Money On Chain announced the launch of TEX, a new decentralized token exchange built on top of RSK, the intelligent contract network that enables decentralized applications protected by the Bitcoin network. This was reported to Cointelegraph in Spanish from Uruguay through a statement.
How detailed TEX automates the token exchange via intelligent contracts and offers users access to DoC, BPro, RIF and rBTC, among other things. “The launch expands the possibilities of DeFi in Bitcoin”, they stated in the statement.
“”The TEX uses a trading mechanism inspired by the method used in The London Gold Fix. Based on an order book (OB), the order is not executed immediately and takes place in ticks. Ticks occur every few minutes to allow the order book to build a price that can be determined prior to the match. The frequency of tics depends on market activity. This is especially important in a new network and enables organic liquidity growth. Users who place orders in the OB can cancel them at any time, ”they explained later.
On the other hand, TEX’s design, as they explained, avoids “front running” with a public order book, and with pricing by ticks, TEX aims to “guarantee fairer pricing, even with low trading volumes”.
Max Carjuzaa, Co-Founder of Money On Chain, commented:
“TEX is an important part of the Money On Chain protocol. A decentralized order book ensures a fair and transparent pricing process and creates a secondary market for the tokens. “
Types of orders
The TEX has two types of orders: limit orders (limit orders) and market-building orders (market maker orders).
The statement said: “With a limit order, the user can set the conditions to ensure that he buys or sells at the expected price or better. The buyer will not spend more than the maximum he was willing to pay, and the seller will receive no less than the minimum he expected. The price will be the average between the two ”.
“A market-building order is a special type of limit order. Here the retailer gives a percentage difference at a fair price. TEX gets fair prices from an oracle or the last tic on which an oracle is not available, ”they added.
TEX is designed to exchange tokens in a Bitcoin ecosystem. In particular, TEX is already active so that retailers can start trading on a decentralized basis immediately.
Diego Gutiérrez Zaldivar, CEO of IOVlabs said:
“We are very excited about this new announcement, which will further boost the defi-chance for Bitcoin. Decentralized exchanges based on Bitcoin are the key.”
About money on the chain
Money On Chain is an initiative that aims to bring Bitcoin to mass adoption. To this end, it offers solutions for different types of users: a fully secured stablecoin in Bitcoin (DoC), a token called “Bitcoin on Steroids” (BPro) and a Bitcoin option for lovers of leveraged trading (BTCx). All of this without the need to provide private keys.
The RSK network is an intelligent contract platform that is secured by the hashing power of Bitcoin through merged mining.
RSK increases the value and functionality of the Bitcoin ecosystem through smart contracts, near-instant payments, and improved scalability.
The network scales up to 100 transactions per second without sacrificing decentralization, and reduces storage and bandwidth through probabilistic checking, fraud detection and more.
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