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Money On Chain Rolls Out Decentralized Token Exchange Based on Bitcoin Layer 2

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Wed, 11/25/2020 - 13:31
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Yuri Molchan
Money On Chain launches a decentralized exchange based on a Bitcoin smart contract sidechain called RSK to expand Bitcoin-based DeFi
Money On Chain Rolls Out Decentralized Token Exchange Based on Bitcoin Layer 2
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As was shared with U.Today exclusively, Money On Chain is launching a new decentralized token exchange (TEX) that uses Bitcoin Layer 2 RSK as its basis.

The launch of the platform will contribute to the further expansion of the Bitcoin-based DeFi based on RSK tech.

New decentralized TEX from Money On Chain

The token exchange runs on a trading mechanism that changes the value of the assets twice a day. Orders here are not executed instantly, but they occur on ticks every few minutes.

Their frequency depends on market activity. Orders placed by users in the order book can be canceled at any minute.

Money On Chain's cofounder, Max Carjuzaa, has stated that the exchange and its decentralized book order enable a transparent process of price discovery and a secondary market for tokens.

The exchange provides two types of orders: Limit Order and Market Maker Order.

The TEX is an important piece of the Money On Chain protocol. The decentralized order book ensures a fair and transparent price discovery process and establishes a secondary market for tokens.

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Bitcoin-based stablecoin DOC

Money On Chain's website shows that the company has the goal of finding a way around Bitcoin's volatility. Thus, it has launched two separate tokens for its users: Bitcoin-backed stablecoin DoC (Dollar on Chain) and the BPro token.

The Dollar on Chain stablecoin is secured by Bitcoin miners, and its price is pegged to the value of USD.

Both coins allow users to conduct BTC-leveraged trades.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.