In this world, nothing can be said to be certain except death, taxes and volatility in the crypto market. Being in a market that operates 24/7/365, crypto traders are all too familiar with prices fluctuating in the blink of an eye.
To remain competitive in the crypto market, traders need to act fast and learn how to make smarter moves alongside the ever-changing markets. Fortunately, there are a wide range of crypto exchanges to work with. But if you’re a beginner, it may be hard to find which one works best for you.
Both new traders and crypto natives tend to move toward exchanges with a deep history of ensuring digital assets are being stored safely. For institutional and retail traders, Poloniex offers a stable, 24/7 trading experience that reaches this level of history and support.
Poloniex has been offering a global crypto exchange for nearly a decade, all the while improving on its experience for all traders. Following major improvements to the exchange, including increased speed, stability and usability, we decided to dive into Poloniex and see how it's helping traders stay ahead of the game.
The reemergence of Poloniex
Poloniex is a crypto exchange that has gained a sort of OG status among many other crypto service providers today. Though many crypto newcomers may not be familiar with the exchange, or only recently discovered following recent developments, Poloniex was once one of the largest international crypto exchanges in the world.
In 2022, Poloniex is looking to regain its position as a leading crypto platform by creating a newer, faster platform with zero fees for 30 trading pairs, designed for the sole benefit of its users.
A brief history of Poloniex
The Poloniex crypto exchange was founded by Tristan D’Agosta in January 2014. For reference, Vitalik Buterin published the original Ethereum white paper in December 2014, and the Ethereum blockchain went live over a year later. In a video posted by H.E. Justin Sun back in 2019, Sun recounts how Poloniex was one of the “most popular exchanges in the industry” and the only place to buy ETH back in 2016.
At its most active, Poloniex handled over 50% of exchange transactions. Despite such a strong beginning, Circle later purchased the exchange, and Poloniex’s transactions slowly fell below 1%. As an investor, supporter and user of Poloniex, Sun ended up acquiring Poloniex alongside a group of investors in an attempt to bring the exchange back to its full potential.
Since the acquisition, Sun has made good on this promise and has made key partnerships to further the growth of the Poloniex ecosystem. In March of this year, Poloniex partnered with the Fantom Foundation to provide mutual support and sharing of technical knowledge. A few months later, Poloniex announced a partnership with non-fungible token (NFT) marketplace APENFT, enabling Poloniex users to easily purchase NFTs on the platform.
While partnerships have made significant progress for Poloniex, two of the exchange’s most recent advancements have made the platform stand out: a new trading system and a zero fee trading policy for some trading pairs.
Poloniex’s new trading system
At the start of this month, Poloniex unveiled a new trading system that not only improves on its previous versions but lets it stand in a league of its own. The key upgrades are:
- Increased speed: a 30-fold increase in order matching and 10-fold improvement on TPS
- Stability: truly 24/7 market trading, with scaled support and no downtimes for system upgrades
- Usability: stop-market orders, candlestick charts and everything else you need to trade effectively
First, Poloniex has increased its speed by integrating a new matching machine. The new matching machine is able to increase order matching by as much as 30-fold and transactions per second (TPS) by over 10-fold. In doing so, the platform was also able to reduce its latency more than five times over.
Alongside the new matching engine comes a new API for users to directly use while executing trades and strategies. Built on the new integration, the API empowers users to trade with lower latency, increased functionality and a smoother overall user experience.
In addition to increased speed, the latest Poloniex trading system also increases stability and usability. For stability, the system uses flustered deployment, meaning that support service will scale automatically if there’s a sudden spike in traffic. In doing so, Poloniex creates a truly 24/7 crypto trading market, with no transaction suspension required during system upgrades.
Finally, the crypto exchange’s usability upgrades ensure that you have all the tools you need to trade directly on the platform. Usability upgrades are improving user experience through market orders and stop-market orders, as well as increased functionality for all types of users. To make a familiar environment for beginner and professional traders, Poloniex additionally rolled out candlestick charts for additional analysis of crypto assets.
Through this new trading system, Poloniex continues to develop its history of stability and security.
Zero fee trading
On top of all this trading system optimization, Poloniex has also improved the user experience with zero fee trading. Zero fee trading on Poloniex lets investors trade 30 spot trading pairs, including the newly listed potential Etheruem hard fork tokens, with zero maker fees and taker fees.
Zero fee trading, particularly for the potential hard fork of Ethereum, is part of Poloniex’s vow to support the Ethereum community. As the Ethereum Merge draws near, Poloniex becomes the first crypto exchange to list two potential forked Ethereum tokens, namely ETHW (ETH1, Ethereum PoW) and ETHS (ETH2, Ethereum PoS), which are powered by TRON's underlying blockchain technology.
The latest announcement from Poloniex has been endorsed by TRON founder and Poloniex investor Justin Sun:
“Vitalik and EF's contribution to Etheruem is huge. After the Merge phase is over, Vitalik and EF still lead the development of Ethereum and @Poloniex will continue to support Ethereum projects. Personally, I have great respect for their work,” Sun tweeted on Aug. 8, one day after the two potential forked tokens listed on Poloniex, to show his full support for the exchange’s latest advancement.
Soon after Poloniex debuted the two potential hard fork tokens, other exchanges including BitMEX, Bitrue and MEXC have followed to also launch such forked assets.
Regardless of the results in the post-Merge era, Poloniex will continue to support the Ethereum community by ways of engaging in various activities like hackathons and developer challenges, to show solidarity for the entire ecosystem in hopes of continuing its long-lived prosperity.