What is Dexlab?
DXL Token Price
Launched officially in the summer of 2020 by Dennis Lee and Ray, and since then they have been growing as a team, building useful tools in the Solana blockchain space for over a year. Choosing Solana as the blockchain network to build their infrastructure upon is as a result of it being one of the very few blockchain protocols capable of processing a very high number of transactions per second (50,000 tps) and with a fee of about $0.00025 for the average transaction performed.
By leveraging the Serum on-chain central limit order book on Solana mainnet, Dexlab has been able to build a user-centered product that is very useful for the Solana ecosystem.
What is a DEX?
A Decentralized Exchange (commonly called DEX) is a platform built on top of a blockchain protocol that is used for trading digital assets in a trustless and permissionless manner. Even though a decentralized exchange requires no intermediary to function, it fosters a secure peer-to-peer trading between users.
Users can trade any digital asset that is on a DEX provided there is liquidity for what they wish to trade. Some common decentralized exchanges are Uniswap on Ethereum, Serum and Dexlab on Solana.
Trade on Dexlab
In the Trade section of the DEX, users can view the chart and see some information about the pair of assets they want to trade with. The chart gives a trader the historical trend that has happened on that particular cryptocurrency. The user that would like to take advantage of trading must learn how to read the chart, price actions etc. They should understand it and make financial decisions based on those charts.
Swapping is another form of trading cryptocurrencies but this type is very simple, speedy and less technical than trading them as shown above in the Trade section. This is a simplified way to exchange one cryptocurrency token with another, i.e., “Swap” is through the Swap feature that is available on Dexlab.
In the image below, the balance of the COPE token on the wallet is 505 and I chose to swap it to 801 USDC. If you have selected the tokens you want to swap, click the swap button and approve the transaction in your wallet.
The chart below shows you the recent performance (in terms of its price action with time) of the token you are trying to swap.
Dexlab offers an interface that can be used to manage wallet tokens. From this Interface provided, a user can easily get their token balance and the address associated with the token. If the user has opened a trade with a token inside the wallet, it will appear under the “Open orders total balance” and if a trade has been executed but the tokens sold or bought has not reflected in the wallet, it will show in the “Unsettled Balances” section.
List Your Market
This is an avenue for users to create a market ID on the Serum Decentralized exchange.
You can now proceed to adding the market you have created to the Dexlab protocol for trading.
The analytics section shows various price action, trends, and the data received from the Solana blockchain network in a user-friendly manner. Compare to other Analytics platforms on Solana, Dexlab isn’t the very best, but the data found in the dashboard is useful nevertheless.
You can select the market from the list of tokens on Dexlab (which also means the token whose price action you want to study).
As described in the introduction, DexLab offers a way to create Solana SPL tokens with ease. Normally, a token is created and managed on Solana blockchain with the Command Line Interface (CLI) tool. But this tool is not really user-friendly and convenient to use.
Many projects end up hiring a developer to help them create a token, but did you know that this is an unnecessary step?
With the advanced Graphical User Interface and easy-to use design of their token minting framework, it’s never been easier to create your own tokens on Solana. The interface is friendly for people who aren’t even knowledgeable about coding!
All you need now are some ideas – either original or based off other projects like NFTs (non fungible tokens) that already exist in this ecosystem.. And with dexLab’s tools at hand; creating new smart contracts becomes effortless because all adjustments can be made remotely without having any Line Of Credit nor worrying about transactions getting stuck during crowdsale periods
Since the launch of the Minting Lab, there has been over 1,000 tokens issued through the platform.
Apart from the possibility made available through the token minting lab, there is also an avenue to implement smart contracts easily in the program being built.
To mint a token, you will have to create an account with Dexlab to start with the token minting process.
Initial DEX Offering (IDO)
An Initial DEX Offering platform is an avenue developed for launching new crypto tokens and for raising liquidity for these projects that are still at inception. This can also be called crowdfunding. A process where people deposit their tokens (SOL or USDC for example) for these projects. In return, they get to receive tokens from the project that is proportional to the amount they have contributed to the funding pool as specified by the project.
By providing an IDO platform, Dexlab has made available to users a way to invest in upcoming projects. Funding projects before the development of IDO processes was only in the reach of Venture Capitalists but now, anyone can participate.
With an Initial DEX Offering, projects that created their tokens through the help of the Minting Lab can further make use of this platform to publicly issue their tokens. This is an easy way to list their project and get their community to trade their token that was issued.
Some examples of projects that launched under the Dexlab platform are Sypool Standard and Blocto Standard.
DXL Token on Solana
Dexlab launched their token on the 31st of July, 2021 with the name “Dexlab Token” and “DXL” as the token ticker. The following is the tokenomics of the Dexlab Token:
- Total Supply: 1,000,000,000
- Initial Price: $0.02
- Hard Cap: $20,000,000
|Allocation Purpose||Percentage||Lock Details|
|Mining Pool & Rewards||19.5%||(3 months lock, 2 years linear schedule)|
|Marketing & Community||15%||(2 years linear schedule)|
|Development Incentives||15%||(3 months lock, 2 years linear schedule)|
|Ecosystem Reserve||15%||(3 months lock, 2 years linear schedule)|
|Team||10%||(1 year lock, 2 years linear schedule)|
DXL is available for trading on the Dexlab Trading platform.
By building some software solutions that can be accessible by others in the space, Dexlab offers developers the opportunity to utilize the infrastructure that has already been built by them. This is a Public API that provides access to some functions that has been developed by Dexlab.
To foster easy access of trading information that is available on the Solana blockchain, Dexlab has provided a REST API and some Software Development Kits (SDK) that developers can connect their applications to which will give them access to on-chain information.
With time, developers can expect to see more tools released by Dexlab to help make development and access to information easier.