Money on Chain launches new decentralized token exchange based on Bitcoin Layer 2
TEX automates token exchanges through intelligent contracts
Money On Chain announced the launch of TEX, a new decentralized token exchange, built on RSK, the smart contract network that allows decentralized applications protected by the Bitcoin network. This was reported from Uruguay, to Cointelegraph en Español, through a press release.
According to them, TEX automates token exchanges through smart contracts, offering users access to DoC, BPro, RIF and rBTC, among others. „The launch expands the possibilities of DeFi in Bitcoin,“ they said in the release.
Money On Chain CEO: „MoC can become the cornerstone of DeFi on Bitcoin“.
„TEX uses a trading mechanism inspired by the method used in The London Gold Fix. Based on an Order Book (OB), order execution is not instantaneous and occurs in ticks. The tics occur every few minutes to allow the order book to form a price that will be discovered before the match is made. The frequency of the tics depends on the activity of the market. This is especially important in a new network and allows for organic growth in liquidity. Users who place orders on the OB can cancel them at any time,“ they later detailed.
On the other hand, as they explained, with a public order book, TEX’s design avoids „front running“, and with prices through tics, TEX aims to „ensure fairer price discovery, even with low trading volume“.
RSK launches an interoperability bridge to connect Bitcoin to Ethereum
Max Carjuzaa, co-founder of Money On Chain commented:
„TEX is an important part of the Money On Chain protocol. A 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.
In the release they stated: „A limit order allows the user to set conditions to ensure that they buy or sell at the expected price or better. The buyer will not spend more than the maximum he was willing to pay and the seller will not receive less than the minimum he expected to get. 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 gets a fair price from an oracle or the last tick where an oracle is not available,“ they added.
TEX is designed to exchange tokens in a Bitcoin ecosystem. It’s worth noting that TEX is already active, so traders can immediately start trading in a decentralized manner.
Diego Gutiérrez Zaldivar, CEO of IOVlabs, said
„We are very excited about this new announcement that continues to generate momentum in the Defi opportunity for Bitcoin. Decentralized exchanges built on Bitcoin are key“.
About Money on Chain
Money On Chain is an initiative that seeks to bring bitcoin to mass adoption. With this objective it offers solutions for different types of users: a fully collateralized stablecoin in bitcoin (DoC), a token called „bitcoin on steroids“ (BPro) and a bitcoiner option for lovers of leveraged trading (BTCx). All this, without the need to hand over the private keys.
The RSK Network is an intelligent contract platform secured by Bitcoin hashing power through merged mining.
RSK adds value and functionality to the bitcoin ecosystem by enabling smart contracts, near-instant payments and greater scalability.
The network scales up to 100 transactions per second without sacrificing decentralization, and reduces storage and bandwidth through probabilistic verification, fraud detection, and more.