The Steem Engine team (@harpagon, @yabapmatt, @aggroed) are thrilled to report that the Decentralized Exchange is now open for business! Check out https://steem-engine.com NOW!
Special thanks go to @asgarth for building the market UI on the website!!!
What is a decentralized exchange?
A Decentralized EXchange (DEX) is an exchange that allows users to buy and sell different tokens on an open market without a central authority. You may already be familiar with some decentralized exchanges such as BitShares, Stellar, and even the internal STEEM/SBD market. On Steem Engine, the DEX facilitates trades between any of the tokens that have been created on the Steem Engine platform and the STEEM token.
What's the benefit?
Instant liquidity! Anyone who creates a token on the Steem Engine platform is immediately able to have those tokens available for trading against STEEM. You don't have to beg an exchange or pay a listing fee. They just get listed automatically!
This means that it's easier than ever to tokenize your project and sell your token for crypto with established value!
How does it work?
Since Steem Engine is not a part of the core Steem blockchain code, it cannot trade the STEEM token directly. Instead all Steem Engine tokens will be traded against a token that is pegged to STEEM called STEEMP.
You can convert your STEEM to STEEMP by transferring STEEM to the @steem-peg account with a specific memo, and then you can use it to trade for other Steem Engine tokens on the market. Similarly, you can at any time withdraw your STEEMP back to STEEM by publishing the appropriate transaction to the Steem blockchain. There are simple Deposit and Withdraw options on the Steem Engine Website which will allow you do this easily.
Unlike pegged coins like Tether, you can always easily verify that enough STEEM is held in the @steem-peg account to back all of the STEEMP tokens issued on Steem Engine. This is exactly the same as how the Steem Anchor project works to list STEEM and SBD on the Stellar exchange, for example.
What's the cost?
All trades on the Steem Engine DEX are free, with no fees of any kind, although you will need to have enough Resource Credits available in your Steem account to publish the transaction.
Separately, there will be a 1% fee on all STEEM deposits and withdrawals for the service of providing a bridge between STEEM and STEEMP. This fee, in addition to selling ENG to create new tokens, will be used to fund the ongoing development of the platform.
How do I use the DEX?
Go to https://steem-engine.com and click on Market. The top tokens in volume will be shown on the left and you can click on the one you are interested in trading. Additionally, on the wallet or token list view there is a trade icon that you can click on to go directly to the market view for that token.
Once on the market view for the specific token you wish to trade, you can see bid/ask information, recent trades, a depth chart, and enter your own buy or sell transactions to trade that token against STEEM.
Additional Updates
We have also added a "metadata" property to each token on the platform which will allow the token creator to associate arbitrary data with their token in JSON format. This is very similar to the "json_metadata" property currently available on Steem accounts.
The "url" property, which was previously at the top level, has now been moved into the "metadata", and the Steem Engine website will also check for the "icon" property for a URL of an icon image to display alongside each token (64x64 recommended size, minimum 24x24, SVG file type recommended), and a "desc" property for a short description of each token.
To update the metadata for a token through the website, you must be logged in as the account that created the token and then you should see an edit button at the bottom of the token info popup.
What's the best way to log in?
We suggest logging in with the Steem Keychain browser extension. Keychain is a free and open source browser extension designed by @yabapmatt and @aggroed and programmed by the man who made Steem-Plus, @stoodkev. You can easily and securely manage multiple Steem accounts and never have to worry about copying and pasting your keys again. Keychain is integrated with an ever growing number of Steem-based websites and dapps that you will be able to use with just a click of a button! For more information or to install the extension, please see the following links:
While in Keychain you can see the tokens you own in your wallet!
Questions & Feedback
If you have any questions, ideas, feedback, etc about the new DEX or the Steem Engine project in general, you can check out the FAQ or get in touch with us on the Steem Engine Discord Server.
Be sure to follow @steem-eng on Steem for future updates and announcements!
