Tezos has entered into the decentralized finance (DeFi) industry with the launch of the decentralized exchange known as Dexter. The Tezos-powered non-custodial decentralized exchange has gone live successfully and is active for trading since September 30, 2020.
Dexter – a Decentralized Exchange for Tezos
Dexter was first announced last year in 2019 in the month of July and it has remained under development for more than one year. But now Tezos product developer camlCase said that it has now been launched after waiting for a longer period of time. camlCase said, “we have been working on a decentralized exchange for Tezos for just over a year, and it has been a great journey. The day has finally come… Dexter is live!”
The portal of the exchange consists of some explanation of the service and documentation. However, the interface of the exchange is really simple and straight forward. Through documentation, users can learn about how it works.
The Tezos product developer also thanked those who have been patiently waiting for the launch of Dexter since the day of their initial announcement.
Tezos’ decentralized exchange can be used in two ways by users. One way is to use Dexter as a trader where users can use it for exchanging XTZ and FA1.2 tokens. However, users will have to pay a fee of 0.3% of the trade.
In addition to this, the second way is to use the exchange as a liquidity provider. camlCase said, “anyone can become a liquidity provider by providing an equal value of XTZ and an FA1.2 token to a liquidity pool. In return you will receive liquidity pool tokens, which track your proportional share of the pool’s earned fees. At any time, a liquidity provider can redeem their pool tokens for the XTZ and FA1.2 tokens they originally provided.”
tzBTC and USDtz are supported for trading on Dexter
Two FA1.2 tokens tzBTC and USDtz have been added on the platform of Dexter for trading initially at the time of launch. Also, smart contracts for these two tokens have been deployed.
Furthermore, the company said that it is planning on adding support for more coins in the future. In the coming few months, it intends to bring Staker DAO’s BLND token on Dexter.
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