Revolutionizing Web3: Inside EVEDEX, SOTY 2024 Web3 Nominee

Hey Hackers!

EVEDEX has been nominated in HackerNoon’s annual Startups of The Year awards in Dubai, United Arab Emirates under the Web3 category!

Read more about us below:

Meet EVEDEX

EVEDEX is the first hybrid non-KYC exchange that combines CEX-level user experience and fast transaction processing with the high security, decentralization and self-custody characteristic of DEX. The platform is complemented by a range of financial products that create a complete space for transparent trading.

For those who might not be deeply familiar with blockchain, can you explain why it's so crucial in today’s digital age?

Blockchain is far more than just a buzzword—it’s a transformative technology that addresses some of the most pressing challenges in today’s digital world: trust, transparency, and decentralization. To fully grasp its significance, we need to look at the broader changes happening in the world and how blockchain meets these evolving needs.

We live in a time where trust in centralized institutions—whether governments, corporations, or financial systems—is rapidly eroding. As the internet becomes the backbone of our economy, securing online transactions, data, and identities is essential. Many people feel uneasy about opaque decision-making processes, and traditional systems often fail to prevent fraud, hacking, or misuse of digital assets.

Blockchain fundamentally redefines how trust is established. It removes the need to rely on a single authority by distributing power across a network, ensuring no single entity can manipulate the system. Transactions on the blockchain are permanent and tamper-proof, creating a verifiable and transparent record.

Traditional financial systems often exclude large portions of the global population due to geographic, economic, or regulatory barriers. Blockchain, particularly through decentralized finance (DeFi), has the potential to bridge this gap. Across industries such as finance, supply chains, and healthcare, stakeholders increasingly demand greater transparency in how systems operate. People want to know where their money is going, how products are sourced, and how decisions are made.

What are some of the most innovative projects or products your company is working on right now? How do they address current market needs?

EVEDEX is more than just a DEX; it’s a hybrid exchange designed to combine the best features of centralized and decentralized trading environments. By blending blockchain’s security and transparency with the ease of use typically found on centralized platforms, we are redefining the potential of decentralized trading. Here’s a closer look at our most innovative projects and how they address critical market challenges:

• Our proprietary Layer 3 Rollup technology, Eventum, is the backbone of our ecosystem, providing a custom solution that scales efficiently and reduces transaction costs. Unlike traditional Layer 2 solutions, Eventum is optimized for high-throughput trading while maintaining decentralization. This approach not only lowers fees and speeds up transactions but also supports greater liquidity, enabling high-frequency trading on a decentralized exchange—a challenge many platforms have struggled to overcome.

  
  

• Mobile access is crucial in modern finance, and our app is designed with this in mind. It offers intuitive tools for a seamless trading experience, including detailed portfolio insights, customizable alerts, and watchlists. Recognizing that Web3’s complexity can discourage users, we’ve created a Learning Centre to simplify crypto concepts. Additionally, we’ve streamlined wallet connections and included one-click features to make navigating Web3 as effortless as possible.

  
  

• To drive mass adoption, we are focusing on features that integrate crypto into everyday life. Our Peer-to-Peer (P2P) tools ensure secure crypto transfers, while crypto debit cards bridge the gap between digital and fiat currencies, enabling users to easily spend their crypto for daily transactions.

What are the biggest challenges your company faces in the crypto/blockchain space, and how are you planning to overcome them?

The crypto market is strongly influenced by "whales"—large players who manipulate prices to their advantage. Retail traders, essential for the mass adoption of decentralized technologies, often find themselves at a disadvantage. This creates an unbalanced ecosystem where smaller participants face higher risks and fewer opportunities to compete on a fair playing field.

Slow Transaction Processing

Many DEXs experience delays caused by on-chain order books, especially during market volatility. This often results in missed opportunities or unexpected losses. While centralized exchanges (CEXs) process transactions faster, EVEDEX overcomes this limitation by leveraging a proprietary Layer 3 Rollup powered by Arbitrum Orbit technology. This ensures rapid transaction speeds without compromising decentralization.

High Costs and Inefficiencies

Blockchain platforms like Ethereum often suffer from high gas fees and network congestion, increasing operational costs for users. While CEXs typically offer lower fees, EVEDEX’s Layer 3 Rollup reduces fees by up to 50% compared to leading DEXs, delivering a more cost-effective trading experience.

Complex and Non-Intuitive User Interfaces

Many DEXs struggle with complicated interfaces that are especially challenging for mobile users. EVEDEX’s mobile-first design prioritizes usability, offering an intuitive app with seamless trading tools, real-time charts, and portfolio management features. This makes trading on the go easy and accessible for all users.

