BeingDex: The Game-Changer in the DEX Landscape for the Era of Omni-Chain Transactions
In 2023, the DEX sector, as the core infrastructure of blockchain, was quite languishing. In the face of the narrative of the omni-chain, leading DEXs were busy with involutional performance iterations, with few breakthrough innovations in new paradigms. BeingDex is an innovative omni-chain order matching trading platform, featuring peer-to-peer wallet matching, order book placement, and omni-chain trading, to truly achieve the convenience and high performance comparable to centralized exchanges. – BeingDex is not only a technological innovation, but also a model innovation, representing a new direction for the development of DEX from single-chain to omni-chain. – While the leading DEXs are still consolidating their positions by focusing on improving efficiency, BeingDex, refusing to survive in the cracks of the leading apps, is taking a brand-new move to realize the breakthrough of the DeFi and launching itself towards the ultimate goal of the underlying DeFi infrastructure. – BeingDex is not only a trading application, but also a one-stop omni-chain asset management service platform, which foresaw the potential needs of the future crypto community and users in its design. Looking at the development of the decentralized exchange (DEX) sector in 2023, the leading DEXs are competing around two main themes: improving capital efficiency and multi-chain deployment. They have successively launched more complex liquidity strategies in order to increase total value locked (TVL), strengthen their moats, and defend against attacks from other DEXs and centralized exchanges (CEXs) competitors. However, the increasingly complex liquidity management strategies not only please liquidity providers but also significantly increase the application threshold of DEX, which obviously contradicts the industry vision of Web3 mass adoption. Meanwhile, in the face of the new paradigm of omni-chain transactions, leading DEXs still cannot provide the convenience beyond traditional CEX, and merely relies on integrating a large number of third-party cross-chain bridges and optimizing aggregators to maintain the existing defensive position. In early 2024, against the backdrop of intense competition in the head DEX space, BeingDex emerged with a series of groundbreaking innovations. As a native DEX of Mango Network which is a transactional omni-chain L1, BeingDex positions itself as an omni-chain trading platform, providing unprecedented trading experience for both on-chain and cross-chain transaction users with the modular and high-performance features of the Move language. User experience comparable to CEX The inherent advantage of DEX is the wide range of permissionless and widely supported long-tail token assets. However, CEX still attracts cryptocurrency traders with its exclusive order book interface, real-time candlestick charts, low slippage, and high trading depth. BeingDex combines the advantages of both CEX and DEX, providing users with limit orders, visualized and highly transparent trading interface, helping users make accurate decisions and obtain the best trading prices. Unlike traditional DEXs, the trading interface of BeingDex clearly displays the price trend of assets in the form of candlestick charts. Users can place limit or market orders through the order book, with limit orders effectively avoiding trading slippage and also mitigating the common MEV attacks in DEXs, ensuring maximum user security. In addition, the order book can visually display trading depth, providing higher market transparency and being more user-friendly for leveraged trading and stop-loss trading. Providing the best solution for omni-chain transactions In the era of omni-chain transactions, DEX is no longer limited to deployment on a single public chain. As of January 2024, the leading DEXs have all achieved multi-chain deployment, with SushiSwap and Curve deployed on 28 and 13 blockchains respectively. Multi-chain deployment can effectively reduce user gas consumption, but it also fragments the liquidity pool of single-coin assets. Users still need to prepare different tokens as gas for operations on different chains, which increases the complexity of user operations. BeingDex’s omni-chain transaction design concept provides users with the most convenient and unified trading experience. As a DEX supporting omni-chain transactions, BeingDex makes it possible for users to prepare only one token as Gas, and through wallet-to-wallet aggregation transactions, they can complete the omni-chain transaction process of mainstream tokens on more than 50 L1/L2 blockchains, which dramatically downgrades the complexity of the transaction operation. For example, users can use MGO tokens as Gas to complete BTC and ETH exchanges on BeingDex deployed on the Mango Network mainnet; they can also use BNB as Gas to achieve BNB and ETH exchanges via modular contract deployed on BNB chain. Based on the combination of Mango’s main chain contract and modular contract, BeingDex can provide a more diverse range of token trading pairs than CEX, enabling omni-chain transactions of mainstream tokens and long-tail assets. Based on Mango’s native cross-chain bridge, BeingDex does not need to integrate a third-party cross-chain bridge, which helps users to significantly reduce cross-chain costs. The limit order mode based on the order book helps users to realize zero slippage, and there is no need to rely on the aggregator and differential algorithmic models commonly used in other DEXs, which significantly reduces the complexity of the BeingDex smart contract and thus significantly improves the security. Competing for DeFi underlying infrastructure The competition on the DEX track has always been fierce, and the release of Uniswap’s V4 represents a future direction, namely a shift from transactional applications to a cryptographic trading infrastructure platform that supports user customization, allowing developers to develop more use cases based on their own needs and community needs. However, Uniswap V4 cannot fundamentally solve the liquidity fragmentation problem caused by multi-chain deployment. Only native omni-chain DeFi applications are truly eligible to participate in the competition for the underlying infrastructure of DeFi in 2024. Relying on the natural advantages of Mango Move language in terms of modularity, high performance and security, BeingDex can achieve parallel processing of over 100,000 TPS and sub-second transaction confirmation, and completely resist MEV attacks that bring huge slippage losses to users. In addition, BeingDex can achieve omni-chain applications via single-chain deployment, and support unified liquidity pools and user pools, and with ultra-low gas costs. BeingDex has fully implemented the advantages brought by the iterative innovation from Uniswap V1 to V4 in the original…