Thread by @MarkCopo

There's (another) new DEX on MultiversX and it's called @OneDex_X

Let's have a 👀 at what I know (and don't know) so far from having a go and following questions on their telegram group and some comparisons with the other new DEX Exrond 🧵

#MultiversX #elrond #DeFi

1) This is another AMM DEX.
The exchange is only currently available on devnet for testing & is in the process of being improved. Bear this in mind as anything I say below could soon be out of date if they make any changes to the system.

What's an AMM:
coinmarketcap.com/alexandria/glo…

2) This is a decentralised exchange. There's no input from the team to list a token, it's done via smart contract.
You can create a liquidity pool with any tokens that you own against a $EGLD or $USDC pair.
This is different to Exrond where you can create a pool for any token.

3) Creating a pair is fairly straight forward and has the same fees as Exrond (0.05 $EGLD + TX fees).
In the process of creating the pair you decide on the initial token price and add some liquidity. There appears to be no minimum liquidity requirements.

4) Any liquidity added during the process can be removed at any time (initial liquidity in Exrond is locked).

Once the pair is created, swaps are enabled based on the price defined above and anyone can add liquidity to the LP.

5) Performing swaps is quite straightforward. Connect your wallet, set the amount you want to swap from and it calculates the rate and even shows you the route that it’s taking which I find quite interesting.
It does need a Max button but they are aware of this request.

6) Staking and farming are not currently available but are on the plan for Q1.
It will be interesting to test these out when they're available!

7) Downsides? Well, there's a few (bear in mind though that the DEX is not live and will improve):
1. The team is not doxxed but do plan for the team to be revealed once the DEX goes live.
2. Smart contracts have not yet been audited but this is planned in with Arda

7b)
3. There's no whitepaper, only a website with brief details. I expect this before launch though.
4. Although you can only create a pool with tokens you own, there’s nothing stopping someone creating a copy token & creating a pool with this token to scam people.

8) My overall opinion is that it looks like it will be another useful tool and competitor for Exrond and the Jungle.

The team seem to be open to feedback & are taking their time before launching on mainnet.

What do you think? Have you had a go in the system?

9) Some links to the devnet system and their telegram group.

Devnet: devnet.onedex.app/swap
Telegram: t.me/one_dex_multiv…

Finally, if you haven't done so already, have a look at the my tweet about Exrond for comparison.

https://twitter.com/MarkCopo/status/1611823351600668672?s=20&t=g4TrLYDaGb4iprzhTg2Atw