This is the time when people are exploring the options with decentralised exchanges and these are called DeX in short. It is also because now people are looking for options where they can keep the funds in their control and that is only possible if we start using decentralised exchanges because this is where we get the self-custody. When we choose to go with centralised exchanges then this is not a possibility because whatever we do requires the funds to be kept in an exchange wallet and the moment we transfer we lose control. There have been multiple incisions in the past when exchanges have gone through tough times and because of that users have also suffered. Recently in India one of the biggest exchanges has been hacked and funds worth 230 million dollars are stolen by the hackers. This is a big amount and now users are struggling to get their money back and seems like it is going to be a very long-term process and even the exchange is not ready to take responsibility.
To avoid all these problems in future it is always the best idea to follow the self custody and never rely on anyone. In crypto space, we call it that not your key, not your crypto and it is true that we need to understand. I understand that there are different challenges with the self custody also but this is still one of the best options available as of now and we need to learn how to use it. There are two ways we can follow the self custody including the hardware wallet or non-custodial wallets. Out of both the options, the hardware wallet is the best one but if that is not possible for you then you can also choose to go with non-custodial wallets but make sure that you don't connect your wallet to the protocols that are not trustworthy and you are not sure about them.
LeoDex is a decentralized exchange protocol and it supports multichain. Now is the time when we need multi-chain protocols because they make transactions easy on different blockchain networks but earlier it was not possible. Technology keeps on evolving and Leodex understood well that they have built the protocol in such a way that it can work on different chains and it offers much more to the users and there is no need to jump from here to there for different transactions on different chains. We have many options for swaps through Cross Chains like- BTC・ETH ・RUNE・HIVE ・CACAO・KUJI・ARB & more.
Leodex is a protocol where we can swap crypto from one to another and we also have stablecoins. It is a protocol that is building the solution for the community where we don't need to use centralised exchanges. There is no K Y C process and we can also use the non-custodial wallet like meta mask and xDefi etc. I'm sure that the team will be adding more options in future but for now, these are two quite popular wallets in the market and apart from this you can also use the key store. It sounds a little bit complicated but actually, it is not and I have tried it. I prefer using Key Store because it is just a one-time setup and every time you will be able to log in with ease just by validating your Key Store through the password and the entire process is super easy.
Leodex is growing and now it has crossed the trading volume of $100K and this is a big milestone. This is just the start and I believe that this protocol is going to grow even more because in just a short period the platform has crossed such a big milestone for 100K usd volume. This growth is superb and this is also achieved when there is no campaign about it and once they start the campaign then I am sure that this volume is going to grow a lot.
I believe that it is very important for us to trade Crypto at the right place and also very important to save on crypto for the long term. I was going through the article related to the recent speech by presidential candidate Donald Trump. He shared some of the points which are valid and we need to follow considering the fantastic growth of Crypto in the coming years. It is high time we save our crypto and this is why its more important for us to use reliable protocols we can also try reducing the use of centralised exchanges as part of self-custody.
LeoDex URL- https://leodex.io/
images are taken from leodex
Thank you