LCX is on a mission to redefine finance as we know it – focusing on our goal to become one of the world’s first licensed and supervised blockchain ecosystems for professional investors. Today, we are excited to announce Project Fire Salamander, LCX’s smart DeFi Terminal for decentralized finance markets. Since June 2019, LCX is offering LCX Terminal which is a multi-exchange crypto trading platform to trade on all major centralized cryptocurrency exchanges within a single interface. Now we are leveraging our knowledge and expertise to deliver an unrivaled user experience in the DeFi space.
LCX DeFi Terminal a.k.a. “Fire Salamander” is a decentralized trading platform built on top of Uniswap. LCX has built a second layer protocol which is enabling limit orders on Uniswap V2 DEX. Using LCX DeFi Terminal does not impose any extra registration requirements or limits, simply connect with your Metamask wallet and get started. LCX DeFi Terminal is a non-custodial protocol and platform where users maintain their own private keys and are in complete control of their assets and trades.
Decentralized Exchanges (DEX), DeFi Projects (DeFi) and Automated Market Making (AMM) have seen enormous growth in the third quarter of 2020. Due to AMM, new incentives for liquidity pools and the introduction of the $UNI token, Uniswap has outperformed the market. Uniswap has become the most preferred places to trade and swap digital assets on Ethereum blockchain. Uniswap is an exchange protocol that allows users to trustlessly swap ERC20 tokens. Rather using the traditional order book model, Uniswap pools tokens into smart contracts and users trade against these liquidity pools. Anyone can swap tokens, add tokens to a pool to earn fees, or list a token on Uniswap. Uniswap’s exponential growth perfectly represents the booming DeFi space and the buzz around the decentralized and permission-less nature of the exchanges.
Although we’ve seen a spike in DeFi applications and usage, the biggest growth of the whole industry is still yet to come. Listening to the users of DeFi exchanges, we noticed that there are many shortcomings and challenges of the current systems. Many users complain about the poor user interfaces and lack of detailed information. It’s complex, time consuming and difficult to track and maintain all balances, liquidity pools and assets. But one of the most pressing issues that users are facing while trading on decentralized exchanges, is the missing functionality of buying and selling at a defined price – limit orders.
A key part of the LCX DeFi Terminal is the intuitive dashboard for your digital assets in DeFi. First, you need to connect to your metamask wallet. The dashboard will then list all your assets (all ERC20 tokens and ETH) and your liquidity pools at Uniswap, showing a real-time net asset value denominated in US Dollar. Besides showing the liquidity pools you contributed and added liquidity to, LCX DeFi Terminal is showing all available trading pairs and liquidity pools in our markets section. The market section at LCX DeFi Terminal is displaying all trading pairs with name, total liquidity, 24h volume, 7d volume, 24h fees and 1y fees/liquidity based on 24h fees annualized.
Through the LCX DeFi Terminal you will be able to execute limit orders. This means, you will now be able to place sell or buy orders at target prices on Uniswap. Via the main web interface, the LCX DeFi Terminal, users can place orders, see all limit orders and cancel any order.
We’ve built a layer 2 protocol as a secondary smart contract framework that is built on top of Uniswap’s blockchain system. The LCX DeFi protocol has an integrated price discovery engine which monitors price of each trade in order and automatically executes the limit order to Uniswap when the set parameters are matched.
To use the LCX DeFi Terminal you will need one license per connected wallet and activate the license at our platform. To get one license you need to deposit and hold 10’000 LCX Token in your connected wallet. The system will then automatically check if your wallet balance shows enough LCX tokens. If the system confirms that your wallet has more than 10’000 LCX Token available, your license is active. In case your wallet drops below the min. required LCX Token, your license will be automatically deactivated.
Furthermore once you place limit orders on LCX DeFi Terminal the system will tell you the expected gas fees. In addition to that LCX will collect a small fee in ETH for each successful transaction. The funds are used for further development to continue delivering outstanding products for our users.
Based on our knowledge of building LCX Terminal, we have built this new DeFi Terminal. We will launch the LCX DeFi Terminal as a Minimal Viable Product (MVP) in two phases:
In summary, LCX DeFi Terminal is a decentralized trading platform built on top of Uniswap, combining a DeFi dashboard, DeFi markets overview and a smart limit orders system.
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