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Etherscan Introduces New Features to Improve Appeal of Decentralized Exchanges

JP Buntinx | May 21, 2018 | 11:00 am
ethereum scaling
Altcoins

Etherscan Introduces New Features to Improve Appeal of Decentralized Exchanges

JP Buntinx | May 21, 2018 | 11:00 am

The world of cryptocurrency is always evolving. Existing service providers need to introduce new features on a regular basis. Etherscan is working on some new tools which seem quite appealing. This most recent update also shows the decentralized exchange ecosystem related to Ethereum is growing rather quickly.

More Tools for Etherscan Users

Most cryptocurrency users rely on Etherscan to track ERC20 token balances and network blocks. While that is a worthwhile feature, the platform offers a lot more potential.  Its latest batch of new features illustrates that point rather perfectly. Various new tools were introduced in the past few weeks which offer a broader insight into how the ecosystem is evolving.

One of the more appealing features is the decentralized exchange order tracker. A decentralized exchange does not require users to trust funds to a third party. Nor is there any official order book, as traders are matched in a peer-to-peer manner. Various DEX exist in the cryptocurrency world these days.  Etherscan now tracks a few of them, albeit that list will continue to grow as more time progresses.

With this features, users can see which trades take place on which DEX. It is a big step forward toward making this type of exchange model a lot more appealing. So far, the volume across these platforms is still relatively low. Even so, tracking all of this information is extremely important at this stage.

The Rise of the DEX

Looking over another feature provided by Etherscan, it becomes possible to compare DEX order books. This “order book” is based on the recent trading activity tracked across all platforms.  This makes it easier for users to determine where they should trade and scope out potential deals. This information updates quite regularly and focuses on both buying and selling alike.

Decentralized exchanges are slowly making headway. While not as popular as centralized trading platforms, the popularity is increasing. With more liquidity being brought to these solutions, things can only improve from here on out. Etherscan makes it a lot easier to learn about such DEX options and get acquainted with their business model.

All of this shows the Ethereum ecosystem is evolving steadily. Cryptocurrency is, at its core, about decentralized and peer-to-peer finance. Decentralized trading platforms are the next logical step in the evolution in this regard.  There is still a long way to go until DEX’s replace centralized trading platforms. With Etherscan keeping tabs on this industry, a lot of growth can be expected moving forward.

 

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