As the number one Bitcoin evangelist, John McAfee is a man whose mission is to support developments that promote the growth of the crypto sector. Although in the past few months he has been tangled in controversies, this time, John McAfee is making headlines for a good reason.
Per tweets on his account, McAfeeDEX was set to go live yesterday the 7th of October 2019. However, by the time this piece went online, McAfee DEX site only had details of its platform. While the site is up and running, it seems the final touches are taking place behind the scenes, and it’s just a matter of time before McAfee DEX goes live.
McAfee DEX to go live on Beta Mode
Although the exchange will go live on beta mode, its unveiling will come with a few goodies for traders. First and foremost, traders will enjoy low trading fees. The platform will charge takers a standard platform fee of 0.25%. There will be no maker fees, and the platform will be open-sourced. McAfee DEX will be hosted on the Ethereum blockchain ecosystem.
This means all ERC-20 ETH based tokens will have a new home at McAfee DEX. Enlisting of the ETH based tokens will attract no fees. However, along the way, more unspecified tokens will be listed on the McAfee DEX platform.
While the above depicts typical features of a decentralized crypto-based exchange, McAfee DEX comes with its unique features. At McAfee DEX exchange, no jurisdictions or regions will be locked out. Furthermore, traders won’t have to go through Know Your Customer checks to initiate transactions.
Although crypto exchanges such as McAfee DEX have a low turnout of traders, for McAfee, this points to these types of platforms being deemed useless.
However, according to him, decentralized exchanges translate to freedom for the crypto community. McAfee believes there is no way governments will have control over cryptocurrencies if the sector embraces DEX exchanges.
At the moment, decentralized exchanges don’t attract a massive number of traders globally. However, when it comes to the trading of cryptocurrencies, their features make them favorable, unlike centralized exchanges.
Globally decentralize exchanges account for only 19% of the whole crypto ecosystem, but the rising trend of exchanges creating DEX based exchanges will push the crypto sector into the next level.
Besides McAfee DEX, Bithumb and OKEx might soon join Binance in launching their DEX based exchange.