Happy trading!
PS there some ENG on the market at a small discount to celebrate today. If you're looking to make tokens today's a great day to pick some up!
I have recently powered up over 3500 steem, i hope i have choosen a good time to do it!, i know SMT have been in the pipeline for a long time so congrats on making it happen!
charts look pretty good for us right now!
Magic Dice has rewarded your post with a 28% upvote. Thanks for playing Magic Dice.
What in crap does this add to the conversation you spammer! You just ruined the sorting of this conversation
Go make a post somewhere else and make @apone a 100% beneficiary of that comment. Don't spam and wreck havoc on these conversations. @magicdice... please be a responsible actor in steem.
Nailed It...
Congrats guys! Great leaps forward for Steem!
It's a great tool. Yes. Not sure it's actually a leap.
It's up to projects to actually use them well... otherwise there will have been ZERO leaps. Not even a step. It'll be just a screwdriver on a table doing nothing. But i hope it does end up being a great leap.
Perhaps better analogy is: It's a solid trampoline... we'll see if anyone actually uses it to jump on and get some air.
nice is what we need if we expect steem to take off.... I really hope this grows large and is part of the reason steem price visits the $3 and above range again
I definitely like the concept.
Too bad a lot of these Steem based tokens aren’t willing to use it.... :(
Congrats that a big achievement. Keep up the good work. I hope I can figure it out :)
congratulations guys
congrats, great to see it launched!
good stuff, STEEM , onward and upward , baby !
Looks like some of these are going pretty far upward. hahahahaahaha
Oh the joys of a new market with little volume... those market caps are just silly. I sure hope no self respecting person quotes any of these market caps for reals for a long time. Not until there is actual volume and it's proven it's by multiple users and not a manipulated volume. Right now it may be best to just hide that "market cap" column because it makes the project look bad.
We are now displaying your token BALANCES live on https://steempeak.com
A POST ABOUT IT
https://steempeak.com/steemengine/@steempeak/steempeak-now-displaying-steem-engine-tokens-in-wallet-page
Great initiative guys! Keep it going.
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Made my own steem engjne token and I'm happy you have this progress. Thanks!
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Will you have password recovery? Any brain key's I should know about?
Oh its a steem login!
So in the case you loose your private keys, or have them borrowed by a black hat per say, how can we assure the safe return of our steem from the DEX?
Genuine question, is there a back up sccount that can handle trascations even if @steem-peg has the keys compromised?
Fantastic possiblities to trade all those coins. Great UI too, very professionally looking. I placed my first orders. Everything runs very smoothly. :-)
unbelievable ... if you quit supporting steemcleaner i might actually like you someday ... :p
all lol aside, you two seem to be on everything everywhere here ... i was slightly shocked to see you don't hold to neutrality in a position like that ... before i get some death squads on my arse again over a misunderstanding hahah
... i'm surprised you and the matt didnt take over steemit itself by now, you might have missed your chance last new year ...
in the meantime, everyone who actively ups the steem-price can hardly be the enemy :p
... (i dont read or reply much lately so i probably will miss any reaction to it, might last a few more months ... hopefully by then steem is at $15 again)
gud then ... good luck , this time don't stop at the moon and tell the fat fish to hold the premature ejaculation, even after a year of nothing so they don't dump it back to 0.20 cents in one streak.
You're in a position where the might listen while me i'm just a pointless shady cat walking by himself, right :p
much obliged, i hope i put the right comment in queue now, my head ainnt screwed on right in a few weeks
That's cool... I should try it .. I'm not sure yet about the disadvantages I hear about DEX once in a while from people.. there are some negative experiences too I suppose..
maybe we should talk about that too..
Good
Great work @aggroed! Another evidence that group of good guys are better in doing things than Steemit Inc.
<3 <3 <3
This! Although they are indeed more focused on the survival currently :D
Awesome work. I can see a lot of project using this.
