The buyers of cryptocurrencies are increasingly vexed with the question of how to ensure that pure speculation does not negatively affect the price of the asset that they are buying.
WandX establishes an infrastructure for decentralized creation and trading of ERC20 Tokens built on the Ethereum blockchain. The application allows users to create combinations of ERC20 Tokens (a Basket of Tokens) and trade the Basket by way of a single transaction. The platform has recently released the first version of decentralized exchange at exchange.wandx.co., as planned and mentioned in the WandX roadmap on its website.
WandX Decentralized Exchange
The Decentralized Exchange released recently by WandX is a great enhancement to the platform’s functionality, allowing the users to trade ERC20 tokens in a completely decentralized way. Moreover, users can create Token baskets like “Decentralized Identity Tokens” or “Decentralized Exchange Tokens” and trade these themed baskets instead of trading individual Tokens through WandX’s Basket protocol.
System Requirements
The recently released application requires users to install Metamask to access the application. The Log-in capability through JSON file will be added in near future.
How to Create & Sell ERC20 Token baskets?
To do that, the users must first have the tokens in their Metamask account. They can create Themed baskets that they want to make on the platform. Then, the users will define the sell price for their baskets before listing them on the platform for sale. Buyers will quote the prices, on the basis of which the creator will decide the final price and close the deal accordingly.
How to Buy ERC20 Token basket?
To do that, users must first deposit WXETH into their smart contract. WXETH is the ERC20 Token that is equivalent to Ether. This token enables users to have a decentralized swap of Basket for Ether.
Token Buying & Selling
Users can trade their ERC20 Tokens in a decentralized way in the Trade ERC20 Token tab. In case of selling, users will first authorize the token for selling in Sell tab. Then they will deposit it in Funds tab. Once these two steps are completed, the user can place a sell order for that token. Upon finding the sell order as desired, the user can execute it to sell his tokens instead of placing an order.
In case of buying, users place a buy order but before that, they must deposit enough ETH into their smart contact to cover the buying cost plus the exchange fee. Users paying exchange fee in WAND will get a 75% discount; however, authorization of WAND is required before that, which is a one-time task.
WandX provides an easy, automated, decentralized method of creation and exchanging tokens. This would help in providing more liquidity to the contracts and the tradability of tokens. To know more about the release and its benefits and features in detail, please visit https://www.wandx.co/.
Images courtesy of WandX
