Introduction to Dexter
Dexter is a decentralized, non-custodial exchange for XTZ and FA1.2 tokens on the Tezos blockchain. It removes the need for a centralized order book by automating a market for XTZ and FA1.2 in the logic of a smart contract. Each Dexter smart contract is associated with a unique XTZ / FA1.2 token pair.
Any owner of XTZ and FA1.2 can become a liquidity provider by depositing an equal value of XTZ and FA1.2 into the smart contract. Once there is liquidity in a Dexter smart contract, any owner of XTZ or FA1.2 tokens may trade one asset for the other via Dexter.
Liquidity providers are incentivized by receiving a proportional share of the 0.3% liquidity fee for each trade, paid by the trader. Liquidity providers may withdraw their provided XTZ and FA1.2 tokens at any time.
Dexter is open-source software released under the GPL license.