PRESS RELEASE. In response to rising gas prices in the past few weeks DMEX has moved its trade processing to the xDAI sidechain, which enables much cheaper transaction recording. Customer funds will continue to be stored in an Ethereum smart contract. However, the commercial record is now carried out on xDAI.
This change allows users to place orders as low as $ 100, which was previously impossible, with minimum order requirements rising to $ 200,000 during Ethereum’s gas price spikes.
The new structure allows for a flat minimum order value of $ 100 regardless of Ethereum gas prices.
How does it work?
The custody smart contract remains on the Ethereum blockchain, so the same margin currencies are used for trading (ETH, BTC or DAI) while the smart contract responsible for trade settlement and record is hosted on the xDAI sidechain. When a user deposits money at DMEX, the custody agreement (on Ethereum) communicates with the commercial agreement (on xDAI) via a decentralized bridge and tells the commercial agreement that the user has made a deposit.
The trader then starts trading the xDAI contract with cheap gas fees and low minimum orders. Whenever the trader wants to withdraw funds from DMEX, the xDAI trade contract sends a request to the Ethereum custody contract to release funds to the user’s wallet.
DMEX offers the best decentralized user experience for perpetual futures contracts with up to 100x leverage with lightning fast trade execution, instant withdrawals and no KYC checks. Check out the DEMO version to see it with your own eyes.
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