Since the dawn of cryptocurrency, investors have been searching for the most efficient way to get a hold of digital assets. While there are several ways to discover new tokens through airdrops and ICOs, the story is different for existing and popular cryptocurrencies.
Fortunately, exchanges have made it easy to access prevalent tokens, however, this comes at a cost.
The first exchanges to exist were centralized, which operated similarly to traditional banks. These exchanges were familiar to use and instantly adopted as the only way to purchase cryptocurrency.
However, these exchanges came with the challenge of high transaction fees. To solve this dilemma, decentralized exchanges disrupted the market with faster and cheaper transactions.
Centralized Exchanges are custodial in nature like traditional banks. This means that CEXs stores user’s digital assets on their platform using online wallets or cold storage. While these wallets are protected and encrypted, there have been cases in the past where these wallets have been hacked, and users faced significant losses.
Decentralized exchanges, on the other hand, give complete control of user assets to the investors themselves. While earlier, DEXs faced trouble because of unfamiliarity, they are now the most commonly used exchanges because of their features such as
- Privacy – Most DEXs offer better privacy as they do not require registration or KYC validation.
- Fees – Users do not have to deposit or withdraw their assets as all transactions happen in real-time using smart contracts, which significantly reduces the transaction fees.
- Decentralization – Moreover, as there is no central entity involved, the exchanges are decentralized, keeping true to the essence of cryptocurrencies.
- Security – Also, as DEXs do not store assets, there are significantly lower chances of hacks.
Due to these benefits, decentralized exchanges have become increasingly popular because of their inherent security advantages and lower fees. Recently, however, we have seen DEXs with more features than just swapping crypto.
SphynxSwap, for example, is an all-in-one solution for trading, farming, staking, and holding cryptocurrencies. It has an inbuilt automated market maker (AMM) that lowers the transaction costs and runs on the Binance Smart Chain, reducing associated transaction fees.
BSC is preferred over Ethereum Network or other blockchains as they have significantly lower transaction costs and faster transaction speed.
SphynxSwap aims to be the go-to trading platform, offering its users the fastest and most cost-effective trading experience, wherein users can trade within 10 seconds, and pay the lowest fees in the industry.
In line with its goal to be the go-to platform, Sphynx has partnered with CertiK International to assure the safety of its traders and investors. Additionally, they recently partnered with Luna PR, an award-winning PR, and marketing firm to help more users discover the platform.
The Sphynx platform also includes an NFT marketplace, Sphynx Nile Staking Pools, Sphynx Pyramid Farming, Papyrus Charting.
As of the 9th of October, the Sovereign Sphynx Council NFT collectibles will be launching, which include 8,888 unique collectibles which serve to reward holders with dividends from the platform and royalties from sales on OpenSea.
Decentralized finance is the future of cryptocurrency. Not only is it fast, safe, secure, and reliable, but it also gives users complete control over their finances. SphynxSwap is the way to go for the safest, cheapest, and fastest crypto trades, especially when looking for an all-in-one solution.
Disclaimer: This is a paid post and should not be treated as news/advice.