TabTrader Adds Support for Decentralized Exchanges
We are delighted to share that TabTrader is now expanding its services to include aggregation of decentralized exchanges (DEXs). We have already enabled trading on OpenBook, a cutting-edge decentralized exchange on the Solana network, and plan to incorporate many more DEXs from various blockchains in the near future.
With this upgrade, TabTrader users can enjoy the same powerful and easy-to-use trading interface they are used to while accessing the decentralized financial world. Our goal is to provide a comprehensive cryptocurrency trading and investing solution, and we believe that integrating DEXs is a big step toward that mission.
What Are DEXs?
Decentralized exchanges (DEXs) are peer-to-peer marketplaces that operate independently of any central authority. Instead of relying on a third-party intermediary to facilitate transactions, DEXs use smart contracts and decentralized networks to match buyers and sellers directly.
Compared to centralized exchanges, DEXs provide users with greater control over their funds, greater privacy, and increased security.
Why Did We Decide to Integrate DEXs?
We believe that decentralization will be a major part of the future of cryptocurrency trading. After all, this aligns with the original purpose of Bitcoin - to eliminate any need for centralized control in the financial sector.
At the present time, centralized exchanges can often offer more advanced trading features (e.g., margin trading), better liquidity, more user-friendliness, and higher transaction speeds than decentralized exchanges. However, as blockchain technology advances and more and more high-performance blockchains emerge, DEXs may soon become as competitive as centralized exchanges with respect to these benefits.
OpenBook, for example, is the first DEX to feature a fully on-chain orderbook architecture, offering users a centralized exchange-like user experience without sacrificing the benefits of decentralization.
Therefore, integrating DEXs into our platform is a strategic decision. We are confident that as the blockchain industry continues to evolve, DEXs will become an increasingly important part of the cryptocurrency trading landscape, and we want our users to be able to take advantage of this development.
OpenBook: Our First Integrated DEX
As mentioned above, OpenBook is a decentralized exchange built on the Solana blockchain. With its fully on-chain orderbook architecture, it aims to offer users a trustless and transparent trading environment while also delivering a user experience similar to that of a centralized exchange.
Prior to OpenBook, the orderbook architecture was not widely adopted on-chain due to the challenges posed by its high scalability and throughput requirements. OpenBook has overcome this obstacle by leveraging Solana's high-performance capabilities. Solana boasts a remarkable throughput capacity of over 50,000 transactions per second and offers exceptionally low transaction fees compared to other major blockchains.
How to Trade on OpenBook inside of the TabTrader App?
Here is a step-by-step process of trading on OpenBook through the TabTrader app:
- Connecting a wallet. To start trading on OpenBook, you need to connect a crypto wallet to the TabTrader app. You can either use TabTrader's built-in non-custodial wallet — TabTrader Wallet, or connect an external Solana wallet (e.g., Fantom, Solflare) via the Wallet Adapter.
- Selecting a trading pair. Choose a ticker from the list of available asset pairs.
- Placing an order. To place an order, open the order form either from the instrument's chart screen or from the order book, and fill out the necessary details, including order type, price, and amount.
- Confirming the transaction. You need to confirm the transaction before it will be executed on the blockchain. Once you've placed the order, your wallet will prompt you to do so.
- Settling the funds. After the transaction is completed, you can withdraw the funds back to your wallet.
Note, that when using the TabTrader app to trade on decentralized exchanges (DEXs), it is not necessary to create or sign in to a user profile. For additional guidance on trading on decentralized exchanges through the TabTrader app, you may refer to the TabTrader Help Center or check out a dedicated video tutorial on our YouTube channel.
Conclusion
We hope that our decision to integrate DEXs into TabTrader will make your experience with the app even more enjoyable and comprehensive. We are committed to continuously improving our product, so stay tuned for more updates in the future.
And if you have any questions or feedback, please don’t hesitate to reach out to us at [email protected] or join our Telegram group.
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