Number of decentralized exchanges (DEX) in South Korea is on rise due to continuous hacking incidences on cryptocurrency exchanges. DEX eliminates a central server, which is not a safe zone for customers’ assets, and makes transactions between participants possible.
According to industries, Axiom is planning to launch EOS-based DEX called ‘EOSDAQ’. It is hoping to launch EOSDAQ in October after going through a beta-test in September.
It attracted initial capital worth $706,000 (800 million KRW) from Chain Partners, which is the biggest blockchain accelerator in South Korea and had participated as a BP (Block Producer) of EOS under a name ‘EOSYS’.
“We have decided to invest into EOSDAQ after believing that it can be a global DEX within an EOS ecosystem.” said CEO Pyo Cheol-min of Chain Partners.
DEX selects P2P (Peer to Peer) transaction method based on Smart Contract. Because it does not have a central server that stores customers’ private keys and cryptocurrency assets, it is much safer from cyber threats.
When an Israeli DEX called ‘Bancor’ was hacked last month, its customers’ assets were remained safe from the attack.

Photo Image
<Director Kim Sung-bae of Axiom is explaining South Korea’s first EOS-based DEX called EOSDAQ.>

Global exchanges are also preparing DEX. Bitfinex established ‘EOS Finex’. Binance and Huobi also announced similar plans. Dunamu, which operates Upbit, invested into Allbit.
As an ecosystem for third-generation cryptocurrency called ‘EOS’ is starting to be formed, cryptocurrency ecosystem is being shifted from Ethereum to EOS. Unlike Allbit that is based on Ethereum’s sidechain, EOS Finex, EOSDAQ, and DEX EOS are based on EOS.
Biggest strength of EOS is its transaction speed as its transaction speed per second is 3,000 TPS on average compared to that of Ethereum which is 20 TPS on average.
EOSDAQ can also support transactions involving EOS-based tokens. Although EOS was issued as Ethereum (ERC-20)-based token initially, it has emerged as single platform after introducing its Mainnet. Actually, EOS-based tokens such as coding education platform ‘Carmel io’ and others are starting to make their appearnces.
“TPS of EOSDAQ will be about 200 times faster than that of DEX based on Ethereum.” said a representative for Axiom. “It will provide similar speed as current centralized exchanges.”
Staff Reporter Ham, Jihyun | goham@etnews.com