Bithumb, top-2 crypto exchange in South Korea, inaugurated its new decentralized platform on October 15. The grand opening is followed by free transaction-fee period and airdrop.
According to the website of the project, trading will be commission-free for one month. However, they will have to pay the fee for the Ethereum network. The commission-free period is said to be October 15-November 15.
The decentralized trading platform Bithumb DEX is based on R1 protocol and was developed in cooperation with ONEROOT. In general, such exchanges are believed to provide higher security level as compared to the centralized ones, as all funds are kept in smart contracts and managed by the users.
"In comparison with centralized exchanges, DEX’s assets are stored in smart contracts and independently controlled by users. Even if the exchange is attacked, there’s no risk of asset loss, which greatly improved security," said ONEROOT company in its press release.
As the press release reads, the R1 protocol will separate processes of comparison and execution of the orders on the platform – comparison will be carried out beyond the blockchain, which boosts the transaction processing. Moreover, with this protocol the exchange will "share order data and liquidity with all R1-based exchanges, providing users with better trading depth and higher asset liquidity."
Bithumb also plans an airdrop of 500 ETH ($100,000). The event is slated to last 15 days beginning from October 15.
According to the exchange website:
"Coins will be distributed to the top 1000 traders who have traded for two weeks. The trader must trade more than 1 ETH worth in trade volume for one of the following coins (DENT, INS, POA20, RNT, WTC) to qualify for the event."