DMEX Launches Zero-Fee Derivatives Trading
- The launch follows rigorous testing to ensure effective operation.
- DMEX says there’s a growing need for new products among traders that want anonymity.
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The decentralized crypto exchange launched the new service in response to the rising fees on the Ethereum network.
According to the company’s press release, DMEX managed to reduce gas fees to near-zero levels by utilizing the xDAI sidechain for processing trade transactions. With all user funds remaining stored on the Ethereum blockchain, the transition allows traders to place orders as low as $10. Sending withdrawal requests from the xDAI trading contract to the Ethereum custody contract ensures that users bypass high gas fees.
DMEX’s trading platform uses BTC, ETH, and DAI as margin currencies, offering a selection of trading pairs and perpetual contracts with up to 100x leverage. The platform also enables users to retain full custody of their funds and requires no KYC verification procedures.
“The DMEX development team is intent on expanding the functionality and capabilities of the platform,” the company said in the release.
DMEX plans on adding new currency pairs and margin currencies to its platform in the near future. Attracting a broader audience of users will allow the company to expand its market presence and take up a larger share of the decentralized trading industry.
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- Called Coinbase International Exchange (CIE), the new platform will allow institutional users outside of the U.S. to bet on the price of crypto via perpetual futures.
- The platform will not be available to retail customers “at this time”, and will initially provide trading of only BTC and ETH perpetual futures, settled in the USDC stablecoin.