'DeFi, DEXs, and the Growth of Cryptocurrency Trading Platforms' decentralizedfinance decentralizedexchange
Decentralized finance, or DeFi, is the term used to describe the growth in the number of cryptocurrency trading platforms. These platforms allow users to conduct trades on their terms without relying on a centralized exchange. Kirill Suslov, CEO of the popular mobile trading platform, TabTrader, believes decentralized exchanges are the future of cryptocurrency. There are now over 200 different DeFi platforms available worldwide.
The first primary reason for DeFi’s growth was the rise of decentralized exchanges . While these exchanges have existed since their inception in 2009, they were not widely used until 2017, when Ethereumits first DEX called EtherDelta. This platform allowed users to trade cryptocurrencies without relying on a third party like Coinbase or Gemini. Instead, users could conduct their trades directly with each other using smart contracts as escrow agents for these transactions.
To stop hackers, traditional cryptocurrency exchanges generally require personal data and some control over your funds. While this information and control are essential in keeping these exchanges secure, they can deter traders who would rather keep their data private. In addition, the centralized nature of these exchanges means that if a hacker does manage to get into the system, they can do a lot of damage.
In addition, decentralized exchanges frequently have great back-end technology, but they aren’t always easy for users to navigate on the front end. Users have to sign up for each exchange, often needing to go through a complicated process and separate paperwork for each. Even once you’ve made multiple accounts, you’ll need to keep switching between apps to check information and trade. This makes it harder for people to diversify their DeFi holdings, increasing the investment risk.
Indeed, cryptocurrency trading platforms are changing the game for decentralized exchange users. Some of these platforms, such as TabTrader, aggregate data from 40 different exchanges into one user-friendly app that allows users to see trading data, get alerts, and trade across exchanges. And they’re motivated by a mission to make DeFi accessible to all.
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