DeGate Monthly Update (May ‘24)
Welcome to DeGate May 2024 Ecosystem Update!
DeGate is a ZK-Rollup Orderbook DEX that allows you to Trade easy, Sleep easy. It enables spot trading with limit orders while you self-custody your funds. DeGate has no fees for Maker orders and very low fees for Taker orders. It offers distinctive trading features — decentralized grid strategy and DCA. Trade on DeGate DEX now: https://app.degate.com/.
More tokens to trade
In May, DeGate’s monthly trading volume was $228 million.
The number and variety of tokens available for trading continue to grow, including more non-ERC-20 tokens, marked with “wrap” on DeGate, such as OP, CELO, SUI, etc. These tokens were bridged to DeGate through Wormhole, with whom we held an AMA.
Wormhole AMA
As a partner of Wormhole, DeGate was invited to join their Chinese Community AMA on Twitter Space. During the session, speakers talked about the innovation of DeGate, trading experience and the supported Wormhole assets on DeGate. Thanks to this opportunity, the DeGate brand was exposed to the Wormhole community.
Listen to the AMA recording here https://x.com/wormholechina/status/1795786077795668461
Product Update
Enchanced DCA Plan
Now, users can activate zero-fee mode, set a price limit, and modify the start time for a DCA Plan! These updates correspond to DCA users’ important needs, making DeGate DEX even more convenient for DCA users.
Support multiple plug-in wallets
DeGate DEX now supports multiple plug-in wallets compatible with EIP6963. When connecting a wallet, the subset of supported wallets a user has installed as browser extensions will be displayed. Popular wallets like OKX, Rabby, and Phantom wallets are included in this upgrade.
Optimized Grid Strategy
We’ve also improved the experience on another important feature, grid trading. When closing a Grid Strategy, users can now choose to sell the base token or keep both tokens. For example, in an ETH-USDC Grid, at the moment of closing the strategy, you can either sell the remaining ETH for USDC or keep both ETH and USDC.
Wrap Tokens are Tagged
DeGate aims to be a place to trade multi-chain assets seamlessly, starting with a series of Wormhole assets in May. The non-erc-20 tokens bridged onto DeGate are now tagged with “wrap”. The bridge’s official website and bridge portal are given to facilitate user understanding and unwrapping.
$20,000 Giveaway Campaign
In May, a $20,000 Giveaway Campaign was launched. Lucky traders on DeGate received 1000 USDC each from the Giveaway Campaign. The qualifying criteria included a weekly trading volume of at least $5000. The more volume and the more pairs you trade, the more lottery tickets you receive. Twenty lucky traders won the prize! The biggest trader had a $1.6M weekly volume!
DeGate DEX on Coingecko
At the time of writing, 85 trading pairs on DeGate DEX are listed on Coingecko, all with active trading volume and liquidity. Coingecko is an important touchpoint in introducing DeGate to the market.
Research Article: Grid Trading vs LP
We published a guest post by Omer Arbnom Yanar, an independent researcher. Using backtesting data, he expressed his opinions about grid trading and compared the profitability between Grid Trading and Liquidity Providing. In short, Arbnom argues that grid trading is sometimes a superior strategy to LP for yield. Read the full article here.
Oh, and just a reminder that Grid Trading on DeGate is free.
DeGate is looking for Contributors:
DeGate is looking for talented contributors. Check out this link
About DeGate
DeGate is a spot order book DEX on Ethereum built with Zero-Knowledge technology. In addition, DeGate offers a decentralized grid trading and DCA functions.
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. DeGate Mainnet is live on https://app.degate.com/?s=medium
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