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Cryptocurrencies have become a popular medium for investment more than ever before in recent years. This number is estimated to be well over 100 million individuals, including a growing number of Gen Xers and baby boomers, two groups previously skeptical of its role. As a result, trading volumes have reached new all-time highs with volumes of an estimated $3.8 trillion.
Many have come to know the value of decentralization in their holdings and monetary transactions, making DEXs a popular choice against a traditional centralized exchange (CEX). In a DEX, or decentralized exchange, users no longer need to worry about losing control of their assets to the exchange’s servers, effectively restoring ownership.
Despite their ongoing success, DEXs continue to be affected by several significant challenges, including their exclusive operation on smart contracts. There is a concern regarding the scalability trilemma for decentralized exchanges operating on-chain, which leads to higher fees and reduced efficiency compared to their centralized counterparts. As a result, most DEXs offer limited liquidity making asset prices inefficient.
Additionally, these exchanges still face the considerable challenge of being difficult to use, making their usability a significant barrier to adoption. These concerns aren’t the only challenge. The last year has also proven that cyber thefts and other hacks are increasing without proper security protocols.
While DEX’s have yet to solve the many security challenges of CEXs, the cryptocurrency trading industry is continuing to grow, making the demand for a solution that can address the advantages of DEXs without the weaknesses. Secretum is attempting to change this narrative as the decentralized and encrypted, secure trading DApp built on the Solana (SOL) blockchain. The major innovation behind this platform is that it allows users to trade all cryptocurrencies, including those that are fungible as well as those that are not among themselves, as well as peer-to-peer (P2P) over-the-counter (OTC) trading and secure messaging.
Improving the DEX experience
To address these concerns, Secretum looks to features including a secure and anonymous sign-up process, which only relies on the user’s cryptocurrency wallet address. The anonymity of this process contrasts greatly with the traditional process, which frequently relies on user verification through their name, email address, or other personal information.
In addition to the anonymity, the interface itself is designed to be more intuitive, with a P2P interface that has been designed with the end-user in mind, enabling the simple transaction between sending and receiving cryptocurrencies or NFTs. Furthermore, Secretum uses the smart public channel to enrich project launches further and enable conversations with verifications for holders of NFT collection, traders, and investors.
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As far as costs are considered, offering competitive prices is largely possible due to the capability of the Solana blockchain. Solana has been designed to manage over 60,000 transactions per second with an average cost per transaction of only $0.00025. For users, this means that fees are significantly more favorable than the 0.1% to 0.2% gas fees that are typically charged. In combination, traders are also given the ability to contact each other directly, adding to the liquidity in the cryptocurrency market and bettering the execution times and prices.
The power of the Solana blockchain
Secretum is currently backed by Venture Capitalists, including Insignius Capital, Zen Capital, Cryptobuddy, Whitelist Ventures, DIB Ventures, Alphahunt and OXO capital. The team has since launched their private sale, which has resulted in the token price increase from $0.35 to $0.50. They continue to work on developing their MVP, with plans to unleash it at a time strategically aligned with DEXs reaching billions of dollars in valuations. Secretum plans to release this at the end of January, followed by a public sale.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
