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New Non-Custodial DEX for SLP Tokens Launching: An Opportunity for Read.Cash?
With recent changes to the Ant-Money Laundering (AML) legislation in the U.K., Cryptophyl, the exchange for Simple Ledger Tokens, will have to comply and are required to conduct Know Your Customer (KYC) verification checks. While Cryptophyl believes in privacy and freedom from surveillance, there isn't a way around the legislation and will have to follow it if they want to remain incorporated in the U.K.
However, Cryptophyl announced they will be launching a decentralized, non-custodial exchange that will not be required to comply with the European AML legislation:
we’re delighted to announce that we’ll be launching a decentralised, non-custodial SLP trading solution. This will be operated by a non-UK registered company under the Detoken brand. This company will not be required to comply with the European AML legislation that applies to Cryptophyl.
Cryptophyl is a trading name of Detoken Technologies Limited and Detoken will manage the decentralized exchange (DEX) as well.
The DEX's order book and account system will be "centrally managed" but users will maintain custody of their crypto.
Cryptophyl will not have access to user private keys.
The client application for the DEX will be open source and maintain transparency and security for the community.
The majority of DEXs focused on security over the user experience which in many opinions is what holds back DEXs from having the volume needed to compete with centralized exchanges. The team behind the Detoken DEX worked backward and focused on user experience first, then security, and then releasing it to the public. They are hoping to have a "similar user experience" as the Cryptophyl exchange.
The centralized exchange came out of closed beta back in August of 2019 and since then has seen volume growth of around 30% each month. In December 2019, the exchange traded almost $500,000 within a 4-month span.
The current exchange will be going through a new design change with an application that has been built "mobile-first" and includes changes such as:
Significant UI upgrades
The new application will be rolling out by the end of February 2020
Along with the new design, Cryptophyl also announced in August 2019 of launching their native exchange token DROP. They started to do airdrops for DROP on September 21, 2019 and will run monthly for 3 years or till September 2022.
The Cryptophyl exchange will also have new trading pairs scheduled for January 15, 2020:
While there is another DEX that is currently in the alpha stage of development (SLPDEX), Cryptophyl seems to be doing a lot for Bitcoin Cash and SLP. Launching their DEX could be an opportunity for Read.Cash to add SLP token support. This can lead to a wider audience and larger adoption.
I am aware of the Read.Cash team already has the idea to add SLP token support as mentioned in their roadmap and with adding that support, the platform could create its own token or tokens for communities (or both) to add more value and for the Read.Cash, Bitcoin Cash, and SLP community.
By having SLP token support, this could incentivize communities on Read.Cash and allow for more growth for the platform. I've noticed that currently, the categories of content on the platform is more on Bitcoin Cash and cryptocurrencies. While that is common for a blockchain-based blogging platform that has recently launched, having more categories that have support will attract content creators that have interests in other topics.
For example, recently I was discussing Read.Cash to a friend that is a music producer. While he has interests in cryptocurrencies, that is not the type of content creation he focuses on. When he visited Read.Cash, he noticed the same thing that the type of content that gets most support is crypto-related content. He wants to focus on music content and decided to try out other platforms.
By creating tokens for communities like music, those in the community could find more support and trade those tokens on the DEX. This can lead to more liquidity and trade volume on the DEX and growth of the Read.Cash platform creating a synergy between the two.
What are your thoughts about the new DEX and the idea of adding SLP token support on Read.Cash with creating tokens for communities? Let me know in the comments below.