How FTX (FTT), Shiba Inu (SHIB) and Blockonnect are Reshaping Crypto Exchange
With the advent of Blockchain technology and the creation of thousands of crypto utilities and tokens, the need for a marketplace to buy and sell crypto assets has become necessary. These markets are called crypto exchanges.
Whether centralized or decentralized, these crypto exchange platforms come with their fees, securities, and cryptocurrency offerings. Yet with all these differences, these platforms use similar protocols for operations, and they have similar issues.
How are FTX (FTT), Shiba Inu (SHIB), and Blockonnect tackling issues in the crypto exchange space?
FTX (FTT) works in real time
One of the major issues facing the normal crypto exchange is speed. The speed of issuing margin calls and settling customer requests. Why is this important?
Well, the market is moving fast, almost at the speed of thought. For a traditional exchange, it takes users a day to fund their accounts since the wire transfer goes through third-party brokers before approval.
After approval, the user has to wait if he issues a margin call and if he wants to close his position. To make matters worse, all of this can only happen during weekdays or working hours. If a request is placed on a weekend, they must wait until a weekday.
Then came FTX (FTT), a tool needed to fix traditional speed issues. The solution was to hold users’ assets, from deposit to margin calls to settlement. This gave the platform control needed for real-time measurement.
In addition to the general services of traditional exchanges, FTX (FTT) operates 24 hours a day.
But FTX (FTT) was not the only project to solve global problems.
Shiba Swap Shiba Inu (SHIB)
In July 2021, the popular meme coin community created ShibaSwap. Unlike FTX (FTT), which was centralized, ShibaSwap, true to Ryoshi’s philosophy, was designed to be decentralized.
ShibaSwap is built on the Ethereum (ETH) network and provides modern exchange services. Moreover, it offers users a safe place to trade their assets without holding them. This is done by connecting user wallets directly to the platform.
The platform has also provided NTF markets, mining and minting features, all to expand the SHIB ecology. And to take advantage of these features, users fund their wallets with ETH and convert them into three native coins of the SHIB, BONE, and LEASH projects.
Blockconnect focuses on consumer control protection
Blockonnect is a simple platform that offers all exchange services using Ethereum (ETH). with its ease of use, low transaction fees and integration with smart contract technologies.
To receive efficient services, users must sign most of their assets and verify their identity. Blockonnect is built with a focus on completely securing users without sacrificing control.
Everyone owns their identity, their information and their money. And that money is safe with Blockconnect.
This feature is intended not only for advanced users, but also for inexperienced users. Being the only store to provide everything, it allows users to focus on getting familiar with one platform.
The crypto exchange space is far from perfect, with many bugs and issues.
Fortunately, developers and platforms aren’t shy about doing this, choosing instead to approach them every step of the way. These projects give users hope to wonder what the future holds for the crypto space?
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