EOS Argentina just announced Evolution Dex (EvoDex), a smart contract that allows anyone to create and launch custom trading pairs in a decentralized exchange. Users who add liquidity will be able to earn part of the generated commissions, and this is adding to the new DeFi services that are emerging on EOS.
Evolution Dex is already live on Kylin Testnet, a public testnet for EOSIO chains. Developers and the community can already test it through the commands explained on Github. There is no GUI yet, so it is possible to test it only through cleos.
There will be a standard token backed by the assets in the corresponding pair of pools named "evotokens". The value of evotokens rises as fees are collected from the exchange and the addition of liquidity operations.
Fees will not be static, but can be changed to follow the mood of the market. For example, high volatility suggests high fees.
In the future, fee governance will be decided by voting of the evotoken holders.
As far as the price of the pairs is concerned, this is determined only after the trading fee has been charged and is automatically calculated based on the available liquidity.