DexBlue
Dex.Blue was a non-custodial and hybrid-decentralized exchange (DEX) that enabled trustless and real-time trading of tokenized assets on the Ethereum blockchain. It offered an advanced range of trading features and tools to help intuitive, safe, and highly functional trading for all types of traders. As of 2022, the exchange is inactive.[1][6]
Current Status
As of late 2025, the dex.blue exchange is defunct and no longer operational. Data from cryptocurrency aggregators like CoinGecko and CoinMarketCap show the exchange has a 24-hour trading volume of $0.00, with no listed coins or active trading pairs. CoinMarketCap has moved the exchange to its "Untracked Listing" category, indicating a lack of reportable trading activity.[6][5]
History
Dex.Blue was founded by German entrepreneurs Magnus Hinkel and Raban von Spiegel in 2018. Dex.Blue is registered and located in Estonia. The exchange went live on September 12, 2019.[3]
Overview
Dex.Blue offered real-time trading of Ethereum tokens. It provided off-chain order matching with on-chain escrow and settlement. On top of its proprietary order book, dex.blue also aggregated all available liquidity from Kyber Network, Oasis, and Uniswap.[2]
The user could access dex.blue using Web3 wallets like Metamask, Fortmatic, Torus, Portis and hardware wallets like Ledger and Trezor or a trading login-password combination. It also supported the open-source protocol' wallet connect' using which a user could connect mobile wallets as well.[3]
Features
Types of Orders
The trader had many options for placing an order: market, limit, and stop-limit order. In addition, it not only offered Ethereum pegged pairs but also accepted fiat pegged orders as well.[3]
Trading Fees
There were no fees on deposits and withdrawals, but the user needed to bear the user-defined gas fee, which was paid to the Ethereum network. The exchange did not take any fee from makers but took a fee from takers that ranged from 0.20% to 0.25%, depending on the trading volume (calculated in USD) over a period of 30 days. Additionally, there was a gas fee, paid to the Ethereum network for trade settlement. This gas fee was split 50:50 between the maker and the taker.[4]
Liquidity Aggregation
Liquidity aggregation was one of the key features of dex.blue. It was a hybrid-decentralized order book exchange. Apart from its own market liquidity, it also aggregated additional liquidity from top decentralized exchanges Kyber Network, Oasis, and Uniswap. The dex.blue order books showed the combined liquidity of its available liquidity sources for a specific Ethereum (ETH) token.[5]
When trading on dex.blue, a market order was executed across all the available liquidity sources, and the rest of the types of orders including Limit Order, Stop-Limit Order, or Fiat pegged Order were executed against whatever liquidity source crossed the user's rate first. This could be one single source or a combination of multiple of them. This way a user was able to trade large orders at 0% slippage, as they could let their order fill partially step-by-step until the order had entirely been matched.[4][5]
Listed Tokens
While operational, dex.blue allowed for the trading of ERC20 tokens. These were either paired with Ethereum (ETH) or Dai (DAI). The cryptocurrency tokens listed at the time are tabularized below.
| Paired with ETH | Paired with DAI |
|---|---|
| Balancer (BAL) | BAT |
| Basic Attention Token (BAT) | ETH |
| Compound (COMP) | LEND |
| Gnosis (GNO) | LINK |
| Kyber Network (KNC) | MKR |
| Aave (LEND) | REP |
| Chainlink (LINK) | REN |
| Maker (MKR) | SAI |
| Kleros (PNK) | SNX |
| Augur (REP) | Wrapped Bitcoin (WBTC) |
| Ren (REN) | |
| SETH (sETH) | |
| Synthetix (SNX) | |
| Tellor (TRB) | |
| UMA (UMA) |
Security & Privacy
Because of its decentralized nature, dex.blue did not have any control over customer funds at any point in time. The trader was the only entity that could control their funds as they were the single custodian. The dex.blue smart contract was non-upgradable, which prevented any entity from getting in control of the smart contract from acting maliciously and potentially putting all users’ funds at risk. Every change to the production environment was closely monitored and reviewed. No changes were possible without the signing of the team's core developers.[3]
Delegated Signing Keys
dex.blue allowed the use of 'Delegated Signing Keys'. This meant a user could place the trade by signing their wallet from a different address registered on the Ethereum blockchain. It also meant a user could place orders on any device, using any browser, just by logging in with a username and password. Traders who used automated or algorithmic trading tools could use API keys on centralized exchanges and manage cold-wallet funds with a hot wallet. Institutions could use this feature to create sub-accounts for their traders with no possibility to withdraw funds.[1]
The wallet holding the funds (“delegator”) had to register the “delegate” in the smart contract. Once this “delegation transaction” was mined the smart contract would accept orders signed from both addresses. The right to deposit or withdraw funds always remained with the delegator.[3]
Fund Recovery Tool
Fund Recovery Tool was a unique feature from dex.blue, which allowed users to recover funds if the trading platform went down for any reason. Users could go to https://recovery.dex.blue/ or download a browser-based copy of the fund recovery page and save it. By signing the wallet on the page and using dex.blue's smart contract address, the user would have access to their tokens, and in order to recover them, those tokens had to be blocked. To ensure trade settlement for all market participants, blocked tokens could be withdrawn after a waiting period of 24 hours.[3]