Lake Trade is a new trading platform based on the 0x protocol. The Relayer aims to differentiate itself from the competition with a more intuitive design, free trading and a clear vision of an open financial system.
Lake Project launched its first product in a medium article on November 15 with Lake Trade, a decentralized trading platform. Lake Trade is based on the 0x protocol. The open source protocol enables the operation of distributed crypto exchanges for the exchange of ERC20 tokens. Smart contracts and so-called “relays” are used; the latter manages the order books and help users of the exchange to execute orders. Lake Trade is such a relay and thus benefits from the entire liquidity of the 0x network.
How does Lake Trade want to stand out?
Since there are now some relays for the 0x protocol, the question arises how Lake Trade wants to stand out from all the other competitors. According to Product Owner Mathew Chan, an important unique selling point is the intuitive design and user-friendliness of the platform. In addition, trading on Lake Trade is free of charge, as the company believes that transaction fees would only inhibit the development of decentralized exchanges. Instead, the company plans to use additional features to earn money in the future.
The big vision: “Finance 2.0”
Lake Trade is just one of many tools and features designed to help the company implement its vision of an open peer-to-peer financial system. Tools are already being planned to improve the user experience in trading and portfolio management. For example, it will be possible to create tax reports and view market analyses. In addition, the team is already working on a feature that uses artificial intelligence to almost completely automate the selection of crypto assets, the allocation within the portfolio and the continuous rebalancing of these assets.
The team is also aware of the risks involved in operating a decentralized trading platform. As reported by BTC-ECHO on 9 November, the SEC recently imposed a fine on the founder of EtherDelta. The company is, therefore, working closely with the authorities. For example, only utility tokens and no security tokens are listed. Regions in which token trading is prohibited are excluded from using Lake Trades 0x platform.