Solana-based Secretum is a trading platform that focuses on problems that decentralized crypto exchanges (DEX) and centralized exchanges (CEX) cannot solve.
Cryptocurrency space gains momentum
Cryptocurrency trading continued to skyrocket in 2021, hitting new and unprecedented records:
- Volumes hit $3.8 trillion in April 2021, when Bitcoin hit an all-time high.
- Between August 2020 and 2021; Value traded on major decentralized exchanges (DEXs) such as Curve, Uniswap, and PancakeSwap rose nearly 550%
- Spot cryptocurrency trading volumes of major centralized exchange (CEX) Binance reached $789 billion in September, compared to $454 billion (390.7 billion euro) in July, while derivatives volumes rose almost 25% to $1.7 trillion.
DEXs are slowly taking market share from CEXs
DEXs seem to take Market share from CEXs. One of the main drivers of this trend is the perceived superiority of DEX on many fronts:
- DEXs replace a central authority with automated protocols that enable trading and direct exchange of tokens, while CEX users relinquish control of their assets to exchange servers.
- DEXs give the user full control over their assets, removing jurisdictional restrictions and eliminating the need for KYC procedures.
- DEXs generally have lower transaction fees compared to CEXs.
Despite their continued success, DEXs are still plagued by a number of significant challenges.
- They only work with smart contracts and limit their trading capabilities.
- Most DEXs offer limited liquidity, so asset prices are often inefficiently priced.
- Transaction speeds can be slow as they need to be checked and verified on a Blockchain network by network miners and not by the exchange.
- It is considered that most DEX platforms are not user friendly.
In addition, DEXs have been the subject of an increasing number of cyber thefts and attacks:
- In March 2021, DODO DEX suffered a smart contract hack in which the attackers stole approximately $3.8 million in cryptocurrency.
- In August 2021, hackers stole more than $600 million in tokens from Poly Network DEX.
- Half of all crypto attacks in 2020 resulted from DeFi protocols and DEXs.
DEXs failed to solve many of the security problems of CEXs. As the crypto trading industry continues to expand, there is strong market demand for a definitive trading solution – a solution that has all the advantages of DEXs, but without the weaknesses. This solution is about to be released and it’s called Secretum.
Secretum: The reinvention of crypto trading
Secretum is the world’s first and only fully decentralized, encrypted and secure commerce DApp built on the Solana Blockchain. Secretum’s biggest innovation makes it possible to trade all crypto assets (Non-fungible and fungible tokens) directly between users via a hybrid messaging + trading function. Secretum’s defining features are game-changing features for crypto trading.
- A secure and anonymous registration process that only needs the user’s crypto wallet address – no emails, names or other personal data.
- Easy, intuitive and fully P2P trading interface for sending and receiving cryptocurrencies and NFTs.
- A unique search function to find the owners of certain NFT assets allows two parties to be linked only by wallet address and trading.
The advantages of Secretum over DEXs are significant:
- There is no risk of sensitive data leakage and ensures full protection of the identity of crypto-asset holders. All data is stored on independent and verified nodes in the Secretum network without a central point of failure.
- With Solana’s capacity of 50,000 transactions per second and an average cost of just $0.00025 per transaction, you can record low fees and near-instant transactions. This compares favorably with the 0.1 percent to 0.3 percent higher gas fees usually charged by DEXs.
- Traders can communicate directly with each other and find hidden liquidity in crypto markets – improving execution times and prices.
Secretum is ready to launch its platform at a time when major DEXs are reaching multi-billion dollar valuations:
As the crypto business continues to grow, hacking attacks and cyber theft will become an even greater threat in frequency and size. Investors will therefore highly value a superior trading and private messaging platform with unrivaled security features. Secretum is positioning itself as this platform, leveraging the power of Solana Blockchain to offer crypto traders unique benefits. You can find Secretum’s litepaper here.
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