- Solana-based crypto trading platform, Secretum to solve all security difficulties of DEXs.
- It ensures record low fees and almost instant trade.
- It will eliminate the risks of sensitive data leaks and full protection of the identity of crypto-asset owners
Cryptocurrency assets trading continues to soar despite the numerous dilemmas surrounding it. As of April 2021, the volume is said to have reached a colossal $3.8 trillion when Bitcoin hit its all-time high. Equally, the traded value on large decentralized exchanges (DEXs), such as Curve, Uniswap, and PancakeSwap rose by about 550% between August 2020 to 2021. Likewise, major centralized exchange (CEX) Binance’s spot crypto trading volumes totaled $789 billion in September and $454 billion (€390.7 billion) in July. Whilst derivatives volumes jumped almost 25% to $1.7 trillion.
By all indications above, DEXs is progressively capturing the market share from CEXs. The major drivers of this trend are due to DEXs replacing a centralized authority with automated protocols that enable trading and direct swapping of tokens.
Another factor is DEXs offers lower trading fees compared to CEXs. It also provides the user complete control of their assets, eradicating jurisdictional constraints, and negating the need for KYC procedures. Even with the abovementioned factors, DEXs still fail in some components. Firstly, they operate on smart contracts only, limiting their trading capabilities. Secondly, most DEXs offer limited liquidity, therefore asset prices are often priced inefficiently.
Thirdly, transaction speeds may be slow as they need to be checked and validated on a blockchain network by the network’s miners, not the exchange. Lastly, most DEX platforms are not user-friendly, prone to hacking, and cyber theft. Generally, DEXs have not been able to solve the numerous security challenges of CEXs. The growing crypto trading market makes it even more demanding since there is an urgent need for a definitive trading solution. This solution is no other than Secretum.
Secretum Reinventing Crypto Trading
The soon-to-launch solution is about to come to the market is Secretum. In detail, Secretum is the world’s first and only fully decentralized, encrypted, and secure trading DApp built on the Solana Blockchain. Secretum comes with an innovation that enables the trading of all crypto assets including fungible and NFTs directly between users, through a hybrid messaging + trading function. The defining features of Secretum are a game-changer for crypto trading.
Secretum has the following features:
- A secure and anonymous sign-up process, which only needs the user’s crypto wallet address – no emails, names, or other personal data.
- An easy, intuitive, and purely P2P trading interface to send and receive cryptocurrencies and NFTs.
- A unique search function to locate the owners of specific NFT assets, enabling two parties to connect to each other solely via wallet address and trading.
Secretum’s Advantages Over DEXs
Secretum has lots of advantages over DEXs. To mention a few, on Secretum, there are no risks of sensitive data leaks and full protection of the identity of crypto-asset owners. All data is stored on the independent and verified nodes in the Secretum network, with no central point of failure.
Thanks to Solana’s capability of 50,000 transactions per second and an average cost per transaction of only $0.00025 Secretum has record low fees and almost instant trades. This compares favorably to the 0.1% to 0.3% + gas fees usually charged by DEXs.
Traders can contact each other directly and find hidden liquidity in crypto markets – improving execution times and prices.
In summary, Secretum is positioning itself to be the go-to-platform by leveraging the power of the Solana Blockchain to offer unique benefits to crypto traders,
To familiarize yourself with the project and know more, please check out the litepaper.