Let’s talk Totle, a DEX aggregator that will Totle-y step up your cryptotrading game! All puns aside, this multi-exchange interface app is consistently shattering my expectations.
I have personally been giving feedback to the team behind Totle (great group, some of the best in the game) and playing around with the beta version for the past few months. In that time, I have watched a great team turn a concept from dream to reality, with each iteration being a major improvement over the last.
So, what makes a “DEX” so much better than a “CEX”? Well, the answer is simple…decentralization. The exchange itself uses a distributed ledger. A DEX is supposed to be as close to a peer-to-peer transaction as possible. There should be nothing needed for the trade to happen other than funds, wallet addresses and some minor network/exchange fees. This cuts out the “middle man” wallet concept that all current centralized exchanges are using. It also eliminates the need for any personal information to be exchanged. A true p2p deal can be tricky to do online, as it would normally require trust….but thankfully we have smart contracts.
Smart contracts are powerful but can also be difficult for the new user to interact with. Not only that, but to then go and compare prices on each separate exchange would drive anyone a bit mad.
Totle beta demo in action
The demo above really demonstrates just how slick the UI is and how easy it is to change token allocations in your chosen wallet. What we don’t see is the Totle smart contract going to work behind the scenes, searching and finding the best prices for your trades across multiple DEX’s, including Bancor, Airswap, Kyber, EtherDelta, and other 0x exchanges. Having such a large order book to pull from means your trades are near-instant and the best price at the time of order.
By launch time, Totle should have plenty of other DEXs to list here
What really stands out when trading with Totle is the Ledger/Trezor integration and just how smoothly it works. Not only can you trade directly through Metamask, you can choose to trade right from your connected Ledger or Trezor hardware wallet. What this means is, rather than having a separate wallet that your exchange of choice holds for you, your funds are always within your control (until you submit a trade order of course, then the Smart Contract takes over). Knowing my funds are safe in MY wallet is a big deal to me, and should be to everyone!
No matter your choice, Totle never has your private keys
In conclusion, come ride with Totle to the moon!
Totle provides tools that should help you to successfully trade on decentralized exchanges through a safe, well developed app. To find out more check out the links below, sign up for the beta, and definitely come join the Telegram chat to connect with the devs and community!
Credit - David Schiller
Twitter - @DemCrypTho