DeGate Mainnet Beta Redeployment Update
Dear DeGate Community,
Our Mainnet Beta was launched to test the security of the system and ensure the robustness of protection against loss of funds. We have seen great positive feedback in the months since launch, with many of you trying and providing your feedback to make it better. In the short time that we have been live in beta, we have seen almost $120 million in trading volume, over 300 registered users, over 4,000 grid trades, and more than $50,000 in revenue from grid trading alone.
As part of our continuous efforts to improve our DeGate services, we are making a few updates to our system.
During the Mainnet Beta phase, we tested our protocol’s security extensively, particularly given the absence of an Admin Key. A $3 million limit was set for the Total Value Locked (TVL), with a recommendation for each user not to exceed $5,000 in TVL.
To further test our system’s security, a $1.1 million Bug Bounty program was launched. A non-critical bug was identified during this process, which required a malicious operator for any potential fund loss. We’ve decided to address this bug as an added security measure. Please go to this page for more detailed information about the non-critical bug and bug fix.
The process of fixing this bug will not result in any significant project delays. Rather, it aligns with our commitment to prioritizing the security of users’ funds.
Our current Mainnet Beta, due to the absence of an Admin Key, is not upgradeable. Therefore, we’ve decided to complete a new Trusted Setup and deploy a new version of Mainnet Beta, with a new circuit and smart contract. This deployment will include the bug fix and other improvements.
Existing DeGate users are advised to withdraw their funds from the existing legacy Mainnet Beta into the Ethereum network (legacyapp.degate.com), and deposit them into the Mainnet Beta at (app.degate.com). DeGate will reimburse withdrawals on a reimbursement basis and capped at $100 in value for each eligible address, subject to review. For further details on reimbursement, please contact us through this online form. The legacy Mainnet Beta will be phased out after 14 days. For users who do not manage to withdraw before the phase out of legacy Mainnet Beta, their funds will be automatically returned to their corresponding Ethereum address, as per protocol design, resulting in no loss of funds.
Thank you to our community for your continued support, as we grow stronger and more secure. Trade Easy, Sleep Easy.
About DeGate
DeGate is an Order Book DEX on Ethereum built with Zero-Knowledge technology. DeGate provides a possibility to trade the spot market with Limit Orders on a DEX. In addition, DeGate offers a decentralized grid trading function.
DeGate is focused on being user-friendly and is built on the principle of Trustlessness, or ‘Can’t do evil’, with no Admin Key. Users can expect super-low gas fees that are the result of DeGate’s special Efficient Gas Saving technology. This innovation ensures significant gas savings while maintaining a decentralized protocol.
DeGate also enables permissionless listing, meaning that any token can be listed in a permissionless manner through an open listing mechanism. Access DeGate Mainnet Beta on https://app.degate.com/.
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