- Lake Trade cryptocurrency trading platform is powered by the 0x protocol
- No signups, no trading fee, instant and secure trades through blockchain technology
- In the R&D phase of intelligent crypto investment funds powered by the Lake Project’s Hydra AI
In a bid to create new-age decentralized financial products based on blockchain technology, Mathew Chan, Head of Product at Lake Project, announced the launch of Lake Trade through a Medium post, dated November 16, 2018.
A Step Towards Adoption En Masse
While blockchain technology has been around only for roughly 10 years, the level of pace at which it continues to move forward is nothing short of impressive. The technology’s utilities make it an ideal fit to revolutionize a myriad of industries, including finance, supply chain management, law, real estate, and medicine, among others.
With a vision to apply the decentralized, P2P technology in the world of traditional finance to make the markets more efficient, transparent, and secure, the team at The Lake Project has come up with a new DLT-based trading platform – Lake Trade.
Powered by the 0x protocol, Lake Trade is a decentralized cryptocurrency trading platform that involves minimal technical prowess on the user’s part, making it an easy to use application for trading digital currencies. The app involves no signups, has zero trading fees, and allows the users to trade directly from their wallet.
Reasons for Choosing the 0x Protocol
The Medium post posited that the extended utility of the 0x protocol made it an attractive technology to build the product around. The open-source not-for-profit project, 0x allows any developer to create their own decentralized cryptocurrency exchange. The protocol leverages the Ethereum blockchain to facilitate a hassle-free digital token trading environment and aims to encompass all the digital assets in the future.
One of the reasons why the team at the Lake Project chose the 0x protocol is its unparalleled malleability. The protocol extends far beyond the currently available cryptocurrencies, as it aims to enable all kinds of trades in the future – including non-fungible tokens, and financial securities.
Further, the 0x network also brings shared liquidity to Lake Trade. This would enable the trading platform to enjoy increased liquidity via a shared order book, thus ensuring a stable and smooth trading experience for its users as adoption grows. Moreover, the users can be rest assured of a fair trading experience, as the 0x protocol’s open order book model will help minimize insider trading and other such malpractices in the trading industry.
A Slew of Features
While cryptocurrency exchanges seem to be mushrooming pretty much everywhere these days, some of the features provided by Lake Trade set it apart from the crowd.
Considering the strong demand for crypto portfolio management tools, the Lake Project is committed to research and subsequently introduce solutions on the trading platform that help traders get a better grip on their digital currencies portfolios, market insights, tax compliance, and more.
The Lake Project also plans to introduce AI driven investment funds powered by their proprietary AI called Hydra. Hydra is being optimized to scale more efficiently, and low-cost enough to bring to mainstream retail investors, while being rigorous enough to satisfy quantitative hedge funds in both crypto and traditional markets
Lake Project says Hydra AI automates the process of building a portfolio, and regularly re-balances and diversifies the holdings to give users the maximum returns on their investments, at lower costs than traditional investment funds and existing crypto index funds.
Speaking with BlockchainReporter, Mathew Chan provided some insight into the newly launched cryptocurrency trading platform.
BR: Can you substantiate a little on the Lake Project’s Hydra AI? What is its utility?
MC: One of our core goals is to achieve decentralized investing, to allow people to invest right out of their own wallets. Hydra is an AI we’ve been researching and developing for the past few years.It’s a genetic-based AI that will automatically build a portfolio of assets, and continuously rebalance and diversify automatically at scale.
To provide context, imagine you had thousands of virtual fund managers, all competing to build the best performing portfolio for you, where the best ones move on, and the worst ones get eliminated, 24/7/365. This is at a high level how our AI works, it’s natural selection at scale applied to investing.
We’re currently doing more rigorous testing, and we plan to productize this and bring it to Lake Trade, or a separate product entirely, in a user friendly experience that makes it super easy to invest passively in crypto via our AI.
BR: A common man typically finds cryptocurrency exchanges to be technically heavy to understand. How does The Lake Project address this?
MC: That’s a great question, UX is definitely a big problem in the crypto industry and currently only appeals to the tech-savvy. Several of our team members come from a design background, so building products with great user experiences are a huge focus for us, and we design our products with a user-centric approach. In the coming months, we plan to introduce a simple version of our first product, Lake Trade, as an easy way for newcomers to simply buy or sell certain tokens with no learning curve.
BR: What’s next for The Lake Project? Does it have plans to expand beyond blockchain technology and cryptocurrency trading?
MC: As Marc Andreessen famously once said, “software is eating the world”. We believe the same will be true of blockchain technology and cryptocurrencies. We think the world’s economy will become increasing tokenized, and we think there are massive opportunities here to make a difference. For the first time in history, humans have a technology that allows us to trust, transact, and transfer value efficiently from anywhere in the world, to anyone in the world, without the need for an intermediary. We think this disruptive technology can be used for a greater good, and to build a more open, inclusive, and frictionless next-generation financial system, and that’s our long-term vision.