EtherDelta: From Token Titan to a Slow and Painful Death
Many of the newer members of the Something Decent community may be a little unaware as to what I mean by the above title as they have either got little experience with trading ERC20 tokens, or they simply haven’t even seen a working version of the once most popular decentralised token exchange in the cryptoverse.
Well, for those who may not be aware, EtherDelta used to be ‘the one’ (an urban English term meaning one of the best) for exchanging Ethereum tokens which haven’t made it to any of the bigger exchanges, like Bittrex or Kucoin. It offered free deposits of Eth and tokens and also offered free withdrawals of both, great, right?
It was great, it was like the 24 hour shop which opened every day of every year and always had everything you needed at a great price. Scracth that, it was like a 24 hour superstore which opened every day, had great prices, and allowed you to trade-in whatever old tat you had laying around the house and didn’t want anymore.
With that said, it doesn’t mean it wasn’t without its problems. While it was like the super 24 hour store it did have an extremely old and slow cashier who was responsible for everything, which caused a lot of metaphorical queues at the checkout. However, the benefits outweighed the cons.
Fast forward to their shambles of an ICO and the invent of ForkDelta and you get an entirely different story. The shop has released its own brand of late night noodles which instantly went straight down the loo, old Ethal on the till has had a stroke resulting in queues running down the street, and the shop is now barely ever open – even when it is open their bookkeeping is so bad that they regularly forget to order stock.
With all the recent backward steps EtherDelta has taken it was inevitable that someone would clone the once magnificent beast in an attempt to fill the void left by the slow death of a titan.
Shortly after the EtherDelta token sale for their own token (EDT) everything about the platform went, sorry for the French, absolutely tits up as predicted by many members of the crypto community.
For those of you who remember rightly, weeks before their ICO the EtherDelta platform was hacked and witnessed millions of dollars worth of crypto getting stolen from its users. Without ever properly addressing this issue of gargantuan importance the company decided to proceed with their ICO, raising a significant amount of money in Ethereum.
The strange thing about the ICO, which lead so many of the more experienced traders to walk away from the platform, was the fact that the EtherDelta company had literally just been bought so did not actually need an ICO (remember an ICO is a fundraiser). It was this simple fact that lead many people to believe the whole ICO process was a con and that the team would walk away from developing their project once they had received a significant amount of Ethereum.
What happened? They raised a load of Eth and then walked away from the project. Nowadays if you go to the EtherDelta site you literally will just see the carcass of what was once the main ERC20 token exchange.
This is why ForkDelta is now the ERC20 token trading titan that EtherDelta once was. While it is still making its way into the forefront of the crypto universe ForkDelta is rapidly seeing an increase in its volume of daily trades and is set to overtake its older sibling.
To add to the fact that ForkDelta is actually working, it actually works a hell of a lot better than I remember EtherDelta ever did. The transactions are unmeasurably faster and the decrease in bugs means users waste less Ethereum on gas for failed transactions. It is like EtherDelta 2.0.
So there you have it, while EtherDelta slowly makes its painful journey into a deep and dark vat of redundancy I advise you all switch over to the new and improved ForkDelta for all your ERC20 token trading needs.