Money On Chain is pleased to announce the launch of TEX, a new decentralized token exchange built on Rootstock, Bitcoin’s first layer 2. TEX automates token swaps using smart contracts, offering users access to DoC, BPro, RIF, and RBTC, among others. The launch further expands the footprint of Bitcoin DeFi based on the Rootstock technology stack.
The TEX uses a unique trading mechanism, inspired by the method used at The London Gold Fix, which sets the value of gold twice a day. Based on an Order Book (OB), the order execution is not instantaneous and occurs on ticks. Ticks occur every few minutes to allow the order book to form a price to be discovered before the match is made. The frequency of ticks depend on market activity This is especially important in a new network and enables organic liquidity growth. Users who place orders in the OB can cancel them at any time.
With the public order book, the TEX design avoids front-running, and with pricing via ticks, TEX aims to ensure a fairer price discovery, even at low trading volume.
Max Carjuzaa, co-founder of Money On Chain commented: “The TEX is an important piece of the Money On Chain protocol. The decentralized order book ensures a fair and transparent price discovery process and establishes a secondary market for tokens.”
The TEX has two types of orders: Limit Orders and Market Maker Orders.
A limit order lets the trader set the trade conditions to ensure that they buy or sell at the intended price or better. The buyer will not spend more than the maximum they were willing to pay, and the seller will not receive less than the minimum they were expecting to obtain. The price will be the average between the two.
A market maker order is a special type of limit order. Here, the trader specifies a percentage difference with a fair price. The TEX obtains fair pricing from an oracle or the last tick where an oracle is not available.
TEX is designed to be a fairer way to trade in a Bitcoin ecosystem. TEX is already live, so traders can immediately start trading in a decentralized and transparent manner.
Diego Gutierrez Zaldivar IOVlabs CEO said: “ We are very excited about this new announcement that keeps building momentum on the Defi for Bitcoin opportunity for which decentralized exchanges built on top Bitcoin will be key”
For more information about the TEX visit: https://moneyonchain.com/tex-bitcoin-decentralized-exchange/
About Money on Chain
Money On Chain wants to bring Bitcoin to mass adoption. To that end, it offers solutions to meet the needs of different types of users: a fully bitcoin-collateralized stablecoin (DoC), a bitcoin on steroids (BPro) and a dizzying bitcoiner option for lovers of leveraged trading (BTCx). All this, without requiring the delivery of private keys. To make this possible, it developed an unique mathematical-financial model with proven robustness, even in extreme market situations.
For more information, visit https://moneyonchain.com/
About Rootstock
Rootstock is the first, biggest, and longest lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.