ExoniumDEX - Unifying Digital Assets for the Entire Financial Ecosystem
ExoniumDEX is an Omni-chain decentralised exchange (DEX) primarily designed to be a unifying DeFi protocol and synthetic assets AMM through a unique oracle concept and bridging function. It will be used to support all on-chain or off-chain assets on various blockchain, providing significant liquidity to the decentralised finance (DEFI) universe by being all-inclusive. As a one-stop DEX, ExoniumDEX will be positioned as a pivotal platform in the cryptocurrency space, allowing inter-exchange of all assets and yield opportunities regardless of blockchain technology in a safe, transparent and permission-less environment.
Since 2019, Exonium was founded to propel cryptocurrency into mass adoption. Merging the best of the centralised exchange ecosystem and the principles of social network platforms, the exchange aims to put the power back in the hands of the community by empowering and enabling traders. ExoniumDEX was conceptualised during the decentralised finance (DEFI) movement of 2019/2020. DEFI continues to reach a high level of user adoption and financial commitments. Total value locked in emerging projects like Uniswap, Sushiswap has achieved all-time high values of several billions in dollars. The value proposition of the blockchain and cryptocurrency space has never been more promising, filled with opportunities and solutions. A large part of the increase of participation in DEFI is due to the adoption of Uniswap/SushiSwap/PancakeSwap/QuickSwap as well as conceptual yield farming. However, existing AMM does come with certain limitations, which ExoniumDEX is positioned to solve and more.
ExoniumDEX developers come from a diverse group of DEFI projects, having launched several high profile and successful ones. With such experience, the developers have identified crucial problems that inhibit further growth in DEFI and blockchain adoption- that of the exclusiveness of DEFI in separate blockchains e.g Tron, POLY, Ethereum, Binance Smartchain, with close to zero interoperability and exchange between them on a easy to use unifying platform.
ExoniumDEX consists of an anonymous team, directly inspired by various DeFi protocols covering AMM, yield farming, synthetic assets, yield optimization. As a team that has been developing new infrastructures within the cryptocurrency space over the past 4 years, we are strong proponents of “Don't Trust, Verify”. This is why on-chain contracts deployed are open for anyone to verify that everything will work as intended. We are committed to this idea of radical transparency, which is especially important in nascent ecosystems like Decentralized Finance.
DeFi challenges the CeFi system by disempowering middlemen, and empowering everyday people via peer-to-peer transactions.
Decentralized finance is an unbundling of traditional finance. DeFi takes the key elements of the services provided by banks, exchanges and insurers today — like lending, borrowing and trading — and puts it in the hands of retail investors or the unbanked.
As seen in the success of UNISWAP and its peers, millions of users are keen to trade or swap ERC20 tokens in a decentralised and trustless manner. Users who trade on these DEXes enjoy a one-stop platform where each trade is conducted safely and without inhibition.
Through UNISWAP, thousands of projects based on Ethereum (ERC20 Tokens) are able to list instantly and provide liquidity without a middleman, thus bypassing the need for huge fees and long delays seen in centralised exchanges. As a matter of fact, exchange volumes of UNISWAP exceeded $250 million in a single day, exceeding even top exchange volumes.
The key to the success of DEXes is that all trades are conducted on-chain. Millions of users are now familiar with using wallets such as Metamask or Imtoken to connect and conduct trades instantly on DEXes permissionless-ly. The ease of use, simple UI and safety makes DEXes such as UNISWAP standout against centralised exchanges.
The biggest issue with multiple blockchains is that each economy and ecosystem grows largely separately, without the ease of interconnectivity seen in the case of UNISWAP for the thousands of Ethereum tokens. This is a significant inhibitor to growth of the entire cryptocurrency universe. While a blockchain like Ethereum prospers with huge capital injection, other upcoming blockchains solving scaling tri-lemma issues are not able to enjoy similar network effects. In fact, Ethereum is currently bloated with transactions, requiring long confirmation times and high gas fees, whereas Binance Smart Chain has extremely fast confirmation times and low fees, but does not yet have the network effects necessary to accelerate a booming project ecosystem.
It is well understood that Ethereum has the prime blockchain of choice for the DEFI space. This is in the face of obvious limitations in scalability. The reason for this is the emphasis of the network, both for users and projects, therefore producing the strongest user-base and community, which in turn spins off a network effect of user propagation.
Network effects can only be prevented or stopped at the boundaries, which in blockchain, is clearly defined as the lack of interoperability between Ethereum and the others.
Many solutions can be found, trying to provide some interoperability. However, these solutions either fail at the usability level (too difficult) or user adoption level (too early, too different). The current surge of users who are familiar with Ethereum-based DEXes and wallets makes it a great opportunity like never before, to merge the interoperability of chains through an Ethereum based unifying platform.
Blockchain interoperability is complex on two major fronts:
- 1.Entirely different codebases of cross platforms
- 2.Thousands of blockchains with varying degree of technological differences
These complexities exacerbate the existing problems of interoperability to the extent that solving it using simple solutions becomes impossible and extremely expensive, from a development point of view.
A solution to interexchange interoperability needs to be sought, where developers from individual blockchain can design their portions easily to meet the supply/demand of an Ethereum-based DEX. The concept of oracles, in this case, defined as a third party decentralised system providing contracts with external systems (external to Ethereum) could be useful. During the initial launch phase, ExoniumDEX will leverage on the existing Binance Smart Chain and Polygon infrastructure before mainnet launch. The ExoniumDEX team concluded that BSC & Polygon will be the best option for equitable distribution and community growth during the early stages of development. Features built on Binance Smart Chain & Polygon during initial phase will consists of but not limited to -
- 1.Staking Pool (tEXO Distribution during Genesis)
- 2.Liquidity Mining
- 3.tEXO Collaterised Stablecoin
- 4.Synthetic Assets
- 5.Yield Optimiser
*Future new innovations and implementations for Exonium DEX will be updated in this document. Follow our socials as well for the latest updates!