HPB-MyTrade Interview Series #1
This is the first interview series #1 among the two cofounders, Jason from HPB and Kris from MyTrade.
HPB: Please briefly introduce MyTrade.
Kris: MyTrade is the first decentralized exchange based on the HPB MainNet that aims to inherit the superior user experience of centralized exchanges. MyTrade’s innovation lies in integrating both an order book and an automated market maker (AMM) together to ensure asset security, trading liquidity and user-friendliness.
HPB: Why did your team choose to build a DEX on the HPB public chain instead of Ethereum or other public chains?
Kris: The gas fees on the Ethereum network are high and it is easily congested. Other public chain ecosystems and support are not perfect so the barrier to entry for users is high. MyTrade runs on the HPB main network with extremely low gas fees and much higher TPS than Ethereum. The account system is exactly the same as Ethereum which means that users can use mainstream wallets, such as MetaMask, to connect with MyTrade without downloading new wallets or apps. This simplicity helps users eliminate the hassles of generating a new address and saving new private keys, making it convenient for existing mainstream Defi users to migrate to MyTrade.
An order book allows users to place orders at a specified price, but it is difficult to establish a trading depth comparable to mainstream AMMs. AMMs have good trading depth, but do not allow users to place limit orders. MyTrade combines the advantages of both an order book and an AMM. There are also many other products on the market that see this pain point, but they have high gas fees due to the complexity of the smart contract logic of integrating an order book and an AMM, especially in scenarios where a large order needs to interact with order book orders and a liquidity pool back and forth multiple times. This will result in higher taker fees that exceed the acceptable range of most traders and this is the main reason why integrating an order book and an AMM has been a challenge for traders to adopt. MyTrade runs on HPB, a high-performance public chain. Our team has optimized the smart contract logic of integrating an order book and an AMM, so that the same transaction on MyTrade costs only a fraction of that on the Ethereum network.
HPB: In summary, what are the unique advantages of MyTrade compared to other DEXes?
Kris: MyTrade has three advantages over other DEXs
• MyTrade combines the advantages of an order book and an AMM, while achieving low gas fees for smart contract transactions.
• Retains the advantages of DEX and creates a trading experience that is close to mainstream centralized exchanges that most users are familiar with.
• Defi users can use MyTrade with existing mainstream wallet Metamask and existing ETH accounts
HPB: What do you see MyTrade becoming in the future?
Kris: We hope that MyTrade can become the top choice for crypto traders on DEXs in the future. We have a long road ahead of us. If you have any feedback on our DEX, please find us on our Telegram group @MyTradeGlobal.
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