Sesameseed Builds the First Exchange on The Ontology Network

On November 4, Sesameseed announced that it had successfully launched the first decentralized exchange on Ontology. The Ontology DEX by Sesameseed (aka SEED Exchange) supports trading with ONT, ONG and SEED. The exchange would be self-regulated and governed by the Ontology blockchain.

During the introductory beta event, the SEED Exchange will be free of trading fees, but Ontology network fees of about .02 ONG will still apply.

The launch of the first community-powered decentralized exchange will promote a healthy ecosystem through direct participation with the blockchain while empowering token holders on the Ontology network. 

In fact, users will not have to send tokens to a centralized exchange, pay high transaction or withdrawal fees to convert tokens via an intermediary, or lose control of ownership of digital assets to be traded.

The exchange will reportedly launch with pairings of ONG/SEED, and ONT/SEED, with more pairs including ONT/ONG to be made available in the near future.

How It Works 

Transactions via the instant liquidity SEED Exchange / Ontology DEX are on-chain, and the funds are directly deposited into the user’s address.

The SEED Exchange will have two fees for each trade, which comprise of the Ontology network fee and the trading fee. 

The former triggers the on-chain smart contract that governs this exchange, while the trading fee can change and the up-to-date fee will be displayed on the exchange page above the “Buy” or “Sell” button. During the introductory period, this fee will be set to 0%.

However, the total of all fees should still be lower than trading with most centralized exchanges.

Note: To trade on the DEX users are required to use Chrome desktop browser with Cyano Wallet installed. 

Sesameseed Leading Growth of the Ontology Network

Since becoming a node operator on Ontology, Sesameseed has been spearheading development on the Ontology platform. 

Formerly, this community-first blockchain governance organization was best known as the highest-voted Super Representative on the TRON Network. 

Now, Sesameseed has partnered with the Ontology Network to bring a community voice to Ontology’s proof-of-stake (PoS) system.