The fourth largest cryptocurrency trading platform in the world, Bitfinex has launched Ethfinex Trustless, a decentralized digital assets exchange platform aimed at eliminating the limitations of centralized cryptocurrency trading venues and give absolute control back to the people, according to a Medium blog post by the firm on September 17, 2018.
Ethfinex Trustless Decentralized Trading platform
In a bid to entirely eradicate the need for trust, security loopholes, deposit, and withdrawal delays, as well as other weaknesses, centralized exchanges exhibit, Bitfinex has announced the launching of Ethfinex Trustless, a decentralized exchange supporting over 57 Ethereum-based tokens.
Per the news release, the platform utilizes the Bitfinex order book to give traders a smooth trading experience. There are no signups, no deposit and withdrawal delays and users maintain absolute control over their funds.
Unlike other decentralized cryptocurrency trading platforms that are often plagued with liquidity issues, Ethfinex uses Ledger and MetaMask to provide trustless, anonymous and high-liquidity trading solutions for clients interested in trading the more than 57 different ERC-20 tokens supported by the system.
Powered by Nectar (NEC) Token
The Nectar altcoin powers the Ethfinex decentralized trading venue. The Ethfinex team has hinted that the Nectar ERC-20 token will be given to users on a monthly basis and for the first two weeks of trading, it is mandatory for all users to own at least 1 Nectar (NEC) token in their Ethereum wallets for them to be able to trade cryptos on the platform.
The Nectar token also allows users to take part in governance and decision-making processes on the platform, including coin listings, fee structures, margin decisions, user incentivization models as well as profit distribution decisions.
Ethfinex Supported Trading Pairs
While the Ethfinex team has said the platform would be home to more than 57 Ethereum-based tokens, users will, however, be able to trade only the ETH/USDT, OMG/USDT, OMG/ETH, ZRX/USDT and ZRX/ETH pairs during the rollout week of the platform.
Once the platform operates in a frictionless manner during its rollout week, Ethfinex will add support for 40+ tokens and Dai pairs.
“Through removing the array of concerns associated with current centralized entities, Ethfinex aims to power a new era of digital asset trading – an era in which security, privacy and liquidity is placed in the hands of the user,” declared Ethfinex.
At press time, the price of NEC sits comfortably at $0.47, with a market capitalization of $39,494,316, as seen on CoinMarketCap.