Bithumb Launches Decentralized Crypto Exchange Based on the Ethereum Blockchain

17. Oct 2018 Posted by Akolkar B on News

South Korean cryptocurrency exchange Bithumb announced the launch its decentralized crypto exchange Bithumb DEX in Hong Kong. The platform went live on Monday, October 15, and is built using the Ethereum blockchain software.

The  official announcement reads: “Dear user,Bithumb’s Decentralized Exchange (DEX) was officially launched on October 15, 2018 at 2 pm (UTC+8)! Bithumb DEX was launched by Hong Kong-based Blockchain & Fintech BGEX Ltd. Working with blockchain service innovator OneRoot Network, we are committed to discovering and listing more valuable cryptocurrencies.Thank you for your trust and support in Bithumb DEX!”

One Root Network (RNT) provides Bithumb with the Ethereum-based decentralized transaction protocol. This protocol separates order execution and order matching, which improves matching efficiency and security, claims RNT. The One Root Project also commented on the launch go Bithumb DEX on its official blog post.

“As an efficient decentralized Token exchange protocol, R1 protocol innovatively separates matching and settlement of orders, enabling order matching to be done off the chain. As a result, there’s a significant increase in transaction speed and Bithumb users can enjoy trading experiences comparable with those of centralized exchanges.

Bithumb DEX shares order data and liquidity with all R1-based exchanges, providing users with better trading depth and higher asset liquidity,” it added.

Hence for now, the Bithumb decentralized exchange will only support coins based on the Ethereum blockchain technology. Ether (ETH) is undoubtedly the first base currency on the DEX. Ethereum has made it easy to integrate DEX with MetaMask.

Dent (DENT), aelf (ELF), One Root Network (RNT), POA20 (POA), and Ziliq (ZIL) are some of the cryptocurrencies currently supported by the Bithumb DEX. All these tokens are paired with ETH.

Bithumb DEX has launched several reward initiatives to attract users to its platform. Some of them are as below.

  • Free transaction fee for one month (October 15th to November 15th, 23:59)
  • Users will only pay Gas Fees on the Ethereum network
  • A total of approximately $ 100,000 (500 ETH) in rewards will be distributed by Airdrop
  • Airdrops will be based on trading activities from the 15th of October, till midnight of 30th of October
  • Coins for the airdrop to be distributed to the top 1,000 traders who have traded for the 2 weeks mentioned above
  • It is mandatory for traders to have more than 1 ETH worth in trade volume for one of the following coins of DENT, INS, POA20, RNT and  WTC to qualify for the airdrops
  • Payments will be announced on the 1st of November and will commence on the same day
  • Airdrops to be made at random using any of the digital assets of DENT, INS, POA20, RNT and WTC