<p>There was actually a previous attempt at a DEX called Coinffeine (<a href="https://en.bitcoinwiki.org/wiki/Coinffeine" rel="nofollow">https://en.bitcoinwiki.org/wiki/Coinffeine</a>) which used small but reusable security deposits so that a trade was actually completed in steps. For each step the security deposit was 100% of the amount exchanged for both buyer and seller and only when payment was completed and verified was the next step initiated, reusing the original security deposit to secure it.</p>
<p>This was a very strong MAD security model... however the ux would have been a nightmare if manual, so the project was dependent on APIs and automated payments via payment processor.</p>
<p>I believe that the project failed, although I still think the idea is worth exploring.</p>

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