London, UK, Dec. 05, 2022 (GLOBE NEWSWIRE) — The Gridex Protocol is a permissionless and non-custodial trading protocol consisting of a set of persistent, non-upgradable smart contracts on the Ethereum blockchain. Unlike the current mainstream decentralized exchanges based on the Automated Market Maker (AMM) model, Gridex is based on order books.
With the novel Grid Maker Order Book (GMOB) model, Gridex has significantly reduced the resource consumption of running an order book-based system. The model allows Gridex to deploy and run it on the Ethereum mainnet while making the gas cost comparable to that of AMMs.
Gridex is the first ever, fully on-chain, fully functional order book DEX built on Ethereum. This makes them have some key differences from all other DEXs on Ethereum:
Key Features
1) Fully decentralized: Deployed and runs on the Ethereum mainnet. The entire transaction process is executed on-chain, with no deposit or withdrawal process needed. Additionally, anyone can create any trading pair freely, without any permission.
2) “Maker Orders” in their protocol have introduced a new infrastructure to the Ethereum ecosystem, allowing users to place orders of any size and price while having a zero slippage, zero-MEV and low-cost (even negative-cost) trading experience.
3) Lack of liquidity is now an issue of the past. Even without market makers, Gridex will still function perfectly. Not only are Gridex users able to use the liquidity provided by other Gridex users, but they are also able to use the liquidity aggregated from other DEXs, ensuring their swap users the ability to get the best exchange rates possible.
4) After being deployed on the Ethereum mainnet, the protocol will also be deployed on mainstream generalized Layer 2 networks of Ethereum, such as Arbitrum and Optimism.
5) Most of the native tokens (GDX) will be rewarded to the community of users in just over a month before and after the launch. 100% of the protocol fees will be used to buyback and burn GDX.
Gridex is much more than a DEX, but an infrastructure.
What Are The Next Steps?
1. The airdrop will begin on the 5th of December. The testnet launch will follow shortly afterwards.
2. Smart contracts are undergoing final optimizations, which will be open-sourced before the official launch of Gridex.
Please follow the official Twitter for updates.
Some links:
Website | Whitepaper | FAQ | Twitter
Source: Gridex Protocol