Demex is a decentralized cross-chain derivatives trading platform built on top of Cosmos-SDK. The protocol is developed and engineered by Switcheo Labs in 2020 for the purpose of creating a decentralized trading platform that can compete with and outclass centralized exchanges. The protocol uses the Carbon SDK for the transactions. Software Development Kit (SDK) is a pre-written software that acts as a connector tool between the apps. Using an SDK is a very convenient method to adopt a newly written app to an app that is the main source of data. SDK software is like API and it includes an API inside. But not every API is an SDK, and not every API contains SDK in it. Carbon SDK performs data transfer and recognition between the Demex protocol and Cosmos SDK. Cosmos is an open-source framework which means it is a Layer zero protocol. Ethereum, Cardano, Avalanche, and Solana are layer-1 blockchain networks. Polygon, Arbitrum, and Optimism are layer-2 blockchain networks. Layer-0 networks don’t have their own blockchain network but operate on top of a Layer-1 blockchain with pre-defined codes of rules.
While the main focus of the platform is providing a high-quality trading experience, the platform also provides earning tools for crypto holders to receive yield from their coins. There are three types of earning tools on the platform, Pools, Staking, and GLP Compounder. Users can lock their tokens to receive yields. Pools are made of cryptocurrency pairs. Unfortunately, the pools don’t have well-known first-class coins except for Ethereum, Atom, USDC, and BNB. Most pool pair tokens are Atom’s ecosystem, such as SWTH, AXL, KUJI, and OSMO. The platform is permissionless and anyone can list a token without going thru a registration process. But the protocol doesn’t support all the Ethereum and BNB tokens yet.
SWTH is the Carbon Protocol’s native and governance token. Apps using Carbon foundation need SWTH tokens to pay for the services provided. SWTH tokens are listed on a limited number of exchanges, including Uniswap. The only major exchange that has SWTH tokens listed is the Gate.io exchange. Holders are rewarded with network fees and trading commissions to incentivize the holders.
The good thing about the platform is that it is compatible with the most popular wallets. MetaMask, Keplr, Ledger, Leap, and Encrypted Key are among the options to connect to the platform. Coinbase wallet and WalletConnect are not supported. Deposits and withdrawals on the platform are instant and free of charge except for network gas fees.
The platform has a typical perpetual trading user interface with an interactive personal design mode. Users can change the outlook by selecting what windows will place on the screen. Users can also drag and move the windows and personalize the interface which is a great future. The platform is ambitious in the DEX race and has an eye for the top. Demex offers up to 150X leverage and claims to have 10x faster compared to its peer dYdX exchange. Another plus is dated orders future on the platform that many DEXs don’t offer yet.
Demex is a pretty young player on the market. There is no audit report on the official website or on the documentation. There is no hack or exploit new about the platform so far. But it is important to remember that decentralized perpetual exchanges are very new without a proven history. Demex is a promising one and seems like we will hear more about it.
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Product | Yield | Chain | Term | Yield | Yield Trend | TVL | TVL Trend | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
AVA1-SWTH
|
35.2%
|
Carbon |
Instant Access
|
35.2%
|
$13,981
|
|||||||||||
KUJI-SWTH
|
11%
|
Carbon |
Instant Access
|
11%
|
$22,577
|
|||||||||||
ZWAP-SWTH
|
10.6%
|
Carbon |
Instant Access
|
10.6%
|
$47,368
|
|||||||||||
USD-SWTH
|
10.5%
|
Carbon |
Instant Access
|
10.5%
|
$281,354
|
|||||||||||
WBTC-SWTH
|
10.2%
|
Carbon |
Instant Access
|
10.2%
|
$48,293
|
|||||||||||
USD-USC
|
9.82%
|
Carbon |
Instant Access
|
9.82%
|
$149,122
|
|||||||||||
ETH-SWTH
|
8.47%
|
Carbon |
Instant Access
|
8.47%
|
$116,249
|
Based on a total of 12 reviews across the web for Demex we gave the platform an overall rating of 83%.
Overall User Rating |
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12 reviews 12 |
Cryptowisser |
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9 reviews 9 |
Dapp.com |
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2 reviews 2 |
Source Forge |
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1 review 1 |
Review Week |
Coin World Story |
Demex supports over 10 currencies including Ethereum, Tether USDt, Cosmos and Zilliqa.
USDT Tether USDt | Tether USDt |
Demex's supports the following languages: English.
Legal name | switcheo labs |
Year founded | 2020 |
Country incorporated in | Singapore |
Decentralised |
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Non-custodial |
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Savings accounts |
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Crypto to crypto exchange |
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Margin trading |
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Crypto withdrawals to private wallet |
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Fast account verification |
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Futures exchange |
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Chain agnostic |
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Know your customer |
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Credit check |
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24/7 support |
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Phone support |
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https://www.demex.co.uk/ |
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