Tron (TRX) Decentralized Exchange Demo Not Enough to Halt 6% Price Slide
Tron (TRX) fans had reasons to cheer earlier this morning following the release of the dedicated decentralized exchange (DEX) for Tron’s TRX-standard tokens.
But there wasn’t enough time for the news to translate onto the exchanges because by a few hours later the crypto market had taken its worst dip since that of October 10th.
Indeed, close to $7 billion left the global crypto market cap in a few hours this morning, with most of it coming from the altcoin market. Tron (TRX) was one of the worst hit out of the top twenty coins and tokens, undergoing a larger correction in line with its recent gains.
The same Tron community development team which released last week’s Tron version of MetaMask, TronWatch released details of the new DEX demo on Monday morning, tweeting:
“Check out @TronWatch’s decentralized exchange #TronWatchMarket. The community developers behind one of #TRON’s first fully-featured DEX just released the beta and it already looks incredible!”
A free to use demo is now available which allows users to test out the decentralized exchange using ‘play’ tokens. According to the Medium blog post which accompanied the release of the demo, the DEX will be set up to allow for permissionless interchange of all TRX-standard tokens:
“We’re looking to build one of TRON’s first fully-featured decentralized exchanges. It will allow you to easily and securely trade between TRON, TRX10, and TRX20 tokens. You can get the details about our token sale and read the whitepaper at tronwatch.market.”
DEX is Next?
As things stand, decentralized exchanges have not quite taken off among the crypto community, but that could be changing. Binance has already started looking into building their own DEX, and many believe DEX’s to be more in line with original crypto values (decentralized, trustless, permissionless).
With that in mind, the future of cryptocurrency exchanges may well be a decentralized one. Such an outcome would be dependent on DEX’s becoming more solid, fast and reliable than their centralized counterparts. According to today’s release notes:
“As we were preparing for the demo launch, we had bots trading non-stop. Trades happen in seconds, and watching the trade chart with 1-minute bars actually has a lot of life. This simply would not be possible on a generation 1 DEX such as EtherDelta.
TRX Price Dips
The worst hit coins and tokens among the majors are predictably the ones which did well in previous weeks.
For TRX that meant a slide of 6.6%, as the coin price fell from $0.023548 down to $0.021979. As you can see, the price quickly rebounded from the $0.021 level and recovered to $0.022 within a matter of minutes, suggesting a possible support level for the short-term.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.