Gamestar Looks to Dominate the DEX Market with a Unique Cross-Chain Solution
(Photo : Gamestar Looks to Dominate the DEX Market with a Unique Cross-Chain Solution)

As anybody in the crypto world can tell you, crypto exchanges have a controversial history. The first centralized exchanges (CEXs) saw a string of security failures and incidents of fraud that almost destroyed them. Their failures led to the creation of decentralized exchanges (DEXs) that aimed to do better. And in many ways, they have.

But DEXs have some serious shortcomings, too. One of them is that they tend to be tied to a single blockchain. This not only makes them vulnerable to spikes in gas fees and network congestion but also limits the crypto assets they can work with. It's a shortcoming that has hampered DEXs from the beginning - and a problem that's only getting worse as DeFi tokens and NFTs explode in popularity.

And that's where decentralized peer-to-peer trading platform Gamestar hopes to make inroads into the already-crowded crypto trading space. But they're not just another DEX. They're a new cross-blockchain solution that does away with the traditional limitations of DEXs. And not only are they built to handle traditional cryptocurrencies and NFTs, but they even allow users to swap things like video game items and currency, and even gift cards. Here's how they're making all that possible.

A Cross-Chain Crypto Marketplace

Gamestar, unlike its competition, didn't choose to found its platform on the Ethereum or Binance blockchains. Instead, it chose to go with Polkadot. It's a blockchain-agnostic solution that allows for seamless transactions across all manner of private and public blockchain implementations. In other words, it's like an internet of blockchains.

Polkadot's flexibility means that Gamestar will enter the market with a natural advantage. It can handle transactions that involve any asset or data on the Ethereum, Bitcoin, or Binance blockchains right out of the gate. That makes it immediately compatible with the vast majority of cryptocurrencies in existence today. But that's not all.

Specialty Assets Welcome

Gamestar can also accommodate NFTs, which gives it a foothold in a booming market that's still growing with each passing day. And to capitalize, they're building an NFT and metaverse game item marketplace that will play host to auctions of those red-hot assets. By uniting conventional crypto and NFT trading under one roof, Gamestar is already providing a type of service that users can't get elsewhere.

But they're going even further than that. They're also building a marketplace for users to buy, sell, and trade gift cards. And by facilitating those transactions in a unique and fair way, they'll be able to tap into a major market that's outside the crypto sphere - creating a unique crossover appeal that no other trading platform can claim.

A Fair and Secure Trading System

And as if Gamestar's feature set didn't make it stand out from the pack enough, they've also devised a unique dispute resolution system to keep transactions fair. It empowers a pre-selected group of expert users to act as mediators in all disputes on the platform.

When users file a dispute, the system randomly selects a handful of those experts and gives them complete access to the transaction's data. They can also request more information from the parties themselves if need be. Then, they each make a ruling on the dispute, and their consensus determines the outcome. But there's a fail-safe built into the system, too.

To keep the judgments fair, every participating expert must stake a certain amount of the platform-native GMS tokens. If their votes consistently reflect the consensus in the cases they mediate, they receive mining rewards and a share of the platform's transaction fees. And those who consistently make bad calls could forfeit their stake and lose their mediation rights.

Impressive Early Progress

With such a long and unique feature list, it's fair to say that the developers at Gamestar have their work cut out for them. But they're making steady progress toward their goal of shaking up the DEX landscape. And as a part of that, the platform recently announced the public launch of its staking system. Using it, investors and community members can swap their GMS and a supply of BUSD for a stake in the platform. And for their contribution, they'll be rewarded handsomely in the form of a significant yield.

And they've also announced a partnership with Gamerse, who's working to build the go-to community for the metaverse social economy and all things NFT. The synergy between the two makes them a natural fit for one another. And the significant overlap in their audiences should pay dividends for both platforms in the coming months.

The Takeaway

Gamestar still has a long road ahead of it as it seeks to upend the crypto trading sector. But it seems to have the right idea in looking to act as a jack-of-all-trades in a market where users have no similar options. And it's not going to be much longer before we find out how well their solution works. It's worth noting that Gamestar's token GMS has recently been listed on PancakeSwap, thus securing another foothold in the world of blockchains.

According to the platform's developers, Gamestar is about to go live for user testing this month. And if everything functions as expected, a full-blown launch can't be far off. So until that happens, keep an eye on Gamestar. It's a unique solution in a market that's very much in need of its services. And that could turn the platform into the next crypto all-star in no time.

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