My fellow retards,
What do we mean when we say DEX?
People throw that term around often, but don’t actually think about what it means to be decentralized. There are many forms of DEX out there. Most of us are familiar with AMMs (Automated Market Makers) such as Uniswap, which will always make a price for a trade, no matter the side. We’re not saying it’ll be a good price...you can experience massive slippage at even a $50k buy, and that’s because very few holders might be willing to sell at a given price. DEXes at present simply do not match the depth of their centralized counterparts.
Anyway, we have some DEXes on Ethereum. They are great. They take away control from centralized exchanges such as the coinbases of the world. Anyone can use them, nobody gets banned. One MASSIVE limitation, is that every DEX only plays within its little universe. In other words, yes you have uniswap, and it is great as long as you are exchanging tokens on Ethereum. What happens when you want to swap some DOTs for ETH? Well…you can’t. You need to get to a centralized exchange and see what markets they have available. There are many problems with this that we don’t need to get into here, but the long history of crypto should warn you that centralized exchanges breed danger…
Funny…not your keys not your crypto. Coined back in the bitcointalk days, the sentiment seems tailored for Phonon.
In Phonon, the private key is all that matters. Those are what get swapped on your compatible smart card or eSIM. What that also means is that you can have cross-chain dexes, which is pimpin…no longer do you need to hit up a cex to make transactions between separate layer 1 value silos. With Phonon you swap directly between ethereum, bitoin, polkadot, ada, whatever crypto your heart desires.
This is just one of the systems that will be built on top of Phonon. This is why we say Phonon is a primitive. This is powerful, this is the future.
Join the Phonon DAO discord and shape it.
Tips to phonongod.eth will be invested in bounties that advance the Phonon project.
Hatemail to phonongod@protonmail.com will be scathingly considered.
Targets for the marketcap of PHONON DAO remain:
$1b by Q2 2022, $12b by EOY.
On the high end, $300b marketcap in 3 years.