xExchange Crypto Platform

Pros

$71,217,816 USD currently invested (TVL)

Investments in 7 coin pairs available

Operating on MultiverseX protocol

Cons

Investments in liquidity pools can be higher risk

Liquidity pool investments are only suitable for advanced crypto users

xExchange Exchange Reviews

MultiverseX is a high-speed blockchain network formerly known as Elrond, which is focused on NFTs and the metaverse. The project has received investment and support from notable figures in the cryptocurrency industry, including Binance Labs and the founder of Binance, Changpeng Zhao, as well as the founder of BitTorrent, Bram Cohen.

In 2021, the team behind the development of MultiverseX established xExchange, a cryptocurrency exchange with an Automated Market Maker (AMM) model that is formerly known as Maiar Exchange. The exchange is headquartered in Malta, which is known for its cryptocurrency-friendly regulatory environment. xExchange offers all basic DEX tools including swap but the number of supported tokens are limited to MultiverseX network only. EGLD and USDC are the only major cryptocurrency that users can swap on the protocol. Other tokens are not well-known tokens and they are native to MultiverseX network only.

The platform offers Metastaking and Metabonding services to users, allowing them to utilize their NFTs and generate revenue by lending or staking them. The platform's utility token, MEX, is used to incentivize liquidity providers, and users with MEX tokens can participate in the platform's governance and cast votes on proposals.

xExchange has a simple and easy-to-navigate user interface, and users can connect to the platform with any web wallet. However, it is worth noting that the platform does not support popular web wallets such as MetaMask, Coinbase wallet, or WalletConnect, and only supports MultiverseX's DeFi and web wallets, as well as Ledger's wallet.

One potential concern for users is the recent exploit of the former Maiar exchange, which was subject to a hack resulting in the theft of $113 million. While the developers of the project were able to recover the funds and have taken measures to improve security, the incident raises questions about the platform's security and decentralization. As with any cryptocurrency exchange or platform, users should be cautious and do their own research before investing or trading.

It's also worth noting that while xExchange's being free of KYC and AML procedures may be convenient for some users, these procedures are in place to prevent illegal activities such as money laundering and terrorist financing. As such, users should always exercise caution and take necessary security measures such as using a strong password, enabling two-factor authentication, and keeping their private keys safe.