OKEx APP integrates Web3 wallet, which allows users to invest in mainstream currencies and trade on-chain assets in the same application, which is very convenient. Unfortunately, due to regulatory reasons, OKX aggregated DEX was removed from the shelves.
So what are some relatively good alternatives? There are three products that Fengxiong uses more smoothly. It happens that these three products all support cross-chain transactions and are products combined with wallet technology.
➤ Binance
The Binance APP also integrates the Web3 wallet. In the same APP, you can trade mainstream currencies on Binance CEX as well as Binance Alpha tokens. Entering the Binance Web3 wallet allows you to conduct on-chain transactions.
Binance CEX's trading depth, trading strategy products, and product experience are very good, so there is no need to say more.
❚ Binance Alpha Trading
The newly launched Alpha transaction is more convenient.
Binance Alpha transactions are executed and recorded by smart contracts, and no tokens are transferred to user wallets. Considering Binance's brand and reputation, trust can be considered. However, only Alpha tokens can be traded, not more on-chain assets, and transactions can only be made on mobile phones, not PCs for the time being.
❚ Binance Web3 Wallet
Binance Web3 wallet supports EVM on-chain asset transactions and cross-chain transactions, but the only drawback is that it only supports mobile terminals, not PC terminals. In addition, when trading, there is no K-line view and no MEV protection function.
❚ Security
Binance's security includes not only multi-factor authentication, but also real-time monitoring and exception protection. Once, a friend triggered Binance's security mechanism when transferring money to a hacker's address due to an unsafe device. His account was temporarily frozen, protecting the safety of his assets.
In addition, Binance has set up a $1 billion security fund. Of course, after the security fund was set up, Binance has not had any security issues.
➤DeGate
Similar to Hyperliquid and DYDX V3, DeGate is a channel-type DEX based on Layer2.
❚ Order Book DEX
Mainstream currency transactions use order book DEX, which has CEX trading experience. It supports limit price trading and fixed investment . (ETH supports stop loss and stop profit). You can view account balance, transaction history, etc.
Zero transaction fees for placing orders and popular grid products give DeGate mainstream coins good trading depth and a small bid-ask spread.
As an order book Dex, although the DeGate order book supports anyone to list coins independently, it still lacks trading depth if there are not enough traders.
In addition, mainstream currency transactions are carried out in DeGate Layer2, which has the characteristics of weak centralization.
❚ On-chain swap (SWAP)
Unlike Binance alpha, DeGate uses abstract account technology. After users create an account on DeGate Layer2, they will obtain an EVM abstract account wallet address and a Solana wallet address.
In DeGate, BSC, Base and Solana chain transactions are supported.
The user 's abstract account wallet address directly participates in transactions and saves assets.
And on the "Exchange" page, you can view the K-line chart of the token.
The only drawback is that DeGate "Exchange" currently lacks the anti-MEV (anti-clip) function.
❚ Security
DeGate has been running safely for 20 months, and has conducted multiple code audits during this period. The audit results show that there are no major risk issues. In addition, DeGate has launched a $1.1 million vulnerability bounty on the immunefi platform, and no vulnerabilities have been found so far.
➤Universalx
Universalx is a DEX based on Particle chain abstraction, and Wallet as a Service (WasS) is one of Particle's core technologies. Similar to DeGate, Universalx users will also receive an EVM abstract account wallet address and a Solana address. However, chain abstraction technology is far more than just abstract accounts.
❚ Protocol-based DEX similar to CEX
Universalx implements a protocol-based DEX similar to CEX based on chain abstraction technology.
First, Universalx has a trading depth similar to that of CEX , supporting assets in the 16 major public chain ecosystems, and most mainstream currencies have good liquidity on the chain, including BTC, XRP, etc.
Second, Universalx has a trading experience similar to CEX , supporting checking transaction balances, transaction history, etc.
Third, Universalx is highly decentralized . Although Universalx is very similar to channel-type DEXs such as DeGate, it is a protocol-type DEX based on chain abstraction technology and is highly decentralized.
Channel-type DEX deposits assets into a weakly centralized ecological chain, while Universalx deposits assets into its own wallet on the chain abstract alliance.
All transactions are visible on the chain, and all assets exist in the user's own abstract account number.
The chain abstraction alliance is not an isolated channel, but a multi-chain alliance with multiple ecological chains, which is executed by smart contracts and is interoperable, and is still decentralized. This is why I say " chain abstraction technology is far more than abstract accounts ."
The only drawback is that mainstream currency transactions do not support limit price transactions. Of course, it is not difficult for Universalx to develop a virtual order book and implement limit price transactions.
❚ King-level on-chain DEX
Compared with trading mainstream currencies, Universalx is a blockbuster product on the blockchain.
First, Universalx's seamless cross-chain and universal assets . Universalx is based on the particle chain abstract alliance. Users' assets and Gas do not need to be distinguished on which specific chain. Users can use the basic tokens to charge the on-chain assets of 16 public chain ecosystems at any time.
Second, Universalx's anti-MEV (anti-clip) function. Based on chain abstraction technology, there is an automatic anti-ME function on the EVM chain, and Solana needs to turn it on manually. This is why I said " chain abstraction technology is far more than abstract accounts ."
Based on the above two points, Universalx users can go online just like using CEX.
Third, Universalx aggregates a large amount of token information and navigation functions.
On the token list page, Universalx provides sufficient information navigation functions.
On the token transaction page, in addition to market value, transaction status, and coin holding addresses, you can also view relevant security information of the token contract address.
Scroll down the page and you can view the token’s liquidity pool, official website, social media and other information on the left.
For players on the chain, Universalx is helpful to improve the efficiency of token selection and trading, and even reduce certain coin selection risks.
❚ Security
Universalx has conducted multiple code audits, and Brother Feng has carefully studied the audit reports and found no risks of a higher level.
➤Written at the end
After comparison, Binance's CEX products and security are superior, while its on-chain products are mediocre and suitable for users who occasionally trade on the chain.
DeGate's mainstream currency transactions and "on-chain" products are relatively balanced and suitable for moderate on-chain players.
Universalx’s mainstream currency trading products still have room for further improvement, but when it comes to “rushing to the chain”, Universalx’s functions are very powerful and should surpass all similar products in the existing market, making it suitable for heavy chain players.
