The Aldrin cryptocurrency is a DEX built in Solana that aims to simplify the digital asset trading process for novice and advanced traders.
Many DEXs in space face problems when it comes to facilitating trades instantly without spending excessively high gas rates to get first in line. Aldrin, built on one of the fastest blockchain networks today, is working to establish a viable alternative for this market.
In this article, we will discuss:
What is Aldrin (RIN) token?
Aldrin Cryptocurrency is a decentralized cryptocurrency Exchange (DEX) built on the Solana network that seeks to simplify the digital asset trading process for both beginners and advanced traders. In the coming days, Aldrin will also launch its centralized Exchange to meet the needs of a variety of traders.
There are over 160 token pairs that can already be traded on the Exchange. The dashboard for traders is also quite comprehensive and informative, with an option for users to review key token data before conducting their trades. Aldrin makes it easy for traders to find a token's website, its trading analysis and other pertinent data about it.
The wallets that can be used to start using the platform can be the Aldrin and Solana wallets like Phantom and Solflare, as well as Ledger, MathWallet and Coin98, among others.
Automated Market Maker
For Aldrin's DEX, the liquidity needed to facilitate trades does not come from a broker or centralized entity. This means that the assets traded on the platform are supported by liquidity pools, that is, accumulated deposit of cryptocurrencies from network users.
Through automated market makers, Aldrin provides a platform for users to trade without the need for third party involvement in the completion of trade calls. It also gives users an additional opportunity to earn from the network by contributing to liquidity pools to earn more tokens as a reward.
But from a more technical point of view, AMMs like Aldrin are backed by smart contracts that perform instantaneous token swaps against available liquidity pools. In these installations, users can choose which trading pairs to provide assets to. This eliminates the need for intermediaries or forex traders to ensure that there will be sufficient liquidity to support trading on the platform.
Ressources
From now on, the platform's accessibility features include spot trading and automated rebalancing. Spot trading allows users to buy and sell multiple cryptocurrencies almost instantly. Automated rebalancing, on the other hand, allows the user to manage their portfolio in order to maintain the trader's desired allocation.
Currently in closed beta are features like futures trading and smart orders. Smart trading on Aldrin DEX will also be enabled in Q4 2021. They are currently working in partnership with Binance to develop their centralized trading platform.
smart order
Smart ordering will give users the ability to automate their trades based on a defined risk and profit parameter. Here, user can set their own trade entry points, stop loss and take profit levels.
Futures Trading
Futures trading allows users to engage in leveraged trading, giving them the ability to profit more from their assets. With futures, the user can expand the size of their positions and execute larger trades to increase their rewards. This is still offered in closed beta, but will be released to more users in the coming months.
Hedging
Hedging, a risk management option, can be done easily on the platform. This is usually done by traders who want to minimize or limit the risk of losses caused by market fluctuations. In Aldrin, you can do this simply by opening a separate hedge account, where you can open hedge positions. This process abstracts the entire strategy of opening new positions, as well as monitoring them.
Why Solana?
With Aldrin aiming to facilitate instant trading, Solana is the perfect fit. The network is supported by over 570 global validators, making it capable of processing transactions securely, quickly and without the risk of censorship. Solana is also a technology that quickly popularized and attracted wide adoption with just an average transaction fee of $0,00025.
Furthermore, Solana is able to facilitate 50.000 transactions per second. With this transaction throughput, Aldrin's DEX can be fully capable of offering instant atomic exchanges.
RIN token
The RIN token is the platform's native utility token. It is used to support the Exchange rewards system and encourage user participation in protocol activities. RIN can also be used by users to participate in the project's governance mechanisms, allowing them to vote on important protocol parameters in the future.
In the future, RIN will implement its Solana-based Automated Market Maker to enable faster trade facilitation. This will also open up the opportunity for users to contribute their assets to sustain Exchange liquidity while earning rewards.
There will also be a rebuy and burn feature once centralized exchange is implemented. This means that RIN tokens paid in transaction fees will be bought back and burned on the market. This is designed to make the token price more sustainable in the future.
Staking
The RIN token can be wagered by users to earn more RIN tokens in return. They will be rewarded proportionately, based on the amount of fees generated by the platform from the user's activities. This is in addition to staker participation in the distribution of all RIN tokens.
Conclusion
Decentralized cryptocurrency trading platforms provide various opportunities for users to buy and sell different digital assets. However, there are exchanges that do not attract many users because of the high cost of their gas fees, such as those based on gas networks. blockchain highly congested. Aldrin offers an alternative, a Solana-based DEX that can process multiple transactions instantly with very affordable fees.
Aldrin is still in development, but it already has many assets on its list. There are more features to look forward to in the coming months. The project is off to a good start, with functions implemented to make it easier for beginners and advanced operators alike to dive into the cryptocurrency market.
