The Elrond team recently announced something special and exciting to the Elrond community. It is jungle dex- A unique concept toward complete decentralization. Let’s learn about Maiar exchange Jungle DEX in today’s blog. I hope you are excited to read it.
What is Jungle DEX?
Jungle DEX is an automated market maker (AMM) platform where anyone will be able to trade and list tokens. An automated market maker means there is no need for an order book generally used in a centralized exchange.
In other words, there is no need for buyers and sellers to come together to trade, as smart contracts will take care of the transactions. The Jungle DEX uses technology from the Maiar DEX and is an excellent step towards complete decentralization. Every project in the Elrond Network ecosystem will be able to have a market for its token and attract new consumers – thanks to Jungle Dex.
Few Things to Know About Jungle DEX Before Listing and Trading
There are a few things you should know about Jungle DEX:
- It should be your own token
- The token should have basic things like a logo, token information, etc.
- Every swap comes with 1% fees
- The pairing happens in USDC
- You should have at least $20,000 in initial liquidity to list the token.
There isn’t any complex requirement to list on Jungle DEX. Any project will be eligible, but you must follow simple standards. Firstly it needs to be an ESDT token built on the Elrond network. Once you do that, you must create a pair and add liquidity. Finally, you can enable swaps, and you are ready to go.
For a detailed explanation, please visit here.
Of course, in the beginning, all the projects look great and a good fit for Jungle DEX. There are already some exciting projects like Krogan, Landboard, and Launch. But that does not mean there will always be a trustworthy token listed there. Since it is fully decentralized, even bad actors can enter there with the wrong intention.
On the positive side, you can also find great projects in Jungle DEX that can be the next 10x/20x/100x token. But on the negative side, you might choose the token that might be a scam and be a victim of rug pull. Therefore always trade carefully as full decentralization does come with some price.
X Exchange Vs. Jungle DEX
X Exchange is different from Jungle Dex in many ways. In Jungle DEX, anyone can list tokens with minimum requirements. However, in X Exchange, the projects need to be solid to list and are chosen by the Elrond team. That means investing in tokens listed on Jungle DEX is a high risk/reward compared to the Maiar exchange.
X Exchange has more features like Staking, Farming, and Metabonding than jungle DEX. In short, Jungle DEX is an experimental platform with no strict rules for listing. It has limited features, but Maiar DEX is a full-on DEX with all the required features.
Jungle DEX is a great initiative by the Elrond team to provide complete decentralization. It should help many projects to get listed and have a market for their token. Any token can be listed on Jungle DEX, but that comes with a high risk as there is no strict listing process like Maiar Exchange. Choose your investments carefully on Jungle DEX, and trade with caution. Thanks for reading!