- Anyone can now use a decentralized crypto exchange through WordPress
Among the thousands of WordPress plugins, Draper Goren Holm’s plugin now allows anyone to use a decentralized crypto exchange through WordPress.
Draper Goren Holm is a blockchain venture firm and incubator, providing early-stage blockchain startups with resources. The firm was founded by Alon Goren and Josef Holm.
How it Works
With the help of the new plugin, integrating a DEX is unbelievably easy.
- Download plugin
- Upload file to “Plugins” in WordPress
- Activate plugin
- Add the short code [wpdex] to add the portal to your site
However, it is important to note that users are not hosting a DEX on their own website. Instead, they are creating a portal to established DEXs. As a result, users can trade directly through their WordPress site, but still utilize deep liquidity books from established exchanges.
The plugin’s back-end works by using a DeFi aggregator, Totle. Using Totle’s API, the plugin automatically finds the best rates via multiple decentralized crypto exchanges (DEX). As a result, the user will always receive the best rate.
Shift to Decentralized Exchanges
Centralized exchanges contradict one of cryptocurrency’s fundamentals: decentralization. Centralized exchanges control users’ funds by holding them in exchange wallets. As a result, traders are trusting that the exchange will not lose their funds.
Centralized exchanges have become a lucrative target for hackers as funds are located in only a few locations. As a result, many users have lost funds due to large scale exchange hacks. For example, last year cryptocurrency exchange Binance lost over $40M in a hack.
Despite the security vulnerabilities, centralized cryptocurrency exchanges continue to dominate crypto markets.
How cool is it that everyone, not just engineers, can now launch their own crypto exchanges on WordPress using the plugin our team builtTim Draper
The biggest problem with decentralized exchanges is accessibility. Centralized exchanges are lucrative to crypto newcomers as they offer ease of use to users while DEXs appear to be complicated. As a result, many crypto traders do not consider alternatives, even if the alternatives provide better security.
With the ability to use a decentralized crypto exchange through WordPress, it will easier for users with limited crypto knowledge to trade using a DEX. With the plugin users will not have to register for a DEX as everything is done through the plugin.
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