Posted using Partiko iOS
So we can create our own tokens and trade it?
Yes. And a lot more because these can be smart contracts.
Hi @cardboard is there a possibility of tokenizing tipping?
More like tokenizing @tipu ;)
Exactly, I think it will encourage a tipping culture for this platform.
I just used it to buy some engine and steem monster tokens using keychain and also used freedomex.io to buy 1 of their tokens
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This is cool. Thanks @Aggroed and Co.
Please, how do I know my ENG token balance????
Help!
I’m gonna create NathanMars token :)
Amazing that steem has its own DEX now
ood stuff
What's plan for STEEMP - will you eventually offer this on other exchanges to make getting into the ecosystem easier?
This is a real revolution in blockchain technology!!
amazing!
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Great. This is really great to hear about the new development.
Steem to the moon
Another remarkable development on the steem blockchain from the dedicated genuises of the steem community.
Who say’s steem is a nobody coin? They should onboard on steem to the fast development.
Posted using Partiko iOS
Is this legit? If so how do I get some SMTTs?
It is legit. Please contact me on Discord if you're interested in investing.
Just messaged you.
Also interested in this and how the alpha and beta tokens will work for unopened packs. Very excited to see this :D
More information about the Dark Energy Crystals token will be coming out over the next month or so. As for the alpha and beta pack tokens, we will simply be representing unopened packs as tokens so that they may be traded more easily on the Steem Engine market.
So if I buy a beta pack it will show up as a token on Steem Engine? Is that working now or is a future update needed?
This is planned to be in a future update, hopefully within the next couple of weeks. You will likely need to deposit / withdraw your packs into the equivalent steem engine tokens like you need to do with STEEM right now to trade on the market.
This is exciting. Now if only they would fill my order.
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Its really worth celebrating.. Congratulations everyone.
Who determines the opening prices of coins on the market?
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First seller?
I figured when a coin was listed it would have a sell price. I guess I’ll have to wait for the project owners to start selling.
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It doesn't need to be the project owner, any first seller will determine the opening price.
You just planted 0.10 tree(s)!
Thanks to @ucukertz
We have planted already
7653.35 trees
out of 1,000,000
Let's save and restore Abongphen Highland Forest
in Cameroonian village Kedjom-Keku!
Plant trees with @treeplanter and get paid for it!
My Steem Power = 26095.05
Thanks a lot!
@martin.mikes coordinator of @kedjom-keku
I don't see an option to withdraw steem. I can transfer Steemp to another account but not convert them to steem.
Edit: nevermind...I see it.
Pretty cool stuff.
This is awesome! I'm going to have to step up my projects.
You guys are churning out amazing stuff fast!
Why charge a fee for deposits? That does not incentivize the usage of the DEX. May I suggest waving the fee after a certain amount? Or better yet only charge for withdrawals?
As always, another solid release and step forward for the Steem community @aggroed looking forward to the contest winners being announced for the business plan contest as well :) hopefully I get to make a few tokens on the platform this year. Solid work!
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Pretty cool :-D Congratulations on your launch! You I finally have a good excuse to try out the Steem Keychain as well!
You are constantly delivering great products for the Steem economy and this Dex is another great tool for all kinds of businesses and trades.
When does the Steemmonster Booster Packs will be available to trade?
Posted using Partiko Android
On Friday we are going to interview aggroed in the discord of @rutablockchain, you are invited
I've already traded and bought some extra SUFB (Sue Facebook) tokens from @apshamilton
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and what are they used for?
They represent a share in the investment pool for @jpbliberty 's class action law suit suing Facebook and Google for their anti-competitive bans on crypto related advertising last year.
Full details here..
Wow interesting thanks
If you don't know what this is - this is huge :D
Looks very cool! Keep up the good work guys!
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Awesome news
Looks awesome, I will check it out! 🤑
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🚂🚂🚂
Ahh this is going to make things a lot easier.
Felicitaciones tremendo post