Today, OAX Foundation issued a press release announcing the deployment of the OAX platform’s layer 2 solution in a testnet environment. At the same time, we’re going to be stepping up our efforts to work with potential industry partners in operating the platform and in building up a decentralized exchange ecosystem.
The deployment to the Rinkeby Testnet is another major milestone for the OAX project, and follows hot-on-the heels of December’s completion of a layer 2 solution capable of handling over 1,000 trades per second (TPS) in testing on a single node. Our aim with the testnet launch is to allow the OAX technology team to scrutinize the platform’s performance in greater detail and ensure that the finished product runs smoothly.
Many decentralized exchanges can handle only 5 – 10 trades per second, and this scalability challenge has been holding back mass adoption. The OAX platform is one of the first solutions to successfully address this performance limitation. Once scaled, it will have the potential to reach significantly higher TPS, bringing performance into line with the volumes processed by mainstream exchanges.
Here is a video demonstrating the performance of this release.
And for more about the significance of the deployment, here are some details from our development partner, Enuma Technologies:
● Our solution helps deliver the mission of the OAX Foundation to let users “hold their own keys”. The exchange is non-custodial, meaning that the exchange does not control the users’ funds. The exchange is only allowed to execute orders that the users explicitly authorize with their own keys.
● The correct behavior of the exchange is enforced by a smart contract, so that users can verify that their orders were faithfully executed, and that their balances are being correctly maintained. With this technology, users no longer need to place their trust in exchanges.
● Decentralized exchanges can benefit from this technology to scale up their order settlement, while maintaining the same safety and peace of mind their users already enjoy.
Another important message we have for the blockchain industry and wider community is that we have been actively seeking and discussing with industry partners to leverage our technology solutions. As such, we’ll soon be making a software development kit available for download to allow any interested party to experiment with the platform and provide additional feedback.
OAX Foundation will continue as a technology solution provider to the platform, providing technical expertise and advice, as well as coordinating the creation of an ecosystem that will be beneficial for all stakeholders.
As we said in our mission statement, an ecosystem of service providers around the platform is essential to ensuring its smooth running. We’re in advanced discussions with a number of organizations and will have updates for you about some of these soon.
In signing off, here’s a message from Amanda Liu, our General Manager:
“The testnet deployment is a crucial stage in delivering the final product, and our decision to seek partners to run the finished platform will allow it to fully meet market needs. At the same time we’re also engaged in creating a lively ecosystem of service providers around the platform. If your company is interested in partnering up with OAX, please get in touch with us!”
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