A decentralized exchange (DEX) centred around Dogecoin has been launched.
It is called DogeDEX and is the first open-source “Shiba Powered” DEX, allowing P2P exchanges with other users and atomic swaps.
It is powered by the AtomicDEX engine and allows users to exclusively stay in possession of wallet keys to trade directly from the wallet.
It allows trades in Bitcoin, Litecoin, Ethereum and other cryptocurrencies, is available as a desktop and mobile app, and also includes the ability to choose liquidity provider nodes.
It was created by open-source crypto solutions provider Komodo, which already claims more than 3,000 downloads.
Thanks to atomic swaps, it is possible to exchange cryptocurrencies directly with other users, without having to rely on third parties such as centralized exchanges. In addition, the DEX also acts as a non-custodial wallet that allows users to store their funds within the platform, but retain full and exclusive possession of them.
According to Komodo, the development team is working on an extension that should also allow P2P exchanges in fiat currency.
The CTO of Komodo, Kadan Stadelmann, said:
“Crypto, like the internet, is so much about community and dogecoin is the currency of the internet. Decentralized exchanges and non-custodial wallets are a few of our specialties and we want to enable [dogecoin’s] considerable fanbase to trade crypto with the very latest technology – Atomic Swaps”.
The price of DOGE
At this point, it might even be fair to expect DOGE’s value to rise, so much so that for example according to FX STREET, a possible close above $0.061 could suggest a further 90% increase, or up to $0.11.
The price of DOGE hit an all-time high last month at $0.085, but has since lost 35%, settling more or less around $0.05. However, the current level is in line with that of the beginning of February, because after the new all-time high there was no real collapse, only a correction.
Less than 100,000 transactions are currently recorded on the Dogecoin blockchain per day, which is much less than a tenth of the average number of transactions on the Ethereum blockchain, for example. But the cost of DOGE’s transaction fees is less than 20 cents on the dollar, which is forty times less than those of Ethereum.