Security Concerns and Limited Anonymity

While DEXs enable self-custody, they still face risks such as smart contract exploits and scams. EVEDEX addresses these issues by eliminating reliance on external wallets, integrating Account Abstraction (ERC-4337) for enhanced security, and includes features like two-factor authentication, account recovery, and one-click trading. This ensures user protection without compromising privacy.

Low Liquidity and Trading Opportunities

Low liquidity is a common challenge for many DEXs, resulting in slippage and poor price execution. EVEDEX taps into over $14 billion in liquidity via Arbitrum Orbit, offering users greater volume, improved price stability, and more diverse trading opportunities.

EVEDEX combines the best features of DEXs and CEXs, pioneering the first truly hybrid decentralized exchange. By addressing these systemic challenges with innovative technology and user-focused design, we are transforming decentralized trading for mass adoption.

Our vision is clear: to provide a secure, efficient, and user-friendly platform that meets the needs of modern traders, setting a new standard for the future of decentralized finance.

How do you envision Web3 transforming the internet as we know it? What are the key benefits and potential drawbacks of this transition?

Web3 represents a transformative shift in the structure, function, and philosophy of the internet. While Web2 is defined by centralized platforms that control how we interact, transact, and consume, Web3 aims to decentralize power, giving individuals greater control over their data, assets, and online identities. This transition is more than just a technological evolution—it is a philosophical movement focused on fostering transparency, inclusivity, and fairness.

At the core of Web3 lies decentralization, where control over platforms and data is distributed rather than concentrated in the hands of large corporations. This shift empowers users, enabling them to manage their own identities, assets, and financial activities through decentralized networks powered by blockchain. For example, decentralized finance (DeFi) provides permissionless, global access to financial services, while blockchain-based identity solutions offer secure, privacy-preserving digital identification.

Despite its potential, Web3 technologies such as wallets, private keys, and decentralized applications (dApps) remain complex for most users. Managing private keys is particularly challenging and can deter widespread adoption. At EVEDEX, we believe education is key to making Web3 more accessible and helping users navigate these complexities.

Additionally, Web3 operates in a regulatory gray area, as governments and institutions continue to define their stance on blockchain technologies. This creates uncertainty for both users and businesses. While decentralization mitigates some risks, it also introduces new ones, such as vulnerabilities in smart contracts, phishing attacks, and the irreversible loss of assets if private keys are misplaced.

What Can Web3 Learn From Web2?

Web3’s decentralization and self-sovereignty give users control over their data and assets, but it’s vital to retain the best aspects of Web2, such as user-friendly design and operational efficiency. Web2 platforms set high standards for user experience, making decentralized tools more accessible. By adopting intuitive design principles from Web2, Web3 can lower entry barriers and drive adoption.

While decentralization is a cornerstone of Web3, Web2's centralized efficiency offers distinct advantages, particularly in speed and decision-making. A hybrid approach—combining centralized and decentralized elements—can optimize user experiences. For example, platforms like EVEDEX utilize off-chain solutions to enhance scalability while maintaining on-chain transparency.

However, Web3 faces persistent challenges, including usability, scalability, and interoperability. Tools like wallets and private keys remain difficult for the average user, and scalability issues, such as network congestion, continue to hinder adoption. To succeed, Web3 must simplify its tools, address technical limitations, and ensure interoperability across blockchain networks.

Ultimately, Web3 is not about discarding Web2—it’s about evolving beyond its limitations while preserving its strengths.

Can you explain some of the technical advancements that are making Web3 possible? How can developers get involved in this space?

Web3 redefines the internet by shifting from centralized control to a decentralized, user-centric model. Advancements in blockchain infrastructure are driving this transformation. At EVEDEX, we leverage Arbitrum Orbit, a cutting-edge solution that combines scalability, low costs, and Ethereum-level security. Arbitrum Orbit provides a seamless environment for developing decentralized applications, addressing challenges faced by earlier Layer 3 solutions.

One of the most significant shifts is the rise of developer-friendly ecosystems. For example, Arbitrum provides robust tools and SDKs, enabling developers to focus on creating impactful applications rather than managing infrastructure challenges. Meanwhile, innovations like zero-knowledge proofs (ZKPs) are redefining privacy and scalability, complementing the Web3 ethos of security and transparency — even if not yet widely adopted.

Developers should start by exploring Layer 2 solutions like Arbitrum, which allow experimentation without high gas fees. Engaging with open-source communities, participating in hackathons, and diving into academic research on topics like scaling and interoperability can provide practical insights for building the next generation of dApps. At EVEDEX, we merge these technological advancements with user-first design, creating a gateway to Web3 that is both intuitive and transformative.

