KNOW YOUR DEX
Compass in the world of decentralized exchanges
Created on 21st October 2023
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KNOW YOUR DEX
Compass in the world of decentralized exchanges
The problem KNOW YOUR DEX solves
- Lack of Transparency: Many DEX platforms lack transparency in terms of their operations. We plan to dig up especially on the fee structures.
- Fragmented Information: Information about different DEXes is scattered across various sources. We have made one platform to know about all the dexes and use AI to analyse the news and provide us with ideas on each dexes and also on its reputations.
- Inadequate Metrics: The absence of standardized performance metrics and comparison tools makes it difficult for traders and investors to assess the reliability, liquidity, and efficiency of different DEX platforms. We are making a single reputation ranking system. Ranking different dexes on the basis of various factors like public perception, reviews of customers and their fee structures.
- Risk Assessment: Without a dedicated platform for evaluating DEXes, users may struggle to assess the potential risks associated with smart contract vulnerabilities, security breaches, and operational shortcomings. Here, people can view others reviews on a particular dex.
- Missed Opportunities: Traders may miss out on profitable opportunities because they cannot quickly and confidently choose the best DEX for their specific needs.
- Market Fragmentation: The absence of a unified platform for DEX reviews and comparisons contributes to market fragmentation, hindering the growth and development of the decentralized exchange ecosystem.
- Bad Financial Model: Absence of good revenue model for such platforms. Our financial model is such that user can sign and visit a dex. Then, a transaction is mined, proving that it is from our platform, he visited the dex and we can claim some fees. Other screening platforms will always have to depend on one single exchange for their sustainability.
- Trust and Transparency: All our contracts and funding wallet addresses are going to be public.
Challenges we ran into
Challenges We Encountered:
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Fetching DEXes Data: One of the initial hurdles we faced was gathering data from various decentralized exchanges (DEXes). To overcome this challenge, we integrated data from three prominent DEXes, providing a more robust dataset for comparison.
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Smart Contract Signing Issue: We encountered an issue with smart contract signature verification, leading to verification failures within the smart contract ecosystem. We addressed this problem by modifying and improving our verification procedures, ensuring the integrity of the contracts.
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Creating a Ranking System Using AI: Implementing an AI-based ranking system presented its own set of challenges. AI rate limiting affected our system's efficiency in providing real-time rankings. We tackled this challenge by optimizing AI algorithms, enhancing our infrastructure, and implementing rate-limiting strategies to maintain system stability while providing timely and accurate rankings.
Tracks Applied (1)
Beginner: C-Chain EVM Track
All our smart contracts are deployed on the Avalanche Fuji test net.Avalanche
Technologies used
Cheer Project
Cheering for a project means supporting a project you like with as little as 0.0025 ETH. Right now, you can Cheer using ETH on Arbitrum, Optimism and Base.