The EOS ecosystem recently became a little bigger and much more diverse – courtesy of Newdex. Cross-chain deposit and withdrawal functionality for Bitcoin and Ethereum is now live on Newdex. This feature was introduced simultaneously with the listing of BTC/USDT and ETH/USDT trading pairs. This essentially means that the EOS ecosystem now has one more direct connection with Bitcoin and Ethereum chains. These features are accessible both through the desktop version of the DEX website and the mobile app.
The specific details of the deposit and withdrawal procedures are available at https://newdex.zendesk.com/hc/en-us/articles/360041222451-Newdex-Launches-Cross-chain-Deposit-Withdrawal-Feature. Be sure to read them carefully before conducting any transactions!
This latest development on Newdex has made it possible for the decentralized community across three major blockchains to conduct direct cross-chain transactions with just a few simple clicks. This step would also allow the Newdex traders to diversify their holdings and trading options without the hassle of going to centralized exchanges.
In the past few years the Decentralized finance (DeFi) movement has been one of the major driving forces in the crypto community. This latest development at Newdex is the continuation of the same spirit of decentralization and financial freedom for all individuals across the globe.
Blockchain technology has made the promise of Decentralized finance (DeFi) come true. We all know that achieving financial decentralization has been one of the primary goals of cryptocurrency and thedecentralization oriented communities. Until now, crypto assets have been mostly used for speculative purposes but the DeFi movement is changing this. Blockchain technology and the DeFi movement have made possible the existence of stablecoins, tokenization, P2P monetary platforms, and financial instruments like DEX.
Cryptosphere has now evolved into a vast and diversified area with hundreds of major cryptocurrencies along with thousands of fungible and non-fungible tokens. Despite this, there are some coins like Bitcoin, EOS, Ethereum, etc. that are trusted by the communities above all other tokens. These major tokens have large communities behind them and cross-chain transactions are making it possible for these communities to benefit from each other.
‘No man is an island’ and this holds true for blockchains as well. As we move towards the future, various sub-ecosystems will be interacting with each other at an ever-increasing rate. The onus of making sure that these interactions are easy, trustless, and decentralized is on the leaders of the community. With cross-chain deposits now possible on one of the leading DEXs’ in the EOS ecosystem, Newdex is delivering on their promise of - ‘Free flow of digital assets’.
Image source: https://newdex.io/