Decentralized Portfolio Management DeXe.network Will Use Elrond To Scale & Reduce Costs for Their Asset Management Tool
We’re happy to announce that Elrond technology will be used by DeXe. The autonomous cryptocurrency portfolio environment allows anyone to copy popular traders and share in the success of their trading strategies.
The collaboration will work towards integrating the Elrond mainnet with the DeXe network ecosystem. This will allow our partner’s Asset Management component to benefit from Elrond’s fast Smart Contract processing times and low fees, to perform the needed computations in a decentralized manner, before committing the results to the destination blockchain, such as Ethereum.
DeXe has also recently started working with our strategic partner Orion Protocol, effectively making it the first DeFi solution that will benefit from the powerful combination of internet-scale performance, interoperability, and liquidity.
“Its scalability and interoperability make the Elrond network the ultimate scaling solution for DeFi products on other chains. The DeXe team is building a platform that leverages these capabilities to increase speed and lower costs for its users. This is proof of great architecture, which we’re happy to support” said Beniamin Mincu, Elrond CEO.
DeXe is building a decentralized platform where anyone can copy the strategies of other traders in an automatic manner. When following a specific wallet address, DeXe users will automatically perform the same transactions and share in the P&L of the trader they selected.
Thanks to the recent collaboration with Orion Protocol, DeXe platform will be able to provide its traders with access to the combined liquidity, pairs, and order books of the entire decentralized marketplace.
“Elrond’s WASM VM offers fast and inexpensive smart contracts execution, thus addressing our business issue represented by Ethereum’s transaction costs & times. When integrated DeXe can add more value to users by dramatically reducing the situations where profit would be eaten away by fees.” Dmitriy Kotliarov, Co-Founder of DeXe.
The collaboration is an important first step in Elrond’s development of the finance vertical, which debuted with the Orion Protocol strategic partnership. By adding the first product that leverages the combination of internet-scale performance, interoperability, and liquidity, we set out to validate the technical feasibility of our partnership. As a result, eGold holders will have access to novel trading opportunities and the volume of transactions on our network will increase.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
Dexe.network is a decentralized social trading platform which operates via autonomous smart contracts, that includes tools for virtual currency allocation, automatic rebalancing and eliminates the risks of transferring digital wallet details such as private keys and API or any virtual currency data to a third party, as well as fixing the absence of decentralized interconnection between users and successful traders within the framework of DeFi.