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Traditional centralized token exchange (CEX) is criticized for its security and privacy issues, since crypto currency users are required to surrender their private keys to the exchange. In contrast, decentralized token exchange (DEX) solves this issue by introducing additional trading gas fee and latency to the system. Hybrid decentralized token exchange (HEX) has been proposed to combine the advantages of CEX and DEX. However, existing HEX is still suffering from two issues. The first issue is that it is unfriendly for a trader who needs to exchange tokens frequently within a certain period of time, due to the fact that it is time-consuming and expensive. The second issue is the potential network congestion in Ethereum caused by excessive simultaneous transactions from the exchange. In this paper, we propose a payment channel based HEX, which extends existing solutions by adding a new payment channel layer to benefit frequent traders and alleviate network congestion.
Luo et al. (Wed,) studied this question.
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