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All You Need to Know About DEXHunter

DEXHunter burst onto the Cardano DeFi scene in Q2 2023, so what's the buzz all about?
welshiewelshie
Oct 6, 20234 min read1081 views

The DEXHunter platform has raised a lot of excitement in the Cardano community since its rebranding from Jungle Analytics in July. In fact, on October 3rd, 30% of all $ADA swaps were done through DEXHunter!

DEXHunter is being developed by one of the co-founders of cNFT Jungle and a former employee of JPG Store, amongst others, and is evolving at a tremendous pace! Let’s look at what DEXHunter is, its features, and what’s coming soon.

What is DEXHunter?

DEXHunter is a DEX aggregator that finds users the best price for their swap across Cardano platforms, sometimes swapping on multiple platforms at once. With a simple user interface, it can be used by everyone—from seasoned traders to DeFi newcomers.

How DEXHunter Works

A user enters their swap into DEXHunter, and it searches the swap platforms on Cardano (at the time of writing 6 have been integrated) to find the best price, taking the expected slippage of each trade into account in the process.

It then displays a breakdown of the trade, stating exactly where the trade will happen, what fees will be paid, and how many extra tokens will be earned by using DEXHunter.

It also features customizable user settings and a pro mode, displaying trading charts and the most recent trades of that asset pair.

Custom Nodes: Faster Transactions (Potentially)

DEXHunter uses custom nodes to submit transactions to the blockchain. This helps to expedite the speed at which a transaction is taken up by Cardano's block producers. Regular users get access to 3 Cardano nodes, and those who delegate a specific number of the platform’s token, $HUNT, can access up to 20!

This isn’t front-running, it is simply using the architecture of the Cardano protocol to increase the speed at which a transaction is distributed throughout the network. In this tweet, @JSHyCS, the founder of SecurityBot, provides an excellent explanation of how this works.

Soon, custom nodes will also involve staking the wallet containing the user’s $HUNT with partner stake pools—specifically single pool operators to encourage decentralization.

New and Upcoming Features

The DEXHunter team is working at a high pace to increase the number of features offered to users.

New Features

  • Multiple Limit Orders: Users can place up to 40 limit orders in a single transaction.
  • Token Baskets: Users can create baskets featuring multiple tokens. They then place a basket order, which splits their order amount between these tokens, routing all the orders through multiple platforms to ensure that users get the best possible price.

Upcoming Feature

  • Real-Time Alerts: These will allow users to get customized alerts related to significant market activity, e.g., large upticks in trading volume, whale transactions, and changes in token price.
  • Xerberus API: This will be integrated into alerts so that users can understand each token’s risk profile.
  • Stop Loss Orders: Allow users to place orders at a particular, lower price to help prevent losses or secure profits.

Exciting Times in Cardano DeFi!

To top it all off, the “Swap” button on TapTools now links straight to DEXHunter! There is also the $HUNT token, whose upcoming utility is detailed in DEXHunter’s tokenomics blog post.

Finally, it should be noted that, at the moment, DEXHunter seems to operate best for larger transactions (~4000 ADA, but varying greatly on the tokens being swapped). However, when DEXHunter does not improve the slippage of a trade, it simply does not charge the DEXHunter fee! Meaning that DEXHunter always finds the optimum way to perform your transaction.

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luunhatle
5 months ago

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luunhatle
5 months ago

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luunhatle
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anujweb3
5 months ago

Thanks for the update :)

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arnelcarcedo343
5 months ago

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arnelcarcedo343
5 months ago

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