TradFi meets DeFi: A decentralized platform that vows to bring all financial services on-chain. ExoniumDEX is a platform that claims to bring all the cryptocurrency to a single platform. Right now, one of the major problems in crypto is the ‘lack of interoperability.’ Let’s understand how the platform is a solution to this major issue.
ExoniumDEX is a crypto exchange platform launched in 2019 to increase cryptocurrency interoperability. Platform identified the major issue in crypto and the DeFI world, which is cryptocurrency’s lack of interoperability. Since then, they have aimed to make it easier.
They are continuously working to develop a system that supports currencies with zero interoperability, such as Tron, Ethereum, Binance, etc. In simple words, the platform ExoniumDEX is genuinely working to unify digital assets for the financial ecosystem.
One of the biggest challenges in the crypto world is the ‘lack of interoperability.’ Interoperability is defined as the ability to communicate with each other. In the crypto world, there are thousands of types of cryptocurrency but there is an efficient way to interact with each other.
ExoniumDEX claims its system will allow users to exchange cryptocurrency without any additional hassles. Their goal is to build a decentralized exchange system that facilitates the exchange through an oracle or bridging function. The oracle or bridging function is a third-party decentralized system that connects the smart contract with the external world. ‘Oracle’ will make the exchange easier and faster.
In a nutshell, ExoniumDEX will solve the interoperability problem by introducing a system that helps smart contracts communicate with the external world.
ExoniumDEX ‘s vision is to create a user-friendly platform that enables users to exchange cryptocurrency easily. They are establishing themselves as a pitbull platform where all coins can be exchanged.
Right now, they aim to build a user base that supports and uses the platform regularly. To encourage more users to join the community, they are providing free tokens and digital assets. Overall, ExoniumDEX’s vision is to build an all-in-one platform that supports exchange and a community that stays loyal.
ExoniumDEX’s entire functioning is based on the ‘oracle’ or ‘bridge.’ In the process of crypto exchange, the oracle imports data from a single source or node. During the process of exchange, Oracle becomes the source of data and here data can be accessed.
Here, there is a contradiction in the entire system. Blockchains are considered a system to store and transfer data in a way that isn’t readable. But the oracle becomes the central point for accessing data. At this point, the oracle can be attacked or hacked.
Therefore, ExoniumDEX has to introduce a safe and secure system to exchange currencies. One of the biggest challenges for ExoniumDEX is ensuring the safety and security of data. Furthermore, efficiency and affordability are factors as well.
In short, ExoniumDEX’s initiative is working towards solving major issues yet several issues need to be addressed before it becomes mainstream.
ExoniumDEX is an emerging TradFi and DeFi industry together. It’s a crypto exchange platform that helps users exchange cryptocurrencies easily. Several challenges need to be handled carefully to ensure the security of the platform.
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