This DEX is a One-Stop-Shop for Everything you Need in Crypto

Entering the crypto market, although noticeably simpler than before now, may still seem complex to many new users. The first step to board the crypto train is finding an exchange that matches one’s needs. While centralized exchanges (CEXs) like Binance, Kraken, and others presumably take the fame-cake owing to their popularity, decentralized exchanges (DEXs) have been emerging over the last few years to challenge incumbent CEXs.   

DEXs vs CEXs

Centralized exchanges have a similar business model to traditional financial institutions like the New York Stock Exchange that operate on a middleman-based model. In contrast, DEXs radically modify how standard trading functions. DEXs are non-custodial, which means that they aim to allow users to hold their assets securely and evade some regulatory burdens associated with centralized trading. 

However, more often than not, DEXs are said to face the cost of compensating their liquidity providers for a special kind of risk called ‘impermanent loss.’ On the other hand, it is believed that CEXs generally offer more liquidity and stronger regulatory assurances, but newer, more competitive models of DEXs are aiming to bridge these gaps. 

Notably, DEXs are growing in popularity as a non-custodial way to trade assets without the need for a middleman. Data revealed that DEXs reported more than $1 trillion in trading volumes in 2021, which speaks about the increasing need for privacy, security, and convenience for users. 

Furthermore, DEXs aim to solve the underlying issues of liquidity and interoperability faced by traditional trading methods. Decentralized exchanges such as Fibswap also emphasize increasing adoption while providing ease and convenience to users. 

That said, while DEXs like Uniswap and PancakeSwap claim to tackle high transaction fees, they lack when it comes to interoperability. Over the years, blockchain interoperability has been a trending topic in the crypto and blockchain space. Notably, Ethereum’s network congestion and higher transaction fees have made other options to resurface. 

The dilemma users face about DEXs being interoperable and CEXs not being decentralized has bothered many participants in the space. Here’s where some platforms like Fibswap aim to make a difference.

FibSwap Making a Difference 

Bringing the best of both worlds together, FibSwap, in a way, brings the pros of both DEXs and CEXs to one platform. FibSwap DEX, operating on the Binance Smart Chain (BSC), launched an Interoperable Multi-chain Bridge System (IMBS) DEX, in 2021, which allows users to swap tokens from one chain to another.

Apart from having lower transaction fees than DEXs built on Ethereum, FibSwap also targets issues of cross-chain operability in a relatively efficient way. The company has introduced a simple few click solution for users to save time and effort spent on moving and swapping tokens from the Ethereum network to the BSC network along with 5 other blockchains.

In addition, FibSwap is designed to make swapping tokens from different chains as easy as exchanging tokens on single-chain DEXs, such as Uniswap and PancakeSwap.

With accessibility being a significant problem in the current crypto landscape, FibSwap aims to help users evade the complexities of both centralized and decentralized exchanges. In efforts to do the same, the platform also launched ‘the world’s first Android DEX application’ on android and IOS two months ago. 

Filling the gaps and solving an industry-wide problem, FibSwap’s interface aims to be user-friendly and convenient. Separating users from sophisticated onboarding steps, DEXs like FibSwap could address the issues users face with DEXs, thereby changing the face of trading on DEXs in the near future. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.