How do you think influencers and social media personalities impact the cryptocurrency market? Do you see this as a positive or negative trend?

The rise of influencers and social media personalities on platforms like TikTok, Instagram, and X (formerly Twitter) has had a profound impact on the cryptocurrency market. Their influence can be both positive and negative, often amplifying trends, sparking conversations, and shaping investor behavior.

Influencers play a key role in introducing cryptocurrencies and blockchain technology to a wider audience. By creating engaging, easy-to-understand content, they simplify complex topics and encourage more people to explore the space. This democratization of knowledge is essential for driving mainstream adoption.

In addition to education, influencers significantly impact the growth of new cryptocurrency projects. They draw attention to emerging platforms, build trust in initiatives that contribute to the evolution of the crypto industry, and foster a sense of community and transparency. By leveraging their credibility and reach, influencers can introduce audiences to innovative solutions like EVEDEX, supporting both the projects they promote and the broader ecosystem.

However, while influencers can drive positive change, social media isn’t always a reliable source of financial advice. Misinformation, unverified claims, and hype-driven promotions often mislead investors, resulting in poor decisions and increased market volatility. Some influencers, lacking the necessary expertise, promote coins or tokens based on trends or sponsorship deals rather than their fundamentals, fueling speculative bubbles.

The challenge lies in finding balance: influencers who focus on education and responsible promotion can shape the industry positively, while unchecked hype risks undermining trust in the market. At EVEDEX, we understand the power of influencers and prioritize building strong, mutually beneficial relationships with those who share our vision.

Our comprehensive affiliate program equips influencers with the tools, resources, and incentives needed to authentically promote EVEDEX. This ensures value for their audiences while maintaining credibility within the crypto community.

What do you believe are the strongest arguments in favor of cryptocurrencies and blockchain technology? How do you respond to critics?

Despite the many advantages of cryptocurrency, skepticism about this new technology remains widespread.

One of the most common criticisms is the price volatility of cryptocurrencies. While this is a valid concern, it’s important to distinguish between speculative assets and stablecoins pegged to fiat currencies, which help to mitigate this issue. Additionally, volatility is typical of emerging technologies and often stabilizes as markets mature.

Another argument critics raise is that blockchain is too complex for widespread adoption. However, advancements in user-friendly tools, wallets, and services—such as those developed by EVEDEX—show the industry’s dedication to making blockchain technology accessible to everyone.

It’s essential to highlight that blockchain and cryptocurrencies represent a transformative shift in how value is transferred and stored. By addressing legitimate concerns, improving user experiences, and enhancing scalability, the crypto industry can drive mass adoption and deliver significant societal benefits.

What advice would you give to someone who is just starting to explore the world of cryptocurrencies and blockchain technology?

If you’re new to cryptocurrencies and blockchain technology, it’s essential to start with reliable educational resources that offer clear and accurate information. A great place to begin is our article on HackerNoon. Additionally, our educational center will provide a range of courses and materials designed to simplify complex concepts, making them accessible for beginners looking to build a strong foundation.

How do you see events like HackerNoon’s Startups of The Year shaping public understanding and engagement of the crypto and blockchain industry?

Events like HackerNoon’s Startups of the Year offer valuable exposure for innovative projects, helping to connect complex blockchain concepts with mainstream audiences.

For companies like EVEDEX, participating in these events boosts visibility and builds trust. It provides an opportunity to showcase our dedication to advancing the blockchain ecosystem while engaging with investors and users who may still be hesitant about entering the space.

Why we decided to participate in HackerNoon's Startups of The Year awards

Participating in HackerNoon’s Startups of the Year awards was a natural choice for us at EVEDEX. We believe in the value of community-driven recognition and view this opportunity as a step toward our mission of bridging decentralized technology with mainstream adoption. By taking part, we are not only increasing our visibility but also connecting with like-minded companies that share our commitment to transparency, education, and user empowerment.

Final Thoughts

The rapid evolution of the crypto and blockchain space brings both exciting opportunities and significant challenges. As we advance decentralized technologies like EVEDEX, we remain committed to breaking down barriers to adoption and ensuring these innovations empower users, enhance financial inclusion, and improve global systems.

Events like HackerNoon’s Startups of the Year offer a vital platform for highlighting projects that drive the industry forward. Participating in such initiatives allows us to connect with a broader community of innovators and users who share a vision for progress. The future of Web3 is bright, but its success will rely on education, transparency, and the collective efforts of everyone contributing to this transformative space.