In June 2023, the Runs on Radix program was launched to an already thriving Radix ecosystem; the initiative was built to empower the dApps to showcase the advantages of operating on Radix, including an advanced user experience, solid security measures, and a linearly scalable network built for mass adoption of DeFi. It’s safe to say that projects flocked to join the program, and numbers continue to grow.
Radix Publishing will be speaking with many of the participants over the coming few months, providing the Radix community with a comprehensive guide to each project.
Here are some key things you need to know about DeXter: A Community-Driven Decentralized Order Book Exchange on Radix.
- DeXter is developed by and for the Radix community, with anyone able to participate and add to the project's growth.
- There are over 25 contributors to the DeXter project at this moment.
- The $DEXTR token earns a yield from trading fees and will eventually be used as a governance token, allowing holders to vote on changes to the dApp.
What is DeXter?
At its core, DeXter is carving out a space for itself within the Radix and wider DeFi ecosystem as a decentralized order book exchange. The core contributors aim to offer a spot market and limit order functionalities as part of their Babylon MVP. However, DeXter's aspirations extend far beyond the MVP phase. The team envisions a future where the exchange will encompass even more advanced features, including leveraged trading capabilities.
The Power of Community Collaboration
What truly sets DeXter apart from other order book exchanges on Radix is its foundation in community-driven development. Unlike conventional platforms, DeXter is a product of collective efforts. Individuals from all walks of life are invited to contribute to the project, playing an active role in its evolution. As a token of appreciation for their contributions, community members can receive $DEXTR tokens.
The significance of $DEXTR tokens goes beyond mere recognition. They’ll eventually become the governance token of the entire DeXter project. This means token holders will have a voice in shaping the project's future developments and decision-making. Additionally, $DEXTR holders can earn yields through the fees accrued by the DEX: the higher the trading volume on DeXter, the greater the rewards for those who have contributed to its growth.
Empowering Market Makers
DeXter's commitment to fostering an inclusive and vibrant ecosystem is evident in its treatment of market makers. The platform rewards market makers through a carefully designed maker fee structure. Market makers who place orders at a distance from the prevailing market price, which are subsequently filled, can earn up to 0.35% in maker fees. This approach not only incentivizes liquidity provision but also enhances the platform's overall trading experience.
By placing community collaboration at its core, offering enticing incentives through $DEXTR tokens, and rewarding market makers for their contributions, DeXter is poised to create a new standard for decentralized trading. As the project's journey unfolds, it promises to reshape the DeFi landscape and amplify the voices of those who contribute to its success.
The Project's Start and Team Dynamics
DeXter's beginnings are quite distinct from traditional setups. It all started with a blog post by Fred Liebenberg, the creator of AlphaDEX, which forms the basis for DeXter. Fred's post asked a simple question: "Can a community build an app?" This question triggered the birth of the DeXter project.
From that point on, the project attracted a group of people who were intrigued by the idea. This community-focused approach led to the development of the DeXter community. People joined to contribute their skills and time, helping to build the front-end application, test it, manage its social presence, and engage with the community.
Unlike conventional setups with specific founders, DeXter embraces a collective spirit. Around 25 contributors are considered the founders of the project. With each new contribution, the project evolves, moving closer to the goal of creating a comprehensive order book exchange for the Radix community.
The shared enthusiasm for Radix's approach and a strong focus on user experience unites the DeXter team. Collaboration is key, similar to Radix's ethos. Together, they provide a clear answer to Fred's question: A resounding "yes."
How the Team Came Together
DeXter's journey started in a Telegram channel named "Project X," which eventually gathered a diverse group of community members. Some were already working on their own projects, while others were excited community members who wanted to contribute to the first community-built dApp on Radix.
Although some team members met in person, the project primarily operates online. Some members remain anonymous, while others are known. DeXter values all backgrounds and experiences, united by a shared belief in Web3's potential to secure a decentralized future for DeFi and more.
Why DeXter Chose to Build on Radix
The decision to build on the Radix platform was rooted in practical reasons that aligned with DeXter's goals. Here's a closer look at the factors that drove DeXter to choose Radix as its foundation.
Radix offers an environment that makes development straightforward. Using Scrypto, Radix's smart contract language, is easy to grasp. The Radix Engine enforces asset rules, enhancing application security and minimizing vulnerability to exploits. This user-friendly combination has shaped DeXter's development process positively.
User-Centric Approach: RadFi and Beyond
Radix is known for its commitment to user-centric design. This became evident during the RadFi presentation. The integration of the wallet and app connector streamlined the user experience. The introduction of the transaction manifest adds transparency to user transactions, presenting them in a clear format. This clarity is especially helpful for newcomers to Web3, boosting their confidence. Additionally, transaction asserts offer an extra layer of protection, fostering a sense of security for new users.
A Strong Foundation: Cerberus and Consensus Layer
Radix's foundation is solid. The forthcoming release of Cerberus, the consensus layer, promises scalable network capabilities, removing bottlenecks and concerns about centralization. This robust base reassured DeXter that Radix provides a stable platform for the future.
Check out the full interview with DeXter:
All information about DeXter was provided by the DeXter team and has not been verified by Radix Publishing, RDX Works, or their associated companies.