0x Coordinator Model + EAP Acceptance
0x Coordinator
Bamboo Relay is excited to announce our main net implementation of the 0x coordinator model.
In the existing open order book model the only way traders are able to cancel their orders is to make an on-chain transaction.
This action costs gas and opens them up to the risk that their order may get filled in the meantime.
Additionally it’s possible for trades to be front-run or to have collisions with other users attempting to fill the same order (see Front-running, Griefing and the Perils of Virtual Settlement).
The 0x coordinator model extends the open order book model and adds an additional layer of verification to orders in the form of a coordination server and smart contract extension.
As an off-chain component the coordinator server is able to record soft cancels as well as fills for orders.
The record of soft cancels means the server wont authorize any fills for orders that have been cancelled off-chain.
While it is possible to also prevent front-running or trade collisions with the coordinator, it opens it up for taker griefing (requesting but not submitting orders).
Bamboo Relay will be monitoring how orders get filled with the coordinator and if this becomes a problem we will look at implementing this feature.
Mini-FAQ
What does this mean for users?
Users should not see much difference when trading through the website.
By default they will be able to take advantage of soft cancelling orders.
What does this mean for makers?
Makers are able to take on less risk, as they can soft cancels their orders without having to go on-chain and pay gas.
Additionally this should mean that makers are able to aggressively price their orders closer to the market and also use longer expiration times.
Do I have to use it?
When creating new orders this will always remain an optional feature.
Users are able to toggle this option on and off from their settings page.
Similarly API Users aren’t required to use the coordinator address when submitting orders and can continue to use the address for the 0x exchange contract instead.
For existing orders that were created to use the coordinator, users will need to interact with the coordinator server in order to fill these.
What about multiple orders with different coordinators?
The 0x coordinator contract has been written in such a way that it is possible to fill multiple orders at the same time that use different coordinators.
In the same vein it’s possible to fill coordinated and uncoordinated orders in the same transaction.
Developers
To begin integrating today be sure to check out our Standard Coordinator API documentation.
If you are looking to integrate or would like to ask further questions — don’t hesitate to reach out to us on one of our social media channels or email.
For further discussions around the implementation and trade offs associated with the coordinator model be sure to checkout the 0x forum discussion.
0x Ecosystem Acceleration Program
In addition to this, Bamboo Relay is proud to announce our acceptance into the 0x Ecosystem Acceleration Program.
The mission of the Ecosystem Acceleration Program is to accelerate the growth of promising projects that are building on the 0x Protocol.
The EAP supports a wide variety of teams from early-stage projects pursuing new niches to teams building open-source infrastructure that benefit the entire 0x ecosystem.
We are honoured to have been accepted into this program, and are looking forward to continuing to build upon the core trading experience as well as take part in initiatives that help grow the entire 0x network.
Keeping in line with our latest updates, we continue to look forward to sharing future progress in the coming months.
