In the past year, more people have adopted cryptocurrency as a way to invest than ever before. The number is estimated at more than 100 million, including a growing number of Gen Xers and Baby Boomers, two groups that were previously skeptical about the venue. As a result, trading volumes reached an all-time high, estimated at $3.8 trillion.
Many people have become aware of the decentralization value of their assets and monetary transactions, which has made DEX a popular choice over a traditional centralized exchange (CEX). DEX, or decentralized exchange, replaces central authorities with an automated protocol so that users do not risk losing control of their assets due to exchange servers and effectively regain ownership.
Despite their continued success, DEXs still face a number of major challenges, including their exceptional performance with smart contracts. This concern boils down to the fact that decentralized exchanges run on a chain and are subject to 3D scalability, resulting in higher fees and lower efficiency compared to their centralized counterparts. As a result, most DEXs offer limited liquidity, which makes asset prices ineffective.
In addition, these exchanges are still very difficult to use, which makes their ease of use a major barrier to their adoption. If these concerns don’t pose enough problems, the past year has also seen an increase in cyber thefts and other breaches that could be possible without proper security protocols.
While DEXs still have to resolve many of the CEX’s security concerns, the crypto trading industry continues to grow, creating demand for a solution that can flawlessly meet the benefits of DEX. Secretum is trying to change this view as a decentralized, crypto and secure DApp trading app built on the Solana (SOL) blockchain. One of the main innovations of this platform is the ability to trade all crypto assets, including those that are exchangeable, not between users, as well as a new era of peer-to-peer (P2P) over-the-counter (OTC) trading and secure messaging.
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To address these issues, Secretum is studying features such as a secure and anonymous registration process that relies solely on the user’s wallet address for cryptocurrencies. This anonymous contrasts starkly with the traditional process, which often relies on verifying the user by name, email, or other personal details.
In addition to anonymity, the interface itself is designed to be more intuitive, with the P2P interface designed with the end user in mind, allowing for easy transactions between sending and receiving cryptocurrencies or NFTs. Secretum also uses an intelligent public channel to further enrich project launches and provide validation dialogues for NFT group owners, crypto traders and investors.
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In terms of costs, it is largely possible to offer competitive pricing thanks to the power of the Solana blockchain. Solana is designed to process more than 60,000 transactions per second with an average transaction cost of just $0.00025. For users, this means the fee is much better than the general gas tax levied at 0.1% to 0.2%. When combined, traders also have the ability to communicate directly with each other, which increases liquidity in the cryptocurrency market and improves execution times and prices.
The power of Solana Blockchain
Secretum is currently backed by venture capitalists including Insignius Capital, Zen Capital, Cryptobuddy, Whitelist Ventures, DIB Ventures, Alphahunt and OXO Capital. The team has since launched a private sale that has increased the price of the token from $0.35 to $0.50. They continue to work on developing their MVP and plan to release it at a time strategically aligned with their multi-billion dollar DEXs. Secretum states that this release will happen at the end of January, followed by a public sale.