MSGSENDER - A UNIQUE BLEND OF CEX AND DEX
The crypto world has grown spontaneously overtime with most transactions going on through exchanges.
While a lot of users especially starters prefer using the centralized exchange (CEX) platforms, others prefer rather to use the decentralised Exchanges (DEX).
These exchange mediums all have their peculiar characteristics that attracts users to them and this article would shed light on these peculiarities while highlighting the MSGSENDER an exchange that merges most of the outstanding features of the CEX in its DEX.
What are the characteristics of CEX
The CEX is an acronym for Centralized Exchange, these exchanges such as Binance are trading platforms that matches buyers to seller via order books while controlling the funds of the users. This implies that the users funds are domiciled in the exchange and only released to the user at the point of withdrawal and the security of users fund lies on the exchange and in the case of a security breach such as a hack, users could lose their funds as well as their personal information which are gotten in the process of verifications on the platforms.
The CEX platforms also provides other significant features such as liquidity trading which allows users to cost-effectively convert assets into cash.
Another major characteristics of the CEX that makes it endearing are their user interface which are user friendly and makes them very easy to be understood by trading starters.
What are the characteristics of the DEX
The DEX on the other hand which stands for Decentralised Exchanges are trading platform that allows users to have control over their funds and do not put the users at risk of loosing their funds in any hack occurrence, or their personal information as DEX platforms do not collect personal information of users for verification as the user is completely responsible for the security of their funds, and only are only required to keep the phrase associated to their wallet safe.
The Decentralised Exchanges also offer their users access to DeFi and NFT projects which are the major frontiers in the blockchain space.
However, most Decentralised Exchanges only allow operations on their site and not on apps using third party wallets, and even those on apps have interfaces that are not as convenient as compared to the CEX
MSGSENDER - The bridge
Msg Sender is a Decentralised application that allows users to interact with decentralised Exchanges (DEX) by integrating cross-chain wallets with an improved user interface for trading and liquidity providing, which helps create a user experience that is similar to CEX products. It provides easy pair selection and charts for all pair on Pancake and other DEX on Binance Smart Chain.
The application has the following:
Integrated DEX & wallet function
A decentralized wallet and DEX are integrated one single mobile app. Like any other crypto wallet, users can add their favorite tokens to their address. Additionally, LP tokens are highlighted and related pairs are displayed for a smooth user experience. It also supports all tokens on BSC and Ethereum, giving the user a wide variety of choice.
User-Friendly Interface
Traders are already familiar with top-tier centralized crypto exchanges, which are efficiency-oriented and user-friendly. Learning from their better qualities, the MsgSender team designed the UI to be similar to top-tier centralized crypto exchanges like Binance, to give a familiar and user-friendly interface.
Information Display
There are more than 370,000 trading pairs listed on Pancake. MsgSender provides users detailed charts for all existing trading pairs (from 5 minutes to 1 week) including MA indicators; every new trading pair has its own chart automatically added after the first liquidity is provided. After trading or providing liquidity, users can find their positions and order history on the same page, all data are gathered from full nodes of BSC.
Trading Pair Decision-making Support
Trading Pairs are categorized by different stable coins and Key coins. Users can see pairs with most trading volume on the app and discover hot pairs through the 24-hour ranking, which is calculated and ranked using SWAP transactions of a pair completed in the last 24 hours. Users are also able to search contract addresses to find corresponding trading pairs.
Liquidity Adding
Users can add liquidity for the trading pairs on the same swap page, without the additional hassle of searching pairs all over again. The displayed LP position lets users know how many pair tokens they can redeem in real-time. Liquidity Rank will also be provided to users, along with the commission APY of Swap transaction fee for any given pair.
CONCLUSION
Msgsender basically maximises the pros and cons of the CEX and DEX to provide users with the best experiences on an application. They also aim to provide communities a purely mobile-based User Interface to DeFi, which is more user-friendly and effective than current traditional web-based.
The MsgSender ecosystem will also be governed by the MSG token which can be traded on the Pancake of Binance Smart Chain.