The #Coinbasedown incident again revived the debate regarding the viability and security of Exchanges as Bitcoin and cryptocurrency continue to become mainstream. Currently, many Exchanges stand a chance to experience unexpected overload errors during a hyper.
Midst uncertainty due to poor performance issues on Exchanges, Bitfinex has announced the launch date for Eosfinex, the on-chain Decentralized Exchange. Bitfinex successfully concluded the testing period and scheduled the Exchange for launch on 25th July 2019.
The beta period of the Exchange came to an end with the bug bounty and scalability tests. The bug bounty featured “rewards worth up to $10000 for the discovery of potential exploits.” The two most important features of a decentralized Exchange are non-custodial holding and on-chain scalability.
The CEO of Bitfinex, Paolo Ardoino tweeted,
Took some time, but we are perfectionists and wanted to deliver to
#EOS community a grade A product! @eosfinexproject @bitfinex
Bitfinex recently also launched its’ Exchange utility token like Binance [BNB] Coin on 27th June 2019, the UNUS SED LEO; symbol – LEO. The token is based on a dual-protocol approach with Ethereum and EOS. Hence, it allows the on-chain exchange of LEO to either EOS or Ethereum.
The price of LEO at 14: 11 hours UTC on 27th May 2019 is $1.81. After raising $1 billion at it’s Initial Exchange Offering (IEO), the cryptocurrency has gained the 13th position with respect to total market capitalization. The total Mcap of UNUS SED LEO at press time is around $1.8 billion.
Do you think that Decentralized Exchanges will attract the next wave of investors? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com