Decred announces DCRDEX 0.6 with support for Ethereum and USDC swaps

Decred (DCR), designed to offer an autonomous and decentralised privacy maximizing currency, has announced the release of DCRDEX 0.6.

DCRDEX 0.6 is the latest version of Decred’s decentralized exchange (DEX) platform that improves on previous iterations by introducing direct peer-to-peer (P2P) cross-chain swaps.

Decred adds support Ethereum and USDC swaps

According to a press release Decred shared with Invezz, DCRDEX 0.6 removes the need for intermediaries, bringing to users more privacy and security. The release also now offers access to privacy-enhanced cross-chain compatibility.

Brian Stafford, Blockchain Developer at Decred, commented:

“With centralized exchanges experiencing frequent hacks and outages, DCRDEX 0.6 is a timely and crucial development in the world of decentralized finance…This latest release demonstrates that users can still exchange their funds without compromising the key principles of security, privacy, and self-custody.”

DCRDEX 0.6 supports direct swaps for new assets in Ethereum and USDC, meaning holders can swap for other assets in a peer-to-peer environment that eliminates the need for an intermediary, utility token or such other third-party arbitration.

Users can thus enjoy full self-custody with direct and secure P2P swaps for Ethereum and other L1 chains, including Bitcoin (BTC) and native Decred token DCR. DCRDEX 0.6 also supports native wallets for top altcoins Litecoin (LTC) and Bitcoin Cash (BCH).The wallets leverage the same privacy-preserving light wallet technology used for bitcoin and DCR wallets.

Decred removes registration fees for DEX users

In an effort to foster a fully decentralised DEX platform, Decred has introduced “time-locked fidelity bonds.” This means there’s no more registration fee – an initial deposit that users needed to post before they could post orders.

Fidelity bonds allow for funds to remain on-chain for a period, with users able to redeem once the lock period expires. The bonds will only be spendable by those who post them, a feature that could enhance Decred’s push for a fully decentralised DEX platform.

DCRDEX’s latest version eliminates rent-seeking mechanisms with transactions just between user’s assets and respective chains.