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Blockcast.cc: My name is Jenny Zheng, Cofounder of Blockcast.cc. This week we had a chance to catch Newdex @NewdexOfficialon #Twitter and they have gladly accepted out interview. Can you give an introduction of the company.
Newdex: Hi Jenny and Blockcast.cc, this is Newdex Team. Presently, we have 50 members in our group, 70 percent of which are technical personnel. The founders worked in the finance field prior to forming the team. They learned about Bitcoin in 2013 and were immediately fascinated by blockchain technology. They started to build Newdex in 2018 with a vision to grow it into a one-stop financial infrastructure powered by the blockchain.
Blockcast.cc: I know your team is totally anonymous. Can you tell us your unique selling points?
Newdex: We are the largest decentralized exchange on EOS by trading volume and daily active users according to dappradar statistics. Decentralization is our biggest selling point.
As a decentralized exchange, we don’t have user account system, our users never loses custody of their digital assets and all the transaction are done real-time, verifiable on the blockchain. With this higher level of transparency and asset security, we are much less vulnerable to hacking compared to our centralized counterparts.
On July 2019, we launched a full-blown smart contract handling trade matching and settlement, granting us a true DEX. And now we support multi-chains including EOS, TRON, EOSIO sidechains BOS, TELOS, WAX, LYNX.
Blockcast.cc: How do you see the liquidity market in the crypto space? Is liquidity an issue?
Newdex: Liquidity is one of our top concerns, after all, we can offer better user trade experience with better liquidity.
As a decentralized exchange, liquidity is our pain point because different chains are independent and isolated from each other.
However, we have first-mover advantage as the very first decentralized exchange on EOS attracting many projects to launch exclusively on our platform, growing into the biggest decentralized exchange on EOS in terms of trading volume and daily active users. with the net effect of giving our users great liquidity.
At the same time, we also actively deploy functionality and tools to facilitate better trading experience. The CPU congestion on the EOS mainnet recently force many users to leave. To counteract this, we launched free CPU resource function for trading, helping us with user retention.
Recently, we launched the “USDT cross-chain conversion” function, on December 25, 2019. So that users can convert USDT between EOS, TRON and Ethereum. It reduces the friction between different chains and therefore further increasing the liquidity on our platform.
Last but not least, we work with Newdex Influencers from all around the world to promote Newdex. Increasing the number of users will also deepen the liquidity.
We will keep working on product development and marketing in 2020, onboarding more people into the crypto world, providing better trading experience to the users while maintaining the liquidity of the platform.
Blockcast.cc: What are the biggest challenges in a decentralized exchange?
Newdex: One of our biggest challenges is, different chains are independent and isolated on the protocol layer that make inter blockchain communication impossible. We are taking the initiative to explore the cross-chain technology, while actively deploying on different chains. We have launched on EOS, TRON and EOSIO sidechains included, BOS, TELOS, MEETONE, WAX, LYNX.
Blockcast.cc: What are the biggest joy in running one of the leading decentralized exchanges in the world?
Newdex: The biggest joy is that we verify the feasibility of decentralization. And there are many interesting things out there for us to explore in the DeFi world.
Starting from an decentralized exchange based on EOS, we bore a big vision in mind from the very beginning, that we would build a one-stop service DeFi infrastructure for our users. We actively explored the possibility in various sphere.
First of all, we expanded our terrain beyond EOS. We actively deployed multi-chains included EOS, TRON, EOSIO sidechains BOS, WAX, TELOS,LYNX etc. And we took the initiative to study cross-chain technology.
Secondly, we launched the OTC entry, users can use fiat currency (presently only support CNY) to trade EOS or EOS-USDT, lowering the barrier for newcomers. Besides, we launched Newpool staking pool, users can stake unused EOS in the pool earning some passive incomes. With these functionality, we create a one-stop service on our platform.
What’s more, we came up with the USDT cross-chain conversion functionality. User can easily convert USDT between EOS, TRON and Ethereum chains. It opens new door for Ethereum and TRON users to enter EOS ecosystem.
Blockcast.cc: Where is the crypto market heading? Is it still going to be bearish? Or bullish in the next coming months.
Newdex: The value of crypto market rely on people consensus. As long as more people believe in this representation, it becomes valuable.
If the whole community work together to build more dapp and keep adding value to the ecosystem, the crypto market is sure to rise in the long run.
Blockcast.cc: Are there any exciting projects upcoming that you want to share with us?
Newdex: One of our focus of 2020, is we will keep working on DeFi services, providing more useful DeFi infrastructure for the whole ecosystem. Defi is one of the most promising use case of blockchain. Presently we have Newpool staking pool for users to stake their unused EOS for some passive incomes and we are working on stablecoin, lending, adding more value to the economy. In fact, the product will be launched as for this writing published. Keep updated on the progress.
Blockcast.cc: Share with our readers an inspiring quote.
With great power, goes great responsibility.
In the future, we will stick to DeFi realm and keep bringing out more useful financial tools to users.
Blockcast.cc: Thanks for the interview. For all of you who want to learn more about Newdex, go to https://newdex.io and join their them on Twitter: https://twitter.com/NewdexOfficial.