On Radar and Relayers
Exploring what a Øx relayer is and releasing information on the Radar Relay launch.
Relayers are a brand new category of token marketplace that provide novel functionality. Yet, many people don’t know what they are or how they work.
What is a 0x Relayer?
A Øx Relayer is an entity that facilitates hosting a Øx order book. The book is filled with any number of individually signed orders from different Ethereum addresses. When an order fills, it is settled directly on the Ethereum blockchain using the deployed Øx smart contracts. Relayers collect fees in the form of ZRX tokens for hosting and facilitating the orders. More specific information on the role of a Øx Relayer can be found in the Øx whitepaper.
The Value of Relayers
Throughout the entire process of using a relayer you remain in control of your keys and therefore your tokens. The token trade happens in a Øx smart contract and you never have to trust anyone to complete their end of any steps.
Relayers are incentivized to create complimentary networks in order to create a versatile, decentralized pool of liquidity (by filling orders) to entice even more trading.
Future posts will explore these areas and other exciting applications of relayers in more depth.
Radar Relay Explained
Radar Relay maintains a Øx order book that will provide a simple interface to facilitate signing, finding, and filling Øx orders via browser interface and eventually via API.
At the end of August, Radar Relay will be launching with a month long beta, with weekly feature rollouts.
Will Radar Relay be doing an ICO?
No. As a project built on Øx, Radar has no current technical use case for a token. Radar is committed to providing a publicly accessible product that does not require a proprietary token to use.
How do I place an order?
Radar will provide a user-friendly interface for facilitating the use of Øx. To users, this process will be similar in experience to using an exchange. However, on the back end, Radar will be using the information users give us to fill order parameters, sign them to create a Øx order, then list the order on our book.
How do I fill an order?
Radar’s interface will display signed orders available to be filled. Users will be able to fill orders directly on our relayer or take their orders and fill them with an Ethereum client of their choosing. Initially, users can fill individual orders through our interface. However, Radar will be rolling out more advanced taker functionality during the beta period.
When do tokens actually move from my wallet?
Tokens are moved from your wallet when an order is being filled by the Øx Ethereum smart contract — ie. a taker is executing your order at the desired rate. At no point does Radar Relay or Øx ever control your funds.
Will Radar have fees?
Radar will have a maker taker fee model at launch that will be reevaluated after the beta period ends.
Do I need ZRX?
All fees Radar collect will be in ZRX and initially during the beta users will be required to own ZRX in order to trade on Radar Relay. However, Radar will be implementing fee abstraction functionality to lower the barrier to entry. For example:
- A taker wants to fill Order A on Radar using ETH, but has no ZRX tokens in his wallet.
- Radar finds an ETH-ZRX Order B for the exact amount of ZRX the taker would need to pay the fee for Order A.
- Radar executes Order B to get the required ZRX tokens for Order A’s fees.
- Order A is filled and the transaction is completed.
The taker’s experience improves, and under the hood, Radar has collected fees in ZRX. Over time, as liquidity network effects grow, all tokens will be available for fees.
Beta Period Details
The month of September will be used for beta testing of new functionality.
Throughout the beta, Radar will be releasing new features (taker functionality, fee abstraction, limited API, etc) on a weekly cadence.
At the end of the beta, Radar will reevaluate the fee schedule based on community input and release a long term technical roadmap.
Hiring Details
Radar Relay is a small team of engineers, creatives, and business leaders. If you’re interested in working with us, please email us at jobs@radarrelay.com.
Join us on Slack.
We just launched our Slack! We have channels set up for general discussion, announcements, and development.
Visit our site at RadarRelay.com
