Introducing DEXY: Mainnet beta launched!
A permissionless decentralized exchange
Tokenization is a critical aspect of smart contract enabled blockchain platforms, but as adoption of these platforms grows, and the number of projects and tokens emerging on a daily basis increases, traditional trading platforms have failed to keep up.
It’s not entirely their fault, as centralized service providers they need to be careful about what tokens they choose to list so that they can comply with all applicable regulations. DEXY is different.
We believe in a permissionless decentralized exchange, but realize that the user experience of current DEXs cannot compete with centralized offerings. DEXY is a protocol designed to leverage the power and flexibility of decentralized exchanges while retaining the most significant benefits of centralized exchanges.
There will be no ICO, ever. DEXY is built by a self-funded team that will not compromise the user experience of the protocol by tying in an unnecessary token. We will maintain transparent and responsible development best practices and will be contributing the protocols we develop back to the community as open source libraries.
How it works
As of today, the initial version of DEXY is deployed and usable on mainnet. It provides a familiar, user friendly interface for custodian-free peer-to-peer token exchange.
DEXY currently supports trading any ERC20, ERC777 or ERC223 compatible token. User can locate a market on exchange by the address of the token contract, which means there is no process required by DEXY for a market to be listed. In the initial version all ETH:TOKEN trading pairs are available. TOKEN:TOKEN trades are already supported via the smart contract, and orderbook support is coming, along with NFT support.
As you would expect from a decentralized exchange you remain in complete control of your funds. DEXY is never in custody of your funds, when placing an order funds are always in your wallet or held by a secure smart-contract. DEXY currently supports MetaMask, Ledger, and Trezor wallets. This makes us one of the first DEXs live with full support for the Trezor wallet, something we are very proud of.
Any token can be traded on DEXY, however not every token will be listed on the main page. Tokens such as EOS, TRX, etc, who claim to have much better performance and functionality than ETH are free to use their own blockchain to trade their token, and we will not be featuring them on the main page.
The current version of DEXY maintains a centralized orderbook to ensure a low latency trading experience. We believe using a centralized order book provides the best user experience for now. However, a decentralized off-chain orderbook protocol with front-running protection is planned. Details of which are explained in this talk:
The smart contracts were designed by experienced security experts in the Ethereum space, including Matthew Di Ferrante who does security work for Ethereum itself.
In preparation of the mainnet release, we have done extensive testing on all of our contracts on various ethereum networks. Including several months spent testing in Ropsten. Along with tests run on the mainnet. Our extensive tests and audits even led us to find bugs in the solidity compiler, which can be found here.
Additionally we have open sourced all our smart contracts, and have gone through a code review process performed by Jorge Izquierdo on initial versions of our protocol and whose results can be found here. On top of this code review we did multiple internal reviews of our smart contracts.
To keep up with best practices, we are hosting a bug bounty which will last exactly one month up until the 13th of June.
We are using the OWASP risk assessment methodology to determine the bug’s level of threat to the protocol and/or token sale. All compensation will be paid in ETH.
Bugs must be reported to: email@example.com
- Note: Up to $100 USD
- Low: Up to $1,000 USD
- Medium: Up to $2,500 USD
- High: Up to $10,000 USD
- Critical: Depending upon the severity of the issue.
We have several exciting features planned to release this year including a multifill matching engine, token-to-token trading pairs, a decentralized off-chain orderbook protocol with front-running protection, and support for anonymized and darkpool trading.
Who we are
- Matthew Di Ferrante — Ethereum Foundation Security Team & ZK Labs Founder.
- Dean Eigenmann — Harbour Project Founder, ZK Labs Auditor & ENS Developer.
- Ivo Georgiev — ADEX Founder.
Try it out
You can try out DEXY here. Our first month is completely fee free and we will continue to have competitive fees after. We have planned for fees of 0.25%, our smart contract prevents us from ever raising the fees higher than 0.5%, our fees will only be on the taker side meaning that makers will never be charged any fees.