Why I’m Bullish on Decentralized Perpetual Exchanges and my Pick for 2022-23 to dominate this space
Get your money off Centralized Exchanges!
and as always something worth reading thread for at bottom...
With all the recent volatility in ETH and BTC and the liquidity crunch in defi I have been slowly transitioning back to trading a lot more perpetual contracts. This time around however, after the ALAMEDARESEARCH
fallout I refuse to put my money back into a CEX.
Over the past few weeks I have traded extensively on multiple dApps across several chains, including Fantom, BSC, Avalanche and Arbitrum. All of them were usable and I only had issues on one which will remain nameless.
In the end, however, I deposited my funds for Perp trading at @OfficialApeXdex
So how did I arrive at this conclusion?
1.When trading perps I am looking for a smooth, simple UI/UX that performs comparably with a CEX
2.I’m no whale. I need a platform where I can trade smaller positions and not have my profit whittled away by fees. 3.I can swing pretty Degen at times, but super high leverage perps (50–200x) is just gambling...
I have no issue with others leveraging this high, but given that people sometimes follow my lead, I was looking for a platform offering less of this “gambling leverage.”
The DEX itself is a Starkware-based L2 built on Ethereum
and allows for deposits and withdrawals to ETH
The sign of an enjoyable UX (whether CEX or DEX) is an easy and intuitive use of the platform.
Who wants to spend a bunch of time getting up to speed learning how to use the dApp ? Apex was easily the most intuitive to learn, with the shortest learning curve.
Depositing, signing transactions and trading on Apex all was done in a couple of minutes.
Even the setup on their referral system was super simple and only required an email address (No KYC).
The feature I most came to appreciate on Apex is the ability to set both Stop-loss and Take Profit points for entire position at the same time quickly.
I haven’t completely gone through everything they have on the platform but one reward system caught my eye: trade to earn.
T2E allows users to earn BANA from part of their trade fees.
This is an ongoing rewards system and users will be able to claim and hold for perks, add to LP and farm or convert to APEX on Arbitrum. Team is planning on giving away over 10 million worth of Bana over their first 52 weeks.
Communication with the Apex team has been great and I really look forward to what other features they add.
If you enjoyed this thread please give me a follow and an RT and use this reference link to test it out for yourself:
50 percent of referral earnings will go directly to the @SurveyorDAO
Also, Surveyor DAO also has a trading contest coming up on @OfficialApeXdex
in the next week or two. We will be pitting AVAX
NFT Holders and the Fantom
against each other in our own Bear Market Survivor competition. Stay tuned to our Twitter account and Discord for more details as they become available.
@Medium article if you'd prefer not threaded.
We will be also giving away 100 APEX to 2 people who:
✅Join both @discord
Also giving away 1 AVAX Lady Surveyor to someone who actually tries it out and responds to first tweet.
Giveaway ends 12/15/22This post is based on this twitter thread.