https://github.com/sabelomkhwanzi/defi_dexswap
A decentralized exchange (DEX) is a cryptocurrency exchange that operates in a decentralized way, without a central authority.
https://github.com/sabelomkhwanzi/defi_dexswap
chakra-ui ethereum javascript nextjs react solidity truffle-framework typescript vercel web3js
Last synced: 2 months ago
JSON representation
A decentralized exchange (DEX) is a cryptocurrency exchange that operates in a decentralized way, without a central authority.
- Host: GitHub
- URL: https://github.com/sabelomkhwanzi/defi_dexswap
- Owner: SabeloMkhwanzi
- Created: 2021-10-16T23:41:50.000Z (over 3 years ago)
- Default Branch: main
- Last Pushed: 2022-12-18T22:08:34.000Z (over 2 years ago)
- Last Synced: 2025-01-18T03:12:01.673Z (4 months ago)
- Topics: chakra-ui, ethereum, javascript, nextjs, react, solidity, truffle-framework, typescript, vercel, web3js
- Language: JavaScript
- Homepage: https://defi-dex-swap.vercel.app/
- Size: 431 KB
- Stars: 0
- Watchers: 2
- Forks: 2
- Open Issues: 0
-
Metadata Files:
- Readme: README.md
Awesome Lists containing this project
README
# defi_DexSwap - Fixed Exchange Rate (DEX)
#### A decentralized exchange (DEX) is a cryptocurrency exchange which operates in a decentralized way, without a central authority. Things change quickly in the crypto space, and decentralized finance (DeFi) is a current trend — it's an exciting space to be, undoubtedly. If you're still unaware, let’s dig a little deeper into DeFi and learn more about it.
## Decentralized finance (DeFi) explained
#### Short for decentralized finance, DeFi is an umbrella term for a variety of applications and projects in the public blockchain space geared toward disrupting the traditional finance world. Inspired by blockchain technology, DeFi is referred to as financial applications built on blockchain technologies, typically using smart contracts. Smart contracts are automated enforceable agreements that do not need intermediaries to execute and can be accessed by anyone with an internet connection.
#### DeFi consists of applications and peer-to-peer protocols developed on decentralized blockchain networks that require no access rights for easy lending, borrowing, or trading of financial tools. Most DeFi applications today are built using the Ethereum network, but many alternative public networks are emerging that deliver superior speed, scalability, security, and lower costs
## How did DeFi get its start?
#### Humans bartered initially for goods and services. But, as humans evolved, economies evolved: We invented currency to make it easier to exchange goods and services. Subsequently, coins helped usher in innovations and created better levels of economies. However, progress comes at a cost.
Historically, central authorities have issued currencies that underpin our economies, which eventually gave them more power as more people began to trust them. However, trust has been broken from time to time, which makes people question the centralized authorities' ability to manage said money. DeFi was developed based on the idea of creating a financial system that is open to everyone and minimizes the need to trust and rely on a central authority.
## DeFi protocols and how they work
#### DeFi has grown into a complete ecosystem of working applications and protocols that deliver value to millions of users. Assets worth over $30 billion are currently locked in DeFi ecosystems, making it one of the fastest-growing segment within the public blockchain space.
* DeFi lending and borrowing - DeFi gave finance a new direction by enabling lending and borrowing. Widely regarded as ‘Open Finance’, decentralized lending offered crypto holders lending opportunities to gain annual yields. Decentralized borrowing allowed individuals to borrow money at a specific interest rate. The aim of lending and borrowing is to serve financial service use cases while fulfilling the needs of the cryptocurrency community.
* Decentralized exchanges -
Decentralized Exchanges (DEx) are one of the essential functions of DeFi, with the maximum amount of capital locked compared to other DeFi protocols. DExs allow users to exchange or swap tokens with other assets, without a centralized intermediary or custodian. Traditional exchanges (centralized exchanges) offer similar options, but the investments offered are subject to that exchange's will and costs. The extra cost on each transaction is another negative aspect of CExs, which DExs address.
## How does it work?
#### UniSwap today offers three functionalities: Swapping tokens, adding liquidity, and removing liquidity.
* Swapping tokens
1. Users are required to create an account on Metamask to utilize this service.
2. nce a Metamask account is created, users can select tokens they own to swap for another type of cryptocurrency.
https://defi-dex-swap.vercel.app/
### Features
:zap: Fully Responsive\
:zap: Web application framework - Next.js\
:zap: Solidity development environment - Truffle\
:zap: Morials - Metamask Authentication\
:zap: Ethereum Web Client Library - Web3.js\
:zap: fontend design - Chakra UI\
:zap: Host\Deployment - Vercel
### Lesson learned on this project
* Using Solidity to build two smart contracts - ERC20 Token contract and a Swapping smart contract to exchange Token.
* Using Web3.js to connect the UI with blockchain.
* Deep understanding of React-next.js and TypeScript.
* Using Chackra Ui to build the UI - Coolest React UI framework.
### App Section
:arrow_forward: Home Page - Swap\
:arrow_forward: Chart
### Setup
#### To run this project, Install using npm:
```
$ git clone gh repo clone SabeloMkhwanzi/defi_DexSwap
$ cd defi_DexSwap
$ npm install
$ npm run dev