Can Ethfinex Trustless Spark a Bull Run for Struggling Ethereum?
Cryptocurrency trading platform Bitfinex recently launched Ethfinex Trustless, an exchange for more than 55 Ethereum-based tokens, while prices of Ether (ETH) and other cryptos continued to stumble.
On September 17, a Medium post introduced Ethfinex Trustless as a decentralized exchange where users can “take control of [their] trading.”
Introducing Ethfinex Trustless – an Ethereum based trading solution placing security, privacy and control in the hands of the user.
— Ethfinex (@ethfinex) September 17, 2018
According to the same post, users are required to first relinquish control of both their cryptos and personal data to most centralized exchanges before engaging in an exchange.
This could leave the customers powerless and these exchanges more influential than necessary. As a result, users would, most of the time, have little to no remedy in the events of deposit and withdrawal delays, as well as in hacking incidents involving the exchanges.
With Ethfinex Trustless, handing out funds and information are not necessary for customers. The exchange does not require any form of signups or any know your customer (KYC) compliance.
In addition, trading tokens does not require deposit or withdrawal as Ethfinex Trustless connects directly to the users’ Ethereum wallets. Moreover, the exchange’s liquid off-chain book allows for the quick execution of placed orders.
As of the moment, Ethfinex Trustless requires customers to hold at least a single Nectar (NEC) token before trading in one of the five token pairs, including ETH/USDT, OMG/ETH, and ZRX/ETH.
Only for the first week or so whilst we make sure everything is in order. It's a requirement we want to remove asap. If you're interested in testing it out you can pick up a few NEC here: https://t.co/x1ArYAi6B3
— Kasper Rasmussen (@kethfinex) September 17, 2018
Meanwhile, the introduction of a new Ethereum-focused exchange seemed to have little to no effect on the bearish crypto market.
On Monday, Ether started to shed some of its value and plunged to below the US$200 level just hours later. The second largest crypto, with a market cap of US$20 billion, failed to return above the said level and continued to move sideways.
As of Tuesday, Ether is currently trading at US$197 against the US dollar, 87 percent off from its all-time high of US$1,538.18. However, this decrease in price coupled with an increasing Ether transaction volume could mean a trend reversal in the near future.