The first cryptocurrency exchange started its operations in March 2010 . Ever since, the cryptocurrency exchange ecosystem has grown rapidly with over 500 active exchanges helping crypto users to buy, sell and hold cryptocurrencies. Available exchanges have little product differentiation and are centralized platforms. Centralized means as a user of cryptocurrencies you trust and engage services of a third party to monitor all your transactions as well as hold the digital assets on your behalf. It should be a concern if a user stores funds in a centralized entity as this compromises its security because such exchanges are vulnerable to cyber-attacks such as hacking. In the event of hacking users not only lose their funds but also personal information because centralized exchanges will always request users to verify identity by giving their personal information. For instance, in 2018, Coincheck a centralized crypto exchange was hacked and at least $500 million funds in crypto stolen by the hackers . Further, more than $11 billion in cryptocurrency have been hacked between 2011 and 2019 . Evidently, centralized exchanges have contributed to the growth of the cryptocurrency ecosystem by introducing more people to digital assets. However, these platforms continue to aid loss of user’s funds because of weak security and infrastructure systems. Concerns and issues with centralized exchanges has led to development and innovation of decentralized exchanges and ecosystem. Fundamentally, the decentralized ecosystem is growing rapidly more so, decentralized finance (DeFi) because of ability to use smart contracts to develop finance products and eliminate the need for third parties or middlemen. For instance, decentralized exchanges are increasingly becoming popular owing to their feature of allowing users to have control over their funds. Building a decentralized exchange eliminates the worry of hacking or other cyber-attack concerns. Satoshi Nakamoto developed Bitcoin with the aim of empowering people to exercise own control over their wealth and improve financial inclusion. Similarly, decentralized finance products bolster ethos of empowerment and decentralization. Peacock Finance plays an important role within the decentralized finance ecosystem with its decentralized exchange. It is a platform seeking to solve imminent industry challenges while giving its users security, transparency and control over their funds.
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