Inside the MilkywayEx EcoSystem: How our DEX is different from the rest
According to a report by Chainanalysis, between 2019 and 2021, the amount of decentralized exchanges (DEXs) increased more than 100% to at least 205. The technology, which enables direct peer-to-peer cryptocurrency transactions to take place securely and without the need for an intermediary, is rapidly increasing as part of the DeFi boom.
The primary appeal with a DEX is its safety and security. As decentralized exchanges hold no client funds, they put users at a much lower risk of being compromised by attacks. Compared to centralized exchanges, sensitive personal information also doesn’t have to be disclosed. With the rise of so many different DEXs, the space is competitive, but here at MilkywayEx we are over the moon to be launching our new DEX which differentiates itself from competitors.
MilkywayEx is an automated market-making (AMM) decentralized exchange (DEX) for the
Binance Smart Chain network. Unlike others on the market, we are dedicated to building not user-centred experience with not only a governance token ($MILKY), but also a built-in-bridge, limit orders, and diverse farms.
Unique to other exchanges, MilkywayEx is a fully decentralized protocol governed by the vote of the LP holders, who benefit from baking rewards. Our profit share is based on the proportional account liquidity contribution.
The MilkywayEx ecosystem is made up of five primary user types: liquidity providers, traders, bakers, developers, and voters. Liquidity providers are incentivized to contribute MILKY1.2 and MILKY2 tokens to common liquidity pools, while Traders can exchange one token for another for a fixed fee of 0.30%. Bakers then encourage liquidity providers to vote for them by, for example, offering them better rewards.
The Developers can then seamlessly integrate with QuipuSwap smart contracts to generate new interactions with tokens, trading interfaces, and retail experiences. Voters can stake their shares to vote for their favorite baker — or downvote one that they don’t like. With protocol development, more roles such as governor or liquidity miner can be introduced.
Stablecoins are a currently a popular choice in the DeFi market, since they provide a stable price backed by fiat currencies, however they are often subject to slippage. MilkwayEx is solving this problem with its low transaction fees. We are also using virtual machine technology to host MilkwayEx as a free trading port that is connected to the mainland and is able to be connected to external sources via channels.
We also offer our “Buyback and Burn” function, where all MilkyWay buyback will be permanently burned once a month. Then there’s our unique rewards program that incentivizes holders with optimized strategies for four different assets (ADA, ETH, BNB, DOT, and XVS), allowing users a diverse portfolio. Our analysis tool adds another layers to user’s exchange experience, providing analytics into MILKY Rewards smart contract, including total transactions count, amount of rewards tokens, and the number of users rewarded.
Perhaps one of the features we are most excited to announce though is our upcoming launch of our GameFi feature, where we integrate PlayToEarn features, allowing gamers to engage in various activities while gaining rewards.
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Although the DeFi space is taking off, the field is still nascent and has lots of growing pains. This means there are many new DEXs that are still in the development. At MilkWay we have put our utmost effort into creating a state-of-the-art fully decentralized exchange that sets itself apart from competitors by governing the vote of its holders who benefit from baking rewards.
Stay tuned for our next update!
