The Mumbai-based crypto exchange WazirX which is one of the biggest in India announced it will be developing a decentralized finance product in partnership with Matic, the popular blockchain scalability platform as we are reading more in the latest blockchain news.
The subsidiary of Binance explained in a blog post:
“We are launching an automated market maker (AMM) protocol and partnering with Matic Network to launch the protocol.”
The automated market makers are basically algorithmic agents that make it quite easy to list and exchange cryptocurrencies without the help of an order book. AMM-based exchanges like Uniswap, enable running of openly accessible on-chain liquidity pools for different tokens and witnesses a huge growth in trading volumes over the past few months. The Mumbai-based WazirX said:
“The DeFi movement has picked up globally and WazirX plans to make it easy for billions of Indians to participate in the DeFi ecosystem.”
The exchange opted for Matic instead of the Ethereum network which is currently dominating the DeFi space. Nischal Shetty, the CEO of WazirX explained in a Telegram chat:
“High gas costs [transaction fees] and scalability on Ethereum are definitely concerns that made us choose Matic, which offers high speed.”
The costs of executing transactions on the Ethereum blockchain increased by more than 3000% on a year to date basis and the average transaction fee increased to five-year highs above $6. The fees are quite low on the Matic network as the exchange said:
“Their Reddit proof-of-concept showed 3 million transactions at a cost of [a] mere $4 and the side chains have shown throughput of 7,200 transactions per second, which is very promising for the scale WazirX wants to achieve with its AMM-based DEX.”
WazirX was acquired by the major cryptocurrency exchange Binance in 2019 with plans to launch a testnet of the AMM in September. Shetty said that the DeFi project is an initiative of the exchange adding that they are glad to have support from Binance as it is a huge advantage to be a part of the ecosystem.
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Trading volumes on crypto exchanges that serve Indian citizens soared since the Supreme Court lifted the ban on crypto transactions back in March. The weekly Bitcoin peer-to-peer transaction volumes doubled to more than 300 million rupees.
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