What Are Cryptocurrency, Blockchain, and DEX Exchanges? A Beginner’s Guide
When you first hear the word "cryptocurrency," you may wonder, what is it? Cryptocurrency is a unique type of digital money that operates on blockchain technology.
To understand this better, let’s take the example of STON.fi, an advanced cryptocurrency exchange based on the TON blockchain.
Here are its key features: Low fees and minimal slippage: Thanks to the TON blockchain's efficiency, the platform ensures nearly zero fees and low slippage during trading. User-friendly interface: STON.fi offers an easy-to-use interface that integrates directly with TON wallets, making cryptocurrency trading convenient even for beginners.
Cross-chain functionality: The platform supports exchanges across different blockchains without requiring trust in intermediaries, broadening users' opportunities in decentralized finance (DeFi). Decentralization: The platform does not have access to your funds or require personal information, ensuring complete user control over assets.
Automation: As an Automated Market Maker (AMM), STON.fi uses liquidity pools and algorithms to determine token prices, providing an efficient and automated trading process. STON.fi also has its own token, STON, available for trading on various decentralized and centralized exchanges. The most active trading pair, STON/TON, is on STON.fi (V2), where the 24-hour trading volume recently reached $52,571.36.
To use a DEX, users need a wallet compatible with the blockchain the exchange operates on. In the case of STON.fi, it’s the TON blockchain. Once a user has a wallet with tokens, they can easily create an order to exchange supported cryptocurrencies. Orders automatically go into the liquidity pool and are executed without any user intervention. All you need to do is select the token you want to exchange and the token you want to receive, and the transaction will happen automatically! On STON.fi, this can be done in the SWAP section.
