What Is a Decentralized Exchange (DEX)?
First of all, before discussing DeGate,it would be better for us to know what Decentral Exchange is, or you could say DEX.A decentralized exchange (DEX) is a digital currency exchange that allows users to buy crypto through direct,peer-to-peer cryptocurrency transactions,all over a online platform without an intermediary.It differs from a traditional centralized exchange,where a typical transaction involves a third-party entity(e.g. bank, trading platform, government institution, etc.)that takes custody of user funds,and oversees the security and transfer of assets between two parties.
So,what exactly is DeGate?
DeGate is a Decentralized Exchange (DEX) protocol built on Zero Knowledge (ZK) technology.As a ZK Rollup,DeGate fills a key gap in the market by providing spot order book trading and grid trading within the Ethereum ecosystem,offering an experience similar to centralized exchanges (CEX).DeGate is a Dao Centric protocol,with a DAO fully controlling its treasury.DeGate is a protocol of the community,by the community, and for the community.
For those who don't know,the fundamentals are as simple as that.
Then here I will write about my experience using the DEX platform from DeGate, and I am writing this based on direct practice methods and accompanied by research from various sources.I will explain it in several parts so that readers understand more in
detail about the features available on degate.Okay, let's dive right into it
A.User Assets
User Asset is a feature that shows sections such as the user's balance,displays what tokens are available,and has features such as a deposit where the user can transfer coins from the wallet to the user's asset account.Then the user can also transfer or withdraw.There is also a history feature. where users can check the history of the account.
When I make a deposit as big as shown in the screenshot,I get a prize of 200 USDC and 200 USDT,but remember this is only the testnet phase, so later we will use this prize for trading.We can't use it in the mainnet phase because it's different, here we're just testing the features that are in DeGate.
The deposit and withdrawal process is quite fast,it's still normal as usual,and there are no problems to fix.
B.Trade
Now that we are entering the trading test stage, it doesn't feel complete if you don't trade but just make a deposit, right?hahaha.okay let’s go.
My experience was the first time trading on this degate's dex,and the first impression I got was that the UI looks pretty good.And I tried to make my first trade with the DG/USDC pair.
So,on this dex,you will find lots of pairs for you to trade,and these are very good and interesting.because the feature pairs provided are also quite numerous.But what users should know is that when trading using limit orders,users must at least make a minimum order of 100 USDT or USDC.If not,a failed transaction warning will appear,as shown in the screenshot.
There's no need to be sad, because you can still use the market order feature, which is quick and simple. You can buy and sell efficiently.
C.Mining and Grid Strategy
Apart from trading, users can also do mining, and in this feature in DX there is also liquidity mining.Yes,a DEX should have features like this.Instead of simply storing coins or tokens in your account,you should put them to use in this feature.Like the following picture,I tried the feature.
In this feature, users are required to have equivalent assets and a minimum of around 105 USDT or USDC.Whether in the form of tokens or stablecoins,the two must be equivalent so that the process runs as it should.
To be honest,features like this are sometimes less liked by traders when compared to trading features,but this feature is perfect for investors who think long-term about investing.
My first impression of trying this feature was that it was pretty good and the features ran well without any bugs.
CONCLUSION
Degate is a good dex platform and one of the dex futures. Unlike other dex, they have a lot of features.Oh, and there's an Exodus Mode feature in the withdrawal feature as well. You can try following it in their Gitbook Documents guide.Why don't I try it? those features because I feel like I just want to try the basics and the features as simply as they should be.hahahaha.
The first time I heard about degate was from Galxe,which was formerly called Project Galaxy.Yes, Degate is a partner of Galxe.So it's very interesting, isn't it?You should try it right now,especially now that it's still in the testnet phase,so that you as users will get used to it when making transactions.in this dex when the mainnet phase arrives.
I tested this dex feature on a PC (Windows) with the brave browser.But you can also try it on the mobile platform using your favorite browser.
What I wrote was all based on my first-hand experience,and I tried to convey it to you in an easy-to-understand and simple way.If you still don't really understand,you can visit their social media pages and their online community to ask questions. And don't forget to also try their Dex platform. If there are errors in the words of the author, I apologize.
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DeGate Website : here
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DeGate DEX Testnet : here
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DeGate Social Media and Community : here
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Donate/Trakteer me : EVM
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