Tron has released its first decentralized exchange (DEX) in beta mode. Known as the “TronWatch Market,” the company’s official blog page states that executives first began planning the exchange last summer and have been working with a team of 5 individual developers to get things up and running.
Check out @TronWatch‘s decentralized exchange #TronWatchMarket. The community developers behind one of #TRON’s first fully-featured DEX just released the beta and it already looks incredible! More info here 👇https://t.co/sbjYWWRqOj
— TRON Foundation (@Tronfoundation) October 28, 2018
Try the TronWatch Market Demo
At the time of writing, a demo is available for users to try.
According to TronWatch Market:
We’re looking to build one of TRON’s first fully-featured decentralized exchanges. It will allow you to easily and securely trade between TRON, TRX10 and TRX20 tokens… The demo is running on Testnet, and all trades are being executed by our smart contract. This means that although it’s not real currency yet, what you see will function on mainnet in the same way. We have a few bots actively trading on TronWatch Market, so sit back and watch the charts, order book and recent trades.
As the DEX is only on the testnet, customers are urged not to transfer any mainnet currency to it, as the tokens will be lost.
How It Works
The exchange’s interface is described as “clean” and relatively easy to use.
Users may enter orders as limit orders, making trading both fast and simple. When an order is submitted, TronLink – the platform’s browser extension – will prompt the user to confirm it before it’s solidified. All offers are stored off-chain to lessen any chances of theft and malicious activity, while market taker orders are sent directly through the TRON network to be processed.
For anyone interested in trying the exchange out, they are advised to download TronLink here.
Once that’s done, the user will be asked to create a special password for their wallet, then click the gear icon in the extension. They must then create a new “custom node,” visit the demo page and click the faucet link to get their hands on free funds to trade with.
The Growing TRON Ecosystem
TronWatch Market’s official whitepaper explains the project’s goals:
Our previous contributions to the Tron community have proven to be valuable to the network, and we are committed to taking the next step with the development of this exchange… We want to see Tron and projects that build on Tron succeed. We believe we have a good plan and a great team, and with your help, we will create an awesome, decentralized exchange.
The news surrounding Tron’s latest release wasn’t enough to keep the currency from sinking by more than 6% in the latest market decline. Early October 29, approximately $7 billion vanished from the cryptocurrency market, bringing coins like Bitcoin, Ethereum, and Tron down to their lowest points since mid-October.
However, the currency’s struggling value has not affected progress on Tron dapps, which recently made headlines when following the release of TRONbet, the company’s first fully decentralized application, the daily transaction volume on Tron’s blockchain exceeded that of Ethereum, the globe’s second-largest cryptocurrency by market cap, and rose beyond 500,000 individual transactions.
Prior to this, Tron released the payment system “Poppy,” a DApp designed to help retail merchants around the world accept and receive payments in cryptocurrency.
Overall, the coin has fallen from roughly $0.023548 to approximately $0.021979 — though at the time of writing, the price appears to have recovered somewhat and is now sitting at $0.022, suggesting possible short-term support.