Modern Finance Chain, a public smart contract platform with merchant payment processing, now conducting a token generation event, has informed that DDEX will be the first exchange listing partner for the MFX token. Users of the DDEX exchange who did not have the opportunity to participate in the MF Chain token sale will enjoy exclusive listing for 5 days on DDEX prior to any additional listings.
The Modern Finance team said it sought out DDEX after reviewing and testing the UI, experiencing its ease of use, intuitive interface, and integration of MetaMask and Ledger, which showed them that while new, is a well-developed exchange.
The listing announcement represents another milestone on the Modern Finance Chain roadmap and also provides non-token sale participants a path to acquire the MFX token shortly after token sale end.
What is DDEX?
DDEX is a decentralized relayer, or a decentralized application, which functions as an exchange. Exchanges allow you to trade one asset for another. DDEX is different from other centralized cryptocurrency exchanges — as it doesn’t require users to deposit tokens in order to fill an order. That’s why no personal information is submitted and no registration is required. Running as a hybrid model decentralized relayer for Ethereum and ERC-20 tokens, DDEX utilizes both the hydro protocol and the 0x protocol to facilitate a safe and smooth decentralized exchange experience.
How does it work?
Technically, DDEX is a relayer. Relayers relay liquidity information. Relayers essentially craft an order book from cryptographically signed messages made by market makers. A market maker, or maker, is simply anyone signaling an intention to trade a specific quantity of one asset for another at a specific price during a specified period. The instructions the maker issues to the relayer are called orders. Makers are also called liquidity providers. Makers provide the liquidity information that relayers relay. Later on, a taker agrees to trade the asset at the maker’s specific price. When this happens the order is filled. A smart contract is created and the order is settled on the blockchain. This process is called order settlement. Order settlement for ERC20 tokens on the Ethereum network is handled by the 0x protocol. The exchange aspires to be blockchain agnostic eventually. In the future, it will add support for other blockchains.
DDEX, like other relayers, relays liquidity information off-chain and uses 0x at the order settlement layer. This allows it to do fast off-chain order relay, but immutable on-chain order settlement.