DeversiFi – a professional-grade, self-custodial exchange – just deployed a new version of their non-custodial DEX powered by StarkWare.
1/3
The new DeversiFi built w/ @StarkWareLtd is now LIVE!
This reflects a milestone in self-custodial trading, delivering the experience of a centralised exchange while being able to trade at lightning speed from your choice of wallet. https://t.co/KUD4PtMbJJ ??
— DeversiFi (@deversifi) June 3, 2020
Marketed as an exchange “for serious traders” DeversiFi 2.0 and their StarkWare integration is said to enable over 9,000 transactions per second, over 750 times Ethereum’s current throughput of ~12TPS.
To this end, DeversiFi is targetting high-frequency traders looking to capitalize on arbitrage and real-time orders which have historically been limited to centralized order book exchanges like Binance and Coinbase Pro.
Now, DeFi users can take advantage of privacy-preserving instant settlements on top DeFi tokens like ETH, DAI, ZRX and MKR with some of the lowest trading fees on the market.
What’s To Know?
Touting 6 Pillars of optimization, DeversiFi aggregates:
- Lightning Speed – Stark-powered batched transactions for instant settlement
- Security – Heavily audited non-custodial smart contracts
- Aggregated Liquidity – Combining liquidity from both centralized and self-custodial sources
- Withdraw Certainty – Second-by-second countdown timer showing when withdrawals will complete
- Privacy – Off-chain transactions preventing strategy leakage
- Minimal Fees – Maker and Taker Fees starting at 0.15% and 0.2% respectively which drop to 0 and 0.14% after $30M in 30d volume
Built with StarkWare’s Layer-2 scaling engine, DeversiFi is powered by ZK- Starks, and ZK-Rollup technology. The choice to go with StarkWare’s Layer 2 solution was driven by higher throughput and finality, both of which are said to be improvements of similar Layer 2 solutions like Optimistic Rollups.
1/ STARKs over Mainnet!
StarkEx, our scalability engine, is now live on Mainnet.
It powers the @deversifi DEX, w/self-custodial trading up to 9K tps.
Integrated out of the GATE with @ledger, @walletConnect, and [partially] @metaMask https://t.co/zA4GLXEs4B pic.twitter.com/1iWgWiIiT2
— StarkWare (@StarkWareLtd) June 3, 2020
Backed by a native token – NEC – tokenholders can make petitions for protocol upgrades via the Nectar DAO – a governance platform to vote, interact, and voice opinions on the future of DeversiFi.
Layer 2 Solutions Thrive
In the past few months, we’ve seen a number of layer 2 solutions hitting the Ethereum mainnet. Most recently noted by OMG Network and their new Optimisitc VM, we’re also watching projects like Loopring and Matic join the conversation in terms of Ethereum scalability.
Incredible time for Ethereum's L2 scaling, all within ~1 month:
1. @StarkWareLtd L2 ZK chain for transfers (0.003$/tx) is now live
2. @loopringorg L2 ZK-rollup for transfers going live in June
3. @Tether_to just integrated with OMG network
4. @maticnetwork went live yesterday pic.twitter.com/GTfJ1yVlRs
— Philippe Castonguay {?} (@PhABCD) June 1, 2020
While many eagerly await the deployment of ETH2, the rise of prominent Layer 2 solutions offers worthwhile throughput improvements which ensure that the underlying security of the Ethereum mainnet is not compromised.
Why DeversiFi?
The new 2.0 exchange brings UI improvements in tandem with the benefits mentioned above. However, the exchange still has a long way to go before scraping the surface of sector leaders like Uniswap, Kyber and dYdX.
It’s interesting to consider the type of traders who benefit from DeversiFi’s order books given the rise of AMM’s like Balancer – especially with the added incentive of earning governance tokens for providing liquidity.
Breaking it down, it’s clear that DeversiFi is looking to tap into a different set of traders, hopefully trying to entice them away from centralized giants like COINBASE and BINANCE through the promise of decentralization, privacy, and self-custody.
While it’s too early to tell what this will look like in the wild, we applaud DeversiFi for their tenacity of shipping one of the first Layer 2 DEXs.
In the meantime, be sure to stay up with DeversiFi and StarkWare by following them on Twitter.
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Cooper is the Editor of DeFi Rate. He is an ambassador of Set Protocol and an active contributor to MetaCartel where he seeks to find emerging consumer-facing applications that propel the Ethereum ecosystem. He often works with projects as the Director of Fitzner Blockchain Consulting where he coauthors the weekly publication Token Tuesdays.
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