Make DEXs great again
A cheap cross-chain decentralized exchange
Other crosschain exchanges check at least one of these boxes:
- Expensive (eg: those using atomic cross-chain swaps with HTLCs)
- Not trustless (eg: Binance DEX, where redeemable bitcoins are held in custody by Binance)
t-dex is both trustless AND cheap (the costs associated with it are the same ones that a centralized exchange has: a transaction to get the funds in and another one to get the funds out).
- t-dex ports the tokens in a blockchain (BTC, ETH, ERC20...) to another blockchain where transactions are cheap, creating wrapped versions of those original tokens in a trustless way.
- The wrapped tokens can be exchanged in the cheap blockchain for extremely low fees in decentralized exchanges.
- The wrapped tokens can be redeemed for the real thing in their original blockchains.
HOW? Gimme the juicy details
It uses SPV transaction proofs and XClaim, research developed by a London university.
Some things to look into for future improvements:
The initial prototype is being built in the DoraHacks hackathon in Beijing, China.