Non-custodial DEX to finally launch on the Ethereum network by John McAfee after the long anticipation and constant teasers published on Twitter as we read in the ETH News.
The launch is set for 5:00 GMT on Monday and it will be the beta version of the exchange. McAfee will provide support only for Ethereum-based tokens meaning that the revolutionary exchange will be another alternative to the likes of IDEX and EtherDelta including some of the other decentralized non-custodial markets. The non-custodial DEX will provide low fees and simple compliance procedures. McAfee aimed to return the crypto trading to the free-for-all early days but with the harsher regulations coming, we can only guess how long the exchange will survive. Even with the IDEX KYC process, EtherDelta was fined $400,000 for unauthorized crypto trading services. The KYC procedure will likely become inevitable in the future.
The decentralized exchanges on the Ethereum network are relatively small operations. IDEX attracted more than 400 users on October 7 and ForkDelta had about 344. The daily volumes reached up to $200,000 and the largest operation running on the Binance Chain the Binance DEX trades more than $1.3 million per day. McAfee’s approach has a unique element meaning he offers the creation of portals and copies of the DEX with access points to trading smart contracts. As per the reports in the crypto news, the DEX will, in theory, be accessible from multiple locations and hosts meaning it is censorship-free. This is not the first time McAfee attempts to launch and build a DEX. He launched the McAfee magic non-custodial DEX and this one claims to use bot activity and it is powered by the ARB token. The magic exchange is not listed among the recognized market operators.
McAfee has also scheduled the launch of the Freedom Coin for this fall but there is no information on how the coin will be launched or why was it created in the first place. Keep in mind that McAfee has been a controversial person in the crypto community and there were many times when he said to be doing something and ended up really doing nothing at all.
Privacy-Focused Zcash Demands Access To Ethereum’s DeFi Ecosystem
“Connecting to other chains doesn’t seem to be an Ethereum developer’s priority, but other chains seem to want to connect to Ethereum.”The developers all over the world have been working on interoperability solutions just so they can enable different networks and to be able to interact more efficiently in an attempt to eradicate the existing issues in regard to scalability and speed. Related to this matter, the VP of marketing and business development at Electric Coin Company Josh Swihart, explained that the Zcash community will develop a wrapped ZEC token that can be used on the Ethereum blockchain network by saying:
“If you want to do lending, if you want to do DAOs [decentralized autonomous organizations], all of that stuff could be done with Zcash as well … Ultimately, we want Zcash shielded [addresses] to be usable in Ethereum smart contracts.”The ZCash Foundation board member Ian Miers explained the issue of why decentralized app creators might want to protect their addresses and smart contracts. However, as previously reported in the blockchain news, the South Korean cryptocurrency exchange UpBit stopped the trading support for six cryptocurrencies including Zcash. The exchange decided to delist these six privacy coins in order to block the possibility of money laundering and the influx of external networks. Also, a few days ago, the OKEx crypto exchange confirmed that they will also stop the trading of Zcash and other privacy-oriented digital assets. the exchange made clear that all of the coins fall short on the new guidelines that were set out by the intergovernmental body which is the Financial Action Taskforce.
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“Retest of $175 $ETH and $8150 $BTC IMO.’’Another crypto analyst- The Cryptomist, also explained on Twitter that the $183 is a key-near short term support level that most of the bulls will defend and there is a drop below this level potentially sparking a lot of capitulation that quickly sends it to $174:
“$ETH It is important for the price to sustain a successful re-test of this ascending triangle breakout at the price of $183. Should it fail to do so $174 may very well be next.’’As per the latest crypto news, the next few days will likely be very indicative when it comes to how most of the altcoins like Ethereum will continue their trends and seemingly will take guidance from Bitcoin.
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