This article was first published on Centrality - Medium
Runtime modules are the core of what makes our protocol so accessible and unique, so it’s super exciting that yet another one of our core modules is live on our mainnet!
Let’s dive into the CENNZX module and explore what it is, why it’s useful and how it works.
What is CENNZX?
CENNZX is an automated decentralised spot exchange. It will allow users to:
- Trade generic asset tokens instantly on the CENNZnet blockchain
- Send exchanged tokens directly to a 3rd party account within a single exchange transaction
Initially, users will be able to use CENNZX to trade CPAY for CENNZ and vice versa, but eventually, the exchange will support all generic asset tokens active on CENNZnet. This will include Sylo and Plug tokens along with any generic assets created by new DApps on the network.
Why is CENNZX important for CENNZnet?
CENNZX provides an exceptionally secure, fast and transparent way for CENNZnet users to exchange their tokens. By having a reliable automated on-chain exchange, tokens can be traded in full confidence that the transaction is secure and fully recorded on the decentralised ledger. This prevents common issues with centralised exchanges, which are often hacked.
CENNZnet’s dual token economy structure also means that users need to have ready access to both CENNZ (our staking token) and CPAY (our gas token). As a spot exchange, CENNZX will provide instant access to both tokens, and users will also be able to see a projection of how much their tokens are worth in relation to each other before trading.
The other really cool thing about CENNZX is that new DApps will be able to add their generic asset tokens into the mix. By creating a new liquidity pool (term explained below) brand new tokens can be bought and traded using CPAY, creating a market that will enable new DApps to thrive.
To keep reading, please go to the original article at:
Centrality - Medium