The latest announcement of the Eosfinex beta mainnet launch will solve the major problem of illiquidity on the EOS network thereby garnering additional support for EOS projects.
On Wednesday, October 7, non-custodial digital asset exchange Eosfinex officially launched the beta version of its mainnet to drive Bitfinex liquidity to the EOS community. The beta mainnet launch will provide direct access to Bitfinex’s liquidity market.
Besides, the beta mainnet launch will facilitate off-chain order matching. However, it will continue to retain settlement and custody on-chain. This will also help to boost the speed of trades as they are not tied to block confirmation times. The off-chain order matching will also offer support to limit orders which isn’t possible on standard decentralized exchanges (DEXs).
Built using the EOSIO technology, the Eosfinex platform will support large-cap digital currencies like BTC, ETH, and LTC along with stablecoin Tether (USDT). Additionally, it will also offer support to tokens like Equilibrium (EOSDT), Everipedia (IQ) and pTokens. Speaking about the beta mainnet launch, Eosfinex product lead Steven Quinn said:
“The introduction of direct access to Bitfinex liquidity will ensure a bright future for the EOS community granting EOS businesses, for the first time, the chance to economically trade large orders of EOS, premium EOS-based tokens, tether and other popular currencies. We look forward to providing continued support to the EOS community, and its projects.”
Eosfinex Solving the Major Issue of EOS Illiquidity
One of the major roadblocks to the growth of the EOS community has been the illiquidity in token trading. The Eosfinex beta mainnet launch will help to overcome this issue to a great extent. The access to Bitfinex liquidity will help it to trade EOS in a non-custodial way and solve the issue of illiquidity with cross-chain digital assets trading.
Eosfinex will also stake on behalf of its users to ensure smooth trading. The staking will also help to cover the cost of network resources for global traders. The eosfinex platform will retain the entire control and custody of EOSIO’s non-custodial features. This will help to boost the stability and integrity of trades while simultaneously reducing costs. Theodor Forselius, CEO of Everipedia said:
“eosfinex is prime to create a non-custodial trading experience that offers the benefits of Bitfinex’s liquidity and software. We look forward to growing the ecosystem together and believe that EOS has the tools, resources, and potential to bring blockchain to the masses through EOSIO technology.”
The Eosfinex launch on the EOS mainnet will set a new milestone and garner additional support for projects on the EOS blockchain network.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.