In early August, decentralized exchange DEXnow.io was launched on the Solana blockchain. You do not need to undergo KYC to transact on the platform.
The platform has been tested in Solana Devnet environment for three months starting from April.
A key feature of DEXnow.io is the combination of automated market maker (AMM) tools with a traditional order book, which brings it closer to the standards of exchange trading in classic markets.
Benefits of DEXnow.io:
- No KYC. You just need to choose one of the supported wallets to trade.
- Data in a smart contract. The information is securely stored on the blockchain, ensuring stable operation.
- Key Security. The platform does not store users’ private keys, eliminating the possibility of loss or misuse.
The core of DEXnow.io is a Solana-based smart contract that users interact with through an intuitive web application.
The app is optimized for all devices, and to start trading, just choose one of the supported wallets: Phantom, Exodus, Solflare, Brave, Nightly, TokenPocket or Safepal.
According to the project’s white paper, by default all transactions in the system are signed according to the standard procedure of your chosen wallet.
To simplify the signing process, you can create a special account to automatically sign such deals.
Automatic signing of transactions is only possible for placing new orders or canceling them. All other transactions require a wallet signature.
DEXnow.io has high throughput thanks to the Solana blockchain, offering minimal fees compared to other platforms.
Now the project team is focusing on spot trading. The developers’ immediate plans include introducing futures trading, expanding the list of available tokens, and providing an API for easy integration and work with smart contracts.