On December 4th, 2023, Genius Yield announced the transition of their Decentralized Exchange (DEX) from an alpha testnet to a fully public testnet. This unveiling has generated considerable excitement considering the years dedicated to developing this innovative decentralized exchange. In this article, we will explore Genius Yield, the pivotal launch of their public testnet, and delve into the intricacies of their DEX.
The Genius Yield DEX, now accessible to the Cardano Community, introduces users to a range of features for testing purposes. Notable functionalities include Limit Order Swaps, Market Order Swaps, and Token Staking. One distinctive feature is the fully functional built-in Order Book. Clicking the “Order Book” button on the swap page reveals all available orders, enabling direct interaction by selecting the “Buy” or “Sell” button on each order. This empowers DEX participants to make informed decisions based on their preferred price and quantity.
On the Token Staking page, users can deposit tokens, although the unstaking functionality is not yet available on the public testnet. Additionally, exciting features such as Yield Farming are on the horizon, promising further experimentation and testing opportunities.
Limit Order vs Market Order
The public beta of the Genius Yield DEX has two types of swaps — Limit Order and Market Order. Understanding the distinction between these two order types is crucial for users navigating the DEX environment.
Limit Order: This trading order type allows users to specify a particular price at which they want to buy or sell an asset. Execution occurs only if the market reaches the specified price, providing users with control over the trade’s execution.
Market Order: In contrast, a market order is a trading instruction to buy or sell an asset immediately at the prevailing market price. Prioritizing speed, a market order ensures prompt transaction completion, even if the final price may differ from the current market quote.
Where can I try out the Public Testnet?
To experience the Genius Yield DEX Public Beta, users must first switch their wallet to the Prepod network before requesting Testnet Ada [here](insert link). Once prepared, head to https://testnet.geniusyield.co/ to explore the public testnet. Ensure your wallet has collateral set, and then connect it at the top right of the DEX to initiate swaps.
More About Genius Yield
Genius Yield stands as an All-In-One DeFi Platform on the Cardano blockchain. For a deeper understanding, visit https://testnet.geniusyield.co.
The transition of Genius Yield’s DEX to a fully public testnet marks a pivotal moment in the journey of decentralized finance on the Cardano blockchain. As users explore the innovative features, test various functionalities, and anticipate upcoming developments like Yield Farming, the Genius Yield DEX promises to be a key player in shaping the future landscape of decentralized exchanges on the Cardano blockchain. The public testnet serves as a crucial testing ground, inviting users to engage with and contribute to the evolution of Genius Yield’s Decentralized Exchange.
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