You should already know that it is a decentralized Exchange but basically it is an Exchange that allows peer to peer cryptocurrency transactions online, securely, quickly and without intermediaries.
Some of the most used DEX are:
There are already many decentralized exchanges, creating a DEX with the same functions as a traditional DEX does not make any sense. Why would someone use another platform if the one they use already works for them? Innovation, that is the key.
From the first moment we knew what the intention of COFEDEX would be, make a decentralized Exchange that connects Blockchain networks.
For this we will use Atomic Swap technology.
This is a function that allows the transfer of tokens or cryptocurrencies in a transparent and on-chain way between two different blockchains. That is, it allows you to send cryptocurrencies from one chain to another, without any intermediary.
In this way, a Bitcoin user could perfectly send or exchange their BTC for Ethereum or another cryptocurrency without intermediaries.
This process is based on smart contracts to enable this type of operation. In Bitcoin, for example, this technology is possible thanks to the use of HTLCs (Hash TimeLock Contracts). But however they work, the objective is the same: to allow users to exchange their coins directly from their personal cryptocurrency wallets in a time stipulated in the contract.
Due to these characteristics, atomic swaps are, in essence, peer to peer (P2P) operations through different blockchains. Operations where participants do not lose control of their crypto assets during the process.
Those who do not have COFEs in their wallet, the commissions are:
-0.5% market taker
-0.25% market maker