Recently the DEXKIT team sat down with the Bitsquad, Satoshi Club, and CryptoNationIN to answer some pressing community questions. Attendees were very interested in learning more about the future of the DEXKIT platform. A large number of people think that we are only a DEX aggregator, but the platform is so much more than that. The DEXSwap aggregator is merely a starting point for a slew of unique and useful tools that will make the experience of trading on DEXs mirror that of centralized exchanges. Additionally, DEXKIT wants to empower creators by allowing them to host their own marketplaces and integrate DEXKIT tools into their existing platforms. We had a blast connecting with these communities and below are some highlights from the AMAs.
Q: Today, DEX is in high demand for many traders. Furthermore, there are already more popular DEXs than DEXKIT, like uniswap or bestswap. What plan do you have to compete with them, to increase demand for DEX and make DEXKIT the best DEX?
A: Thanks for the question. Uniswap is a great DEX with great liquidity and we don’t plan to compete with them but instead, people use our tools to access Uniswap and other liquidity sources as well to offer the best price. Our next-generation DEX offers placement of LIMIT ORDERS FOR FREE, and as well will have the feature of stop-limit orders. Besides this, anyone will be able to deploy this next-generation DEX with their brand and KIT will collect a portion of fees from it. Our main selling point in this environment of high fees is placing limit orders for free and having access to all DEFI liquidity in one place. Uniswap is only one liquidity source, we at DexKit will give user access to Curve, Kyber, ZRX, and other well-known liquidity protocols
Q: Can you please mention platforms or projects that have used Dexkit WordPress integration to get their own DEX Aggregator. What was the feedback from such projects like?
A: Some of our partners include SoMee, Bitboy, Ethereum Yield, and MetaMorph. So far they love it. For them having the ability to have their own dex gives them the opportunity to provide the community with the best prices from all DEX liquidity. We plan to allow all features to be able to be implemented in each project as time goes on. Looking forward to seeing a DexKit DEX on every major platform!
Q: Can I be a Market Maker on the DEXKIT Swap platform? Is it necessary to give access via API’s or how does your platform handle my funds?
A: Yes, when our DEX with free limit orders feature is enabled, you will be able to be a market maker, placing orders directly from your wallet. The funds only leave your wallet to settle the order, we will also be expanding to RFQ model to allow more sophisticated market makers.
Q: How was the idea to create this project born? It is very interesting. What do you want to prove? What are your expectations?
A: DexKit is a dream come true, I always worked for other projects building exchanges and also contributed to open source to build next-generation tools in the past. People always come to me for support and to build tools for them. Since decentralized dex’s popularity increased through Uniswap there has been a lack of good tools for marketeers, projects, and influencers to launch their trading platforms easily. DEXKIT will bring a solution where everyone can profit and bring next-generation trading tools to their communities and check their earnings in real-time. DEXKIT, we think, will be the de facto standard for decentralized trading and NFT marketplaces. With ETH 2.0, we will take a good share which today is occupied by centralized exchanges. Additionally, we will use tools that I already use personally like trading bots and improving trading tools that will make the crypto space much safer. Why trade in centralized exchanges when you can have access to better liquidity in an easier to use space.
Q: How will kits get the best liquidity in the market to liquidate LP tokens and trade for stablecoins? How will you ensure to add more KIT functions according to the needs of the community?
A: Our KITs will use advanced techniques like ZRX transformers and for more advanced needs smart contract wallets. Most protocols nowadays use on-chain only protocols like Uniswap or Kyber to fill their liquidity needs. With DexKit each “KIT” that needs liquidity will pass the same quote through the aggregator, ensuring users are converting their tokens using the best price available. An example of a KIT coming is when you have only ETH and you want to supply liquidity for ETH-DAI liquidity pool, normally the users go and convert half the ETH to DAI on Uniswap and then supply it, but Uniswap is not always the best pricing for it, maybe Curve can get a better price for this. So instead of using only Uniswap, we supply the quote with pricing from multiple sources. Kit’s will be tooled to do multiple tasks at once, which normally users need to take multiple actions, making sure users do not lose time on this tedious process and making sure he will have the best liquidity on the market. KIT’s use cases are endless, and we will hear the community to prioritize what they prefer, we can automate a lot of tasks that are tedious for users at the moment, and Defi use cases are growing every day, having a one-stop automated task is really appealing for hardcore traders. The KIT dashboard controls not only the affiliates apps, but will also feature a full DeFi platform