Various projects have been attempted to make Decentralized exchanges go mainstream but they still remain insignificant. However, Ethereum co-founder Vitalik Buterin is looking ahead to make the DEX market niche significant on the map, therefore, he has presented his new BTC-ETH swap proposal.
The idea of a ‘trustless’ and ‘serverless’ DEX
Ethereum Co-founder Vitalik Buterin considers it embarrassing to not have a way to swap Bitcoin for Ethereum or ETH for BTC without involving a third party. According to him, there should be a way where we do not have to depend upon third parties to swap these two pairs.
He has given the idea of trustless and serverless DEX. He desires to make it easy to swap between ETH-BTC just like the trading of ERC-20 tokens is easy with the help of the Uniswap protocol. He said in a tweet on 24th March:
We should put resources toward a proper (trustless, serverless, maximally Uniswap-like UX) ETH <-> BTC decentralized exchange. It’s embarrassing that we still can’t easily move between the two largest crypto ecosystems trustlessly.
Need for building DEX bridges between Ethereum and other crypto ecosystems
There is a need for building DEX bridges between Ethereum and other crypto ecosystems according to Vitalik Buterin. He had already been in talks with the CEO of Electric Coin Company (ECC) Zooko Wilcox for ETH and Zcash swap. As he said:
We should also be building DEX bridges between ethereum and other crypto ecosystems. I’ve talked to @zooko about this re Zcash, though I think we can both work harder to translate the talk into action. Would love to see more.
After suggesting the swap proposal and the idea of building DEX bridges between Ethereum and other crypto ecosystems, he is now looking forward to making it happen.