Pardon my ignorance, but I’m trying to understand the basics of decentralised exchanges.
In the screenshot below, I see that any unstacked tokens of mine would be either in my wallet, either in the exchange vault. I’ve used other DEXs before; they work similarly.
This is what I don’t understand : how are funds decentralised if they’re in an exchange vault ? Is this exchange vault a unique wallet of its own ? If so, it would be a target as much as Binance’s wallets, wouldn’t it ?
Moreover I like using exchanges, but I don’t like going through the hussle of knowing whether airdrops related to my tokens will be supported and distributed by the exchange. If my funds in order are in NEX’s vault, it means they’re not in my wallet and thus I am not guaranteed to received airdrops and gas. Am I missing something ?
Hi, good question! All your coins except two will be in your own safe wallet:
Staked coins: If you stake your coins they will be sent to a smart contract that will lock your tokens up for the amount of time specified.
Orders: if you have open orders on the exchange they will be in the safe exchange wallet (since NEX is operating as a Blockchain/Graph) so when you place an order you will do that through a transaction.
So in the event of an hack ONLY the open orders could be vulnerable.
In the first while of the exchange they will not be decentralised already and that will happen over time, because of the “nodes” (matching engines) on the network in the future that program will be for everybody and so make it decentralised.
Would be an exciting development maybe that will allow us to stake our coins and still receive an airdrop???
Perhaps the ‘Exchange vault’ is just a name for a non-trading like wallet thats connected to the Exchange for easy transfer to the trading wallet.
This way you never accidentally use the funds for orders.
As long as you’re the only one that knows the privatekeys i don’t care how they call it.
Also keep in mind that this screenshot is not of the finished product and features can be added or removed or renamed.
