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ConsenSys Spin-Off Gnosis Launches Decentralized Exchange
Summary: Gnosis, a decentralized finance (DeFi) startup that spun off of ConsenSys, has launched a new decentralized exchange (DEX), dubbed Gnosis Protocol. The new protocol, which already processed over $2 million in trading volume during its private beta, is designed to enable minimal slippage, even for assets that typically see low trading volumes. Users will be ...
Gnosis, a decentralized finance (DeFi) startup that spun off of ConsenSys, has launched a new decentralized exchange (DEX), dubbed Gnosis Protocol.
The new protocol, which already processed over $2 million in trading volume during its private beta, is designed to enable minimal slippage, even for assets that typically see low trading volumes.
Users will be able to place orders on the exchange for any token pair and define a limit price according to which the order can be executed. The system will then pack all orders into batches and ask for other users, named solvers, to discover the most ideal path to settling these batched orders together. Whoever ends up with the best solution takes 50% of the trading fees that traders pay upfront to have their trades settled.
By Ramsey Baker
Tags: ConsenSys,Decentralized Exchange,DeFi,Gnosis,Gnosis Protocol
Link: ConsenSys Spin-Off Gnosis Launches Decentralized Exchange [Copy]
