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Radex: Insider Preview

The brand new zero fee decentralized exchange for Ethereum tokens. The first decentralized exchange for ERC223 token standard. Read more to find out how it looks like, how the market making bonus works, what features it has and what the transaction fee structure looks like.

Overview

While we're still putting the final layers of polish on the look and feel of our new exchange we're happy to share the current design with Rados community.

User interface of Radex

Radex is optimized for use with MetaMask, Brave Browser and Mist. If you're not sure which one to choose you can follow this guide to help you get up and running in no time.

In the top right corner you can see the status of your connection to the Ethereum blockchain - your Ethereum wallet address, latest sync'ed blockchain block number and the timestamp of the last update.

All functionality is grouped into concise tables that each serve a clear and distinct purpose. The balance is in the top left corner - you can instantly see how much of ETH and STN you have in your wallet, deposited in the exchange, or locked into orders that you've created.

Click Deposit to fund your exchange balance

Clicking Deposit creates a pop-up in which you can enter the desired amount of STN or ETH you'd like to deposit on the exchange.

Once you've deposited your funds you are ready to trade on Radex. There are two ways to go about it. You can either create an order and become a market maker, or you can trade against a created order and become a market taker.

If you want instant liquidity you can trade against an already open order by clicking Buy or Sell next to the order that you like. If you do decide to go this route you'll have to pay a small fee of 0.1% of the amount of purchase. Unlike other exchanges like Poloniex, GDAX or EtherDelta we do not take this fee to ourselves. Instead this money goes to the person who created the order on Radex as a reward for bringing liquidity to the market. At the end of the day, it was that person that created a service for you - they got on Radex and created an order that you could instantly use, and it's only fair that you leave them a small tip.

Click Buy or Sell in order to trade against open orders

If you want to earn money doing market making on Radex you'll want to create orders at a price that people will find fair and will want to trade for. When somebody buys a part of your order you will receive 0.1% of their purchase back as a reward for providing liquidity. For example, if you create a Buy order to purchase 1000 ETH worth of tokens you will receive 1 ETH back once the order sells out.

You do not get the 0.1% market maker bonus if nobody wants to trade against your order, so make sure you set a competitive price.

Click Create Order in order to become a Market Maker

When you are done trading click the Withdraw button in order to transfer funds back to your wallet.

Security

Radex smart contract has 100% branch test coverage

Storing cryptocurrency on Radex is as safe as in your wallet. Radex does not have a server that can be hacked to access the funds - it is a smart contract which we've went to great lengths to test and secure. The only person who is able to withdraw your funds from Radex is you.

We will be formally opensourcing the smart contract of Radex in the upcoming week. Make sure you follow our Github if coding or reading Solidity code is your cup of tea. In the meantime you can explore our smart contract on etherscan.

Ethereum transaction fee structure

Even though we, the creators of Radex, do not take any fees for using the exchange, due to the decentralized nature of the exchange you will still have to pay ethereum transaction fees. So how much will it cost?

According to EthGasStation the recommended Ethereum gas price is 1 Gwei. Using this number we can calculate how much money each action on Radex will cost you in practice. I'll link to actual Ethereum transactions so you can confirm these numbers for yourself. Note that these numbers are fixed and identical for everybody, they do not change depending on transaction amount. If you plan to trade large volumes you might not even notice these transaction fees.

Deposit ETH - 29948 gas used - $0.014

Deposit STN - 50930 gas used - $0.024

Create Order - 151560 gas used - $0.071

Trade - 53626 gas used - $0.025

Withdraw ETH - 38386 gas used - $0.018

Withdraw STN - 51070 gas used - $0.024

These are the lowest fees of any cryptocurrency exchange that currently exists.

Happy trading!

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