Hey there hodlers of the cryptospace.
Otto11 here and today we will be talking about NEWDEX, let's begin...
So , what is up with Newdex?
To quickly refresh our memories we learned that Newdex made and announcement earlier this year (January 19 , 2021), about it's upgrade to becoming an "Aggregate Decentralized Exchange".
Currently though , Newdex will be creating a multi-chain Dex which are going to include the ETH-chain , BSC , HECO and more to better access the full extent and utility of DeFi.
What this means is ...
- That there will be better fluidity in the market and more cross chain assets would be accessible.
With that said , let's look at the 3 major plans they got in store that might actually raise questions.
1). Renaming token, reduction in total supply, and issuance on multiple chains.
Q: Which name would the newly renamed tokens be , what will the total supply be?
A: The name will be changed from NDX to DEX and the new total supply would be 100 million from the initial 10billion .
This way it'll help raise the market value of the token.
- New and better improved order book for better trading experiences on ETH.
Q: How would this order book work since ETH fees are crazy high.
A: Since the fees are one of many reasons some projects can't build on ETH.
There are now layer2 ETH solutions now, where DEX can function without hinges.
- Launch of a Newdex governance DAO (DEX DAO?)
Q: if there is going to be a Newdex token , what will the governance DAO be called, and how would it be received?
A: Well, for one the name has not been announced just yet but since DOAs are community run , I believe that the Newdex team are planning to be more community focused.
And there would may or may not be some requirements to be eligible for the DAO which would be received in form of airdrops.
If you have questions, be sure to join the community : https://t.me/NewdexChat
For more details about the developments in Newdex : https://support.newdex.net/hc/en-us/articles/360061107372-Newdex-Whitepaper-V2-0