What is DAEX?
At core, it wants to create this hybrid exchange that brings together the benefits of centralized and decentralized exchanges. This way there is speed of order filling, deep liquidity as custom with centralized exchanges and then the decentralization brings with it security and full ownership of funds.
So, in a nutshell, DAEX is simply a clearing service that is built on the blockchain and relies on smart contracts for process execution. The clearing and settlement rules through the DAEX clearing chain are programmed into clearing smart contracts, so as to avoid the interference of others.
The purpose of DAEX is to ensure there is improved infrastructure for the cryptocurrency trading industry. And they do that by taking advantage of the new opportunities initiated by the distributed ledger technology. This distributed ledger technology ensures all consumers trades are safely and correctly cleared and settled. As using this ledger the consumer’s assets are stored in their accounts on the blockchain where they are safe from prying eyes.
DAEX uses DAX tokens which facilitate there is cooperation among different parts of the ecosystem. With this token someone can use it in various situations like the clearing and settlement fee, derivative fee and exchange trade fee.