BitShares Exchange: What It Was, Why It Faded, and What Replaced It

BitShares exchange: What It Was, Why It Faded, and What Replaced It

When you hear BitShares exchange, a decentralized cryptocurrency exchange built on its own blockchain with native BTS tokens. Also known as BitShares 2.0, it was one of the first platforms to combine automated market-making, user-issued assets, and decentralized governance—all back in 2014. Unlike centralized exchanges like Binance or Coinbase, BitShares didn’t rely on a company to hold your funds. Instead, it used a blockchain where users traded directly, and the network was run by elected witnesses—think of them as block producers chosen by token holders.

BitShares wasn’t just a trading platform—it was an experiment in financial autonomy. It let anyone create their own digital assets, like a stock or commodity token, and trade them without permission. That’s why it attracted early DeFi builders. But it also had problems. The interface was clunky, liquidity was thin outside of BTS and a few core pairs, and most users didn’t understand how to use its advanced features. Meanwhile, Ethereum exploded, bringing simpler smart contracts and better tools. Projects like Uniswap and SushiSwap made decentralized trading accessible to anyone with a wallet. BitShares, stuck with its own ecosystem, couldn’t keep up.

The BTS token, the native currency of the BitShares network used for fees, voting, and collateralizing assets peaked at over $1 in 2018, but today trades for fractions of a cent. Its decentralized exchange, a platform where trades happen directly between users without a middleman still exists, but daily volume is negligible. Most who used it moved on to platforms that were faster, cheaper, and easier to use.

What’s left of BitShares today is mostly a historical footnote—a proof of concept that showed decentralized exchanges could work, but also revealed how hard it is to build user-friendly finance on blockchain alone. The real winners weren’t the platforms with the most features, but the ones that solved one problem really well: letting people trade crypto without trusting a company.

If you’re curious about how early crypto exchanges tried to break the bank system, or why some projects fade while others take over, the posts below cover everything from failed tokens and shady exchanges to the real DeFi platforms that actually moved markets.

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Escodex is a low-fee crypto exchange built on BitShares, charging just 0.10% per trade with near-zero withdrawal fees. But it doesn't support fiat deposits - making it ideal for experienced traders only.

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