Ebi.xyz Becomes First Perp DEX to Introduces Self-Trade Prevention Mechanism to Combat Wash Trading
Victoria, Seychelles, September 23rd, 2024, Chainwire
Ebi.xyz, a perpetual DEX built on Arbitrium One, has announced the launch of its Self-Trade Prevention Mechanism, a proactive measure that addresses the issue of wash trading within DEXs. The mechanism’s release coincides with Ebi’s recent announcement that it registered over 145K new users in under a week’s time on its perpetual DEX, ensuring the flood of new users are trading with bolstered security and confidence.
Wash trading, where entities buy and sell the same asset to create a misleading appearance of market activity, has become increasingly prevalent. A recent study revealed that nearly 70% of Ethereum-based DEX liquidity pools executed wash trades since September 2020, highlighting the urgent need for effective solutions.
Ebi.xyz’s self-trade prevention mechanism ensures that users cannot trade with themselves on the same account. If a single account attempts to execute a taker order against a previously set maker order, the transaction will be blocked. This measure will enhance market integrity and promote fair trading practices within ebi.xyz DEX.
“As new users have flocked to Ebi, we are implementing STP (Self-Trade Prevention) that contribute to a safer trading environment, truly demonstrating our commitment to providing a sense of security and transparency for all users,” said Akira Ebi, Head of PR and Marketing for ebi.xyz. “By preventing self-trading, we aim to discourage manipulative practices and uphold the integrity of our platform.”
As Ebi has claimed the title of the fastest growing DEX by user count, the Self-Trade Prevention Mechanism is already active on ebi.xyz platform, ensuring that users new and old can trade with a greater level of confidence. The move fosters a reliable marketplace where traders can engage without concerns over potential market manipulation, as is prevalent among many DEX platforms.
As the platform evolves, ebi.xyz remains committed to implementing measures that enhance user trust and support a fair trading experience in the decentralized finance landscape. Ebi.xyz has also secured a top position among the most popular derivatives DEXes on CoinMarketCap, ranking twelfth overall, further solidifying its growing presence in the market.
About ebi.xyz
Ebi.xyz is a non-custodial limit order book decentralized platform for trading perpetual futures. Engineered for traders, ebi.xyz offers deep liquidity and access to prominent new assets in the market. All trades are settled on the Ebi chain, an Ethereum L2 blockchain powered by Arbitrum Orbit.
