Is it worth creating a decentralized crypto exchange in 2024? Listen, thinking about trying to create a decentralized crypto exchange. There was a case recently: a friend of mine lost access to his account on one centralized exchange due to a verification error. The support team procrastinated for a few weeks, and eventually he decided to take all his assets when access was restored. I started digging into the DEX topic and thought it would be cool to have my own exchange where the control stays with the users and not a centralized company. But how feasible is this for small teams and are there pitfalls? Maybe someone has tried something like this before? It would be interesting to hear your thoughts or advice.
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Comments (2)
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This is an interesting topic. Although I am far from technical details, I have heard that many people are now switching to DEX because of transparency and the ability to remain anonymous. However, I am personally more interested in following the development of DeFi in general, because it is the future of the financial system. I hope your discussion will help someone to decide to create something new in this field.
Good question. Situations with account blocking on centralized exchanges are indeed common, and this is one of the reasons why DEXs are so popular now. But you have to take into account that creating such an exchange is not just writing code. Here it is important to immediately think through the issues of security, liquidity, and compliance with legal regulations. I myself once considered launching DEX, but realized that at the start there might not be enough resources: you need experts to audit smart contracts, work with partners to ensure liquidity, and attract users. If you're seriously thinking about it, you might find this article useful, which explains in detail how to create a decentralized crypto exchange. There's a lot of valuable advice out there for getting started.