OKX, a crypto trading platform and Web3 business, has rolled out decentralized trading for its customers in the United States, allowing them to trade on decentralized markets via the OKX app.
This form of trading enables users to buy or sell tokens using self-storage wallets, giving them control over their secret keys instead of storing funds on OKX.
According to OKX, this feature provides access to millions of tokens across Solana, Base, and X Layer — the company’s Ethereum layer-2 network built with Polygon’s Chain Development Kit. Trades are processed automatically through smart routing technology that finds the best prices across more than 100 liquidity pools.
OKX also introduced a hybrid solution known as CeDeFi, combining elements of centralized and decentralized platforms. Users can manage trades from a single platform without having to work across different interfaces, which would involve creating wallets and token bridges as well as gas fees for different platforms.
The company said the new experience removes many of the old challenges users faced when using decentralized exchanges. Before, users often had to create several wallets, move tokens across different blockchains, and deal with multiple gas fees. Now, all of that can be done in one place. The system searches more than 100 liquidity pools to find the best trading prices in real time.
According to the company, users can explore decentralized tokens in the OKX app by going to the “Explore” page and selecting the “DEX” section. Once DEX trading is enabled, customers get an automatically generated, self-custody wallet, which is easy to protect by using a passkey instead of a seed phrase.
OKX also took the initiative to advise customers to exercise caution in trading in decentralized markets, as they tend to be volatile and less liquid than normal markets.
The launch comes after OKX settled a $505 million lawsuit brought by the United States Department of Justice earlier this year. It also comes at a time when decentralized exchanges are achieving immense popularity, as decentralized exchange trading volumes broke an all-time high of $613 billion in October, accounting for 20% of total crypto exchange, as per ForkLog.