is enforced, 4JNet has included some developments and features on its platform.
- MSB license: 4JNet Technology Limited was awarded the MSB license meaning it is can carry out money services to clients across the world including US citizens. Authorized by U.S. officials, 4JNet joins the first class category of exchanges including Coinbase, Huobi, Binance US, etc.
- Audited smart contracts: The platform’s smart contracts are audited by CertiK ensuring the safety and security of users’ funds. The blockchain network security firm ensures the blockchain ecosystem and smart contracts are free of any vulnerabilities,
- Transparency & Fairness: 4JNet ensures the platform is free from dumping whales and early investor dumps by introducing a 90% service charge that is withheld. This discourages early investor dumping making the NFT sales fair for every investor on the platform. Additionally, All business logic is realized through smart contracts and all contract addresses and codes are fully open-sourced.
- Widespread adoption: Apart from the in-built features, 4JNet also has a widespread network of advertisers to boost the adoption and sales of its NFT projects including the NASDAQ billboards, and top websites like Coingape, and other top-rated websites.
With the rise of NFT scams and low liquidity DEXs, 4JNet offers users a new breath in the ecosystem. By ensuring fairness and transparency, every user on 4JNet is guaranteed a pleasant and enjoyable experience on the platform. Finally, the growth of the platform will correspond with the growth in value for its native tokens, adding the value of NFT owners through the tokens they will receive.