In my last post, I mentioned about the convenience that DEX-es like 1inch brings about so I will talk about DEX-es and my experience with it so far.
What is a Decentralized Exchange?
It is a cryptocurrency exchange where users can exchange their tokens anonymously without the need for any 3rd party to facilitate the transaction.
All users have to do is to connect their crypto wallet to the DEX, select the coin they wish to swap and let the smart contract does its thing.
It is that simple.
Of course, the transaction won’t happen for free. Users have to pay miners a certain fee (gas) to do the work for you.
Why use Decentralized Exchange?
- No KYC: Swapping is done anonymously so there is no need for any verification of identity. No need to create an account as well hence completely hassle free.
- No need to pre-fund your trades: You can send your coins to Metamask, connect to the DEX and trade.
- Access to a large selection of tokens