The 2022 Roadmap For The CrossFi DEX
Last updated
Last updated
Launching a DEX has been part of our roadmap since the beginning. With the CrossFi ecosystem having stabilized and matured, the path to the launch and development of the CrossFi DEX in 2022 has materialized. We now have a concrete plan for the DEX development this year.
After the launch of the project around May last year, the CrossFi team was busy ensuring the basics such as the website, DApp, exchange listings, marketing, and documentation were all taken care of properly. It was a lot of work and it took most of their attention. We have expanded the team and with the basic needs taken care of, we are ready to shift gears into the next phase of development — the all-important DEX.
DEXes have been explained in our Medium articles for the DeFi Series #1and #4. Basically, unlike Binance, which is a Centralized Exchange (CEX) that requires you to create wallets on the exchange to trade, a DEX allows true peer-2-peer exchange with no middleman. Buyer and seller wallets trade directly and the DEX does not store any funds. The infrastructure and staff required to run a DEX are lesser than a CEX and thus the transaction fees are lower. In a way, DEXes are to CEXes, what CEXes are to banks. DEXes are indispensable to a thriving DeFi ecosystem.
A mindboggling amount of permutations and combinations were considered during the R&D as we want to build the best DEX that has the best features of all the top DEXes with the latest innovations. Serious market research and technical analysis were carried out to ensure we have the pulse of the market. We noticed a lot of missing modules in other leading DEXes — some didn’t have the NFT market covered, and some did not do adequate justice to the token market. Crypto investors want a fast, efficient, dependable DEX with no fuss and the lowest possible fees. That is the goal we have for the CrossFi DEX.
The DEX will have the CRFI token as the governance token and transaction fees will be paid in it. This is great news for CRFI hodlers. Around Q2 2022, liquidity mining and staking dividends will be launched. CRFI stakers will be earning transaction fee dividends along with many other benefits. When other projects’ tokens get traded on the CrossFi DEX, liquidity mining rewards will be given out in dual-rewards (CRFI + the other token). Yes, the CrossFi DEX will provide IDO for promising new projects. They will be thoroughly screened & vetted and only high-quality offerings will be given an IDO. CRFI hodlers will receive a special ultra-low price token purchase quota.
We want to make our DEX an all-in-one place. Users should be able to trade tokens as well as NFTs in the same place. Anyone will be able to buy and sell their NFTs on the platform and CRFI will be used for the transaction fee. The fee amount will be proportional to the staking pool and the burn address pool. It will be an open platform and we will aim to provide trading of NFTs across various chains.
Once the CrossFi DEX gets launched and matured, we expect that the big CEXes will start listing the CRFI token as a serious player.
2022 is going to be a very exciting year for CrossFi as we aim to touch new highs and reach for the stars. Interest in cryptocurrencies & NFTs is skyrocketing and DeFi is maturing — it is the perfect time to launch a DEX. Those who have patiently held their CRFI tokens are surely going to be excited by this announcement. This is precisely what the project needs to kick into high gear.
