full image - Repost: ICDex has successfully passed an audit by Solidstate in preparation of SNS Launch (from Reddit.com, ICDex has successfully passed an audit by Solidstate in preparation of SNS Launch)
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To give some background for those not familiar with ICDex— ICDex is an Internet Computer based and fully on-chain Orderbook DEX which, through the advancements in technology the ICP network offers, has successfully overcome major hurdles which saw similar exchanges fail in the past on other networks (namely Ethereum).Decentralized exchanges began with smart contract based exchanges utilizing a typical centralized UI to achieve an exchange model that mimicked centralized exchanges but offered added self-custody benefits. This model appeared to be everything a trader dreamed of however over time these platforms began to face various challenges ranging from structural complications involving centralized components making the application slow, high network fees, slow trade processing times, to barriers for providing liquidity. Over time these factors, among others, lead to a sharp decline in Orderbook based Decentralized Exchanges and fueled the rise of AMM orientated platforms such as Uniswap. Rather than learning about market making bots and spending time and money to dial them in liquidity providers took the path of least resistance and opted for AMMs. While AMMs offered far less in terms of strategy and control over your trading style traders followed the best avenues for liquidity on their desired pairings and this ease of adding liquidity on AMMs proved to be enough to push them into the leading position of the DEX space. Despite the seemingly grim outlook for this orderbook orientated exchange model our team at ICLighthouse set out to revive it through ICDex and bring traders back all of the benefits it has to offer while innovating to remove the downsides that hindered the growth of older exchanges of this type. ICDex offers traders the high levels of security expected of any DEX while also offering everything they know and love about trading on a typical CEX such as live orderbooks, charts, standard order types, and even advanced order types not common on other exchanges. We've also introduced AMM-style pooling which ties to our live orderbooks to aid in solving this liquidity problem faced by other Orderbook orientated DEXs. With ICDex traders can add or manage liquidity on a pairing with all of the same simplicity of an AMM while still being able to employ complex trading strategies and leverage multiple order types to help achieve the best profit possible. Comparing this to an AMM where traders are forced to trade at market price this ability to place limit orders, stop-limits, Grid Orders, Iceberg Orders, and TWAP/VWAP orders ICDex is a major leap forward for the ecosystem and its been achieved fully on-chain to maximize decentralization. ICDex will soon be launching as an SNS DAO and in preparation for this launch and to give traders even more peace of mind ICDex has been successfully audited and was given the green light for SNS-readiness and overall security. You can find the full audit report here: https://ift.tt/l7FoaPm keep an eye on our Twitter for news and updates on our upcoming SNS sale!
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