I hope everybody is fine in these crazy rollercoaster times, still healthy and curious about what's coming next.
Today I want to give you an update about the progress of the Stakenet project, especially about the progress with their DEX and their Roadmap. The Dev-Team is very active and therefore they published three updates during November. In this post, I will pick the three most important changes. If you want more information about Stakenet and its Lightning-DEX, I recommend reading my previous articles about Stakenet.
First fully true decentralized DEX is coming!!
What you need to know about Stakenet's DEX Liquidity Aggregator
Is Arbitrage with Lightning-Speed possible?
Stakenet DEX Open Beta announced!
Stakenet Dev October Update
New ETH & ERC-20 Swapping Client
The most important news I could identify in this month is the decision of the team, to change the ETH & ERC-20 Swapping Client. Instead of Raiden to accomplish the swapping of ETH & ERC-20 tokens within the DEX interface, the project is now using CONNEXT. Connext is an open-source client (similar to LND or Raiden) that allows users to run and operate state channel communications via L2 on the Ethereum network.
This new partnership with Connext will help Stakenet to accelerate a lot with the ETH L2-Layer integration, as the client is very stable, supports all operating systems (Windows, Mac, Linux) and supports already ETH, USDT, and DAI. Also, the Connext team has prior experience in working with 3rd party integration, which allows for a smoother and faster workflow.
Simple Swap UI is now stable
The Simple Swap User Interface (SSUI) is important as it allows a user a simple, easy, and intuitive way to exchange assets without the need of understanding the complexity of the technology behind the scenes, especially renting L2-channels. The Devs are now preparing the SSUI to adopt Liquidity Mining, Submarine swaps, Paying for rentals with on-chain funds, and Integrations of batching/ ZK rollups into the Light-Wallet.
The DEX has been successfully stress-tested
The Devs and Beta-Testers have been putting the DEX through intensive stress tests, having over 250k USD volume with now 99.9% swap success. These tests have shown the DEX can scale. You can monitor these tests and track them live on the DEX stat UI page.
Roadmap Updates
Gaia — increased from 35% to 60%.
Gaia is progressing well and we currently have our first hub model established and stable. With this accomplishment, we will begin architecting and testing the infrastructure for a multi-hub model and prepare for the next phase, Prometheus.
ETH & ERC-20 support — increased from 35% to 80%.
This has been one of a main focus of our developers on which once completed, will allow ETH and ERC-20 tokens to not only be integrated into our wallet but with swapping functionality as well. For instance, BTC to ETH, or BTC to LINK.
ETH & ERC-20 Swapping Client (Connext) — increased from 50% to 80%.
We recently announced that we will be using Connext instead of Raiden to accomplish the swapping of ETH & ERC-20 tokens within our DEX interface.
Connext is an open-source client (similar to LND or Raiden) that allows users to run and operate state channel communications via L2 on the Ethereum network. This client can be used to interoperate on the second layer with BTC’s lightning network allowing for ETH -BTC cross-chain atomic swaps on layer 2.
You can read more about this here.
Connext Testnet
We have successfully been able to exchange ETH to BTC on testnet without any issues. Our developers are preparing some final tests to perform on testnet before they begin to integrate this into the mainnet client for use by our beta testers.
Cold Staking from TREZOR & LEDGER using TPoS
Since our latest Hardfork in October for the XSN Core Wallet, it is now possible to cold stake (TPoS) using your Trezor device!
We are working on a front-end aspect to allow you the same functionality from your Ledger device as all the groundwork has already been put in place. Once this has been deployed, we will mark this milestone as 100%.
Stakenet Mobile Wallet
Once we have finalised and publicly launched the Stakenet Wallet for the desktop, we will commence the private testing of the wallet for Android mobile devices.
The rationale for this is that a majority of the fundamentals required to replicate the wallet on a mobile device will be completed within the desktop application.
For more information, updates, and news you can follow Stakenet on Twitter or join the Stakenet Discord.
Website of Stakenet: Website
Stakenet on Twitter: @XSNofficial
Stakenet on Medium: Medium
Stakenet on Discord: Discord
About ME:
I'm a Linux System Engineer and DJ, both for more than two decades. I like to write about my findings in this crypto revolution and share some tutorials which can be useful in this environment. If you like my posts, please consider following me. I'm happy to answer questions in the comments.
You can find me on Twitter here.
My Posts so far:
- Stakenet Dev October Update
- Stakenet (XSN) is now listed on Beaxy
- Is Arbitrage with Lightning-Speed possible?
- What you need to know about Stakenet's DEX Liquidity Aggregator
- First fully decentralized DEX is coming!
- Howto prune (shrink) the database of the Monero Blockchain on Linux
- Howto resize a Dynamical VirtualBox Disk with a Linux-Guest
