Decentralised Exchanges (DEX) are the safest way of trading cryptocurrencies. Contrarily to a centralised exchange (CEX), like Binance, when you buy crypto from a DEX you have full ownership of that asset immediately. There is no intermediary third party facilitating the exchange. This is why when buying from a CEX, you do not own the asset in question until you withdraw it to a particular wallet. While it is on the exchange you do not control that token.
This may beg the question of why would anyone want to trade on a CEX if you don’t even own the underlying asset at the end of the process. To answer that, we need to dive into the history of the DEX on the Ethereum (ETH) network.
Gargantuan gas fees and Ethereum
Ethereum was the first mover in the Layer 1 and DeFi space and now resides under the pseudonym of the king of altcoins. The biggest problem facing ETH scalability has been its volatile yet consistently overpriced gas fees.
Gas fees are the price you have to pay to conduct a transaction on a network. Typically, the token you use in transactions is the central coin to the network, in this case, ETH. Depending on the blockchain, however, it may differ.
Before the employment of scalability aids like Polygon Matic, ETH prices would sit comfortably around the $100 mark. Imagine buying $400 of a particular currency as an investment and meeting a 25% gas fee… Yeah.
Quit ETH for Quitriam Finance (QTM)
Now, this heading might be a little bit hasty. With over $650 billion in total value locked into the Ethereum network, it is unlikely that any project will be able to overthrow the king. However, it does underline the excitement that surrounds this new DEX and DeFi protocol.
Quitriam Finance incorporates the decentralisation of a DEX with multichain capabilities. On a DEX such as Uniswap, if you wanted to buy an ERC-20 token you would get one method of fulfilling the transaction. One method and one ETH gas fee, with high slippage – slippage being the amount of deviation between the expected gas fee and the actual gas fee when you confirm the transaction.
The QTM Decentralised Exchange offers something rather radical. Partnering up with some of the biggest blockchains around, Quitriam offers you the best gas fee with the least slippage from a range of blockchains. If it can find a better price and a better gas fee on the Solana network, it will automatically route the transaction from that blockchain. You don’t have to do anything.
The Quitriam presale. What’s happened so far?
From its launch in April, QTM is currently up 90% and doesn’t show signs of stopping. For a project this early on in development it has shown surprisingly steady growth which usually equates to a project characterised by stability with strong fundamentals. The rare combination of centralised exchange transaction fees with cross-chain functionality all amalgamated into one DEX really is an impressive feat.
It is no surprise then that this project is gaining a strong presence and following on social media platforms. It appears to be gathering not only momentum but a community that truly believes in the project. With the first stage of the presale ending on the 9th of May, opportunities for buying this future high-flyer DEX are running out. Don’t be late!