Table of Contents
- Polkadex Orderbook combines both DEX and CEX features.
- Polkadex Orderbook is Non custodial.
- Polkadex Orderbook has Multichain support features.
This topic establishes the knowledge of Polkadex Orderbook, unveil how this cryptocurrency exchange platform operates, and how Polkadex Orderbook combines features of centralized exchanges and decentralized exchanges. The knowledge of Polkadex Orderbook will enable you to understand how this platform integrates features of CEX and DEX, and it will also assist you in choosing whether to use Polkadex Orderbook considering its merits and demerits.
WHAT IS POLKADEX ORDERBOOK?
Released 1 November 2022, the Polkadex Orderbook is a new innovation on the Polkadex network, Polkadex Orderbook is an orderbook-based decentralized exchange which has some features of centralized exchange. The revolutionary Orderbook-based decentralized exchange (DEX) is the new beginning for digital asset trading and DeFi. In the past years, DEXs like Uniswap have changed the way users trade cryptocurrencies by giving them control over their own funds.
However, the automated market maker (AMM) model popularized by such DEXs suffers from high transaction fees, liquidity, forward moving, low operation and limited functionality. While this can be risky due to potential frauds and data infringement, many crypto traders still prefer to use the advanced trading features of centralized exchanges (CEXs), which are more affordable to use and have a higher level of functionality and usability which they provide.
The creativity of the Polkadex Orderbook reflects in the outlook, and performance of the platform, it is just like centralized exchange (CEX), but remains non-custodial and retains the security aspect of the decentralized exchange (DEX). A wonderful incorporation of Blockchain and Trusted Execution Environment (TEE) technology
FEATURES OF POLKADEX ORDERBOOK
The features of Polkadex Orderbook are unique and cannot be overlooked, some these features include:
- Polkadex Orderbook is non-custodial
In other words, user's have full control of their assets. Polkadex Orderbook is the first CEX-like exchange where you can control your assets without fear of security issues. There’s no centralized money bag for hackers to go after, only you can authenticate deposits or withdrawals on your trading account.
- Increase in frequency trading equals no speed limits
Trading crypto on Polkadex Orderbook is fast just like trading on CEXs. Capable of making up to about 500,000 transactions per second, Polkadex Orderbook is non-custodial high frequency trade in real time with millisecond speed.
- Reduced cost
Polkadex Orderbook will have no trading fees as offers in the first six months. Add that with no gas fees and no order booking/failed transactions fees and Polkadex Orderbook is much more affordable than existing DEXs.
- Nice Interface
Polkadex Orderbook has a great interface and the functionality of a CEX and the security of a DEX all put together into a smooth, minimalist, and easy-to-use interface.
- Limit and market orders
Get the price you want with limit orders. Market orders are carried out immediately and with better liquidity.
- Truly cross-chain
Users can trade Polkadot and Polkadot parachain tokens through the Polkadex parachain, but this feature has not been fully initiated, as well as Ethereum ERC-20 tokens through ChainBridge and the THEA bridge, which will first connect Polkadex with Ethereum then other blockchain networks will be connected.
- Register multiple trading accounts
Users can access the Polkadex Orderbook from a pc, phone, tablet, or any other device and trade anywhere, anytime. Having multiple trading accounts allows you to trade on the go while your funds remain under your control. This is a case where convenience meets security..
- Allows for bot trading
Polkadex Orderbook allows the use of bot trading, to eliminate stress and save time, but it only allows bots from licensed bot trading providers on the platform.
Polkadex Orderbook permits users to delegate trades with third parties whether it’s a bot or human while they sit back and watch their trade bring in profit.
CORE PARTS OF POLKADEX ORDERBOOK
Polkadex Orderbook comprises of four core parts: Polkadex Network, Trusted Execution Environment, Order book Engine and IPFS
- Polkadex Network : is the native blockchain that contains the Polkapool (Polkadex’s liquidity pool-powered swap platform) and protects the actions of Polkadex Orderbook.
- Trusted Execution Environment (TEE): is a technology innovation by Intel that permits modern CPUs to have an isolated section independent of the Operating System, BIOS and other core components of a computer. Its main advantage is that the computation executed in TEE is verified by the blockchain and any manipulation in the logic will result in the blockchain rejecting the (TEE). TEE controls the balance state management of users in the Orderbook. It prevents stealing of funds, verifies the matched trades provided by the Orderbook Engine, settles trades and enables traders to reserve and unreserve assets on the native blockchain.
- Orderbook Engine: maintains a high-performance Orderbook, matches trades to avoid errors and provides verification and settlement of transactions through TEE.
- IPFS or Interplanetary File System: preserves a Snapshot of the latest form of balance transfers. In case the hardware is corrupted or the network access is lost or if the user program itself is compromised or turns into a bad actor, the blockchain declines all future transfers from the orderbook and returns the funds to the user within 12 seconds, the fastest recovery method available in the market today. This acts like an insurance package for the entire trade.
HOW TO CREATE A POLKADEX ORDERBOOK ACCOUNT
The Polkadex Orderbook runs on the Polkadex Network, hence interested users must have a Polkadex account. For this, Download the Polkadot.js browser extension and import your Polkadex account or create a Polkadex account if you don’t have one already. Tap on this link for a video tutorial.
Now to open a Polkadex Orderbook account;
- head on to orderbook.polkadex.trade
- Click on the sign up icon.
- Fill up the necessary details, and read up the terms and accept by ticking the tiny square, then click on create account.
- A verification code will be sent to your email, copy the code and paste as required. Then click on verify code.
- A new page requiring you to Sign in will appear, fill it with the email and password you have earlier provided and viola you are in.
- All you need to do now is to connect your funding account (Polkadex account), Sign the registration transaction from your Polkadex account on the Polkadot.js browser extension, Once your funding account is successfully registered, your trading account has been created.
Conclusively, Polkadex Orderbook is a decentralized Blockchain exchange platform that comprises of centralized exchange features, this makes Polkadex Orderbook one of the few best trading platforms because it guarantees safety of funds, allows the use of licensed bot to ease stress on the user while increasing automation in the process.
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