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The core idea of crypto is to empower individuals through self-custody of their assets, equal participation in DAOs, and creating a decentralized world controlled by the many rather than the few, unlike the centralized monopoly in Web2.
DeXter, a decentralized order book exchange on Radix, embodies these values. Built by its volunteer community, any changes to the platform are proposed, discussed and voted on by its community. It stands as a testament to Radix's commitment to a fair and decentralized ecosystem.
So, let’s take a walkthrough of DeXter.
DeXter: The Community Run Decentralized Order Book Exchange
DeXter is a decentralized order book exchange, built on Radix by an entirely volunteer team of 16 people consisting of three developers, two designers, nine marketing and social media professionals, one node runner and one jack-of-all-trades. The exchange has been operating since January 2024 and has already reached 8.5 million XRD in total trading volume.
The project was originally named “Project X” but the team decided to rebrand to DeXter, the idea for a community-built exchange was first proposed by one of the founding members, Fred Liebenberg, the founder of AlphaDEX, which provides the backend technology for DeXter.
Here’s Faraz, a member of the DeXter team, giving a brief overview of the platform.
How To Use DeXter
In this section, you will explore DeXter’s main features, including setting up a trade, claiming, and sending rewards.
Three things you’ll need:
- If you haven’t already, you’ll need to download the Radix Wallet
- Have enough XRD in your Radix Wallet to conduct simple transactions and pay fees, $10 should do it; you can buy XRD quite easily.
- Have your mobile device and/or laptop/PC ready. On DeXter, you can utilize Radix Connect for Mobile, which means you can use the platform on a web browser, without the need of a desktop device.
Trading on DeXter
There are currently two ways to trade on DeXter; market order and limit order.
Market Order
Market orders allow you to buy or sell a particular token at the current market price available on the order book. When you approve a market order, it should be filled immediately, which makes it the most suitable order for a simple swap.
Access DeXter:
- Navigate to the DeXter main page.
- Select "Trade" at the top left of the page.
Choose Trading Pair:
- Click on the ticker at the top (e.g., DEXTR/XRD) to select from 24 trading pairs
Initiate a Market Order:
- Ensure the "Market" setting is selected.
- Enter the amount of the token you want to buy or sell in the "Total" box on the left.
- Select "Sell" or "Buy" on the right side of the trading screen.
Execute the Order:
- Approve the order in your Radix Wallet, and it should be filled immediately.
Limit Order
Limit orders let users set a target price for buying or selling tokens. These targets are added to the order book for future execution. For instance, if someone wants to buy XRD at $0.05, they can set a limit order, and the trade will execute once the price reaches $0.05.
Access DeXter:
- Navigate to the DeXter main page.
- Select "Trade" at the top left.
Initiate a Limit Order:
- Ensure the "Limit Order" setting is selected, located on the right side of "Market Order".
- Choose whether to buy or sell.
Set Your Parameters:
- Enter the target price for your trade.
- Input the quantity of tokens.
Execute the Order:
- Click "Limit Buy/Sell" at the bottom to set up your limit order.
- By setting up a limit order, you add liquidity to the exchange and, if fulfilled, receive a percentage of the fee. In addition to market maker fees, liquidity providers are also awarded with DEXTR tokens, paid fortnightly. Learn more about liquidity provider fees.
Sending and Claiming Rewards
Every trade incurs a fee paid to the liquidity provider (market maker). This provider is anyone with an open order matched with a new order on the exchange. The fee ranges from 0.35% to 0%, depending on the trading volume of the pair.
For pairs with low volume, the maximum fee encourages liquidity provision, enhancing trading efficiency. For high-volume pairs, lower fees suffice as additional incentives aren't needed.
In addition to trading fees, you can also earn DEXTR rewards by supporting the community through contributions, or opening buy and sell positions, or by executing market orders. The rewards are uploaded to the Radix ledger every two weeks and can be claimed by connecting your wallet to the rewards page.
Access Rewards:
- Go to the DeXter main page.
- Click the "Rewards" button on the top left.
Claim Rewards:
- Click "Claim All Rewards."
Approve Transaction:
- Approve the transaction in your Radix Wallet.
DeXter - Try it out!
DeXter is a fantastic project to get involved in, built by a community of Radix and Web3 enthusiasts that truly believe in the power of decentralization. If you have any questions about DeXter, make sure to visit their website, join their Telegram and follow them on X (Twitter).