The eosfinex FAQ
A collection of the most common questions we receive.
What is eosfinex?
eosfinex is a high-performance, on-chain trading platform built on the EOSio blockchain network. Developed by Bitfinex, eosfinex combines the scalability and speed of EOS with Bitfinex’s industry-leading expertise to deliver a DEX designed to offer a fast, transparent and secure platform for digital asset trading.
Is eosfinex decentralised?
Different parties have wildly different definitions of what ‘decentralised’ truly means. At eosfinex, we aim for decentralisation through placing all core exchange components — order books, matching engine and custody — on the blockchain.
How do I start trading?
Visit eosfinex.com to get started. After pressing ‘Start trading’, visit the following manual for a walkthrough on getting set up.
What is the eosfinex faucet?
The eosfinex beta works as a simulated ‘paper trading’ environment using test tokens. This way traders can get familiar with the platform and try out their strategies with no risk. You will need test tokens to trade however, and this is where the faucet comes in.
Visit the faucet and enter your username to get free test tokens. Tokens will be sent to your mainnet account immediately. Please note that the tokens are for test purposes only.
What are the fees on eosfinex?
Traders on eosfinex pay a 0% maker fee and a 0.2% taker fee. Additionally, makers earn a 0.05% rebate for providing liquidity to the exchange. The rebate is designed to encourage liquidity in the order book.
Which order types are available on eosfinex?
Traders on eosfinex can alternate between ‘Limit Orders’ and ‘Market Orders’, whilst making use of ‘Post Only’, ‘IOC, ‘Release On Trade’ and ‘Sweep Collateral’ configurations for further fine-tuning. For a more detailed look at these order types, visit ‘Order Types on eosfinex’.
How can I list my token on eosfinex?
We’re aiming to list new tokens on eosfinex around May 2019 as we work towards the end of beta. To get the ball rolling, submit your token info here!
The first set of tokens will be manually selected. Because eosfinex is all about distributed trading and decision making, later additions will get voted by the community.
Qualified tokens will be added to the platform via a distributed voting system (in line with that used to select Block Producers) to ensure the chosen tokens align with the expectations of the eosfinex community.
Why is eosfinex not running on mainnet EOS?
eosfinex was initially launched on a controlled sidechain to allow for quicker transactions whilst we iron out potential issues associated with the testnet launch. As we progress through the testnet mode, as will our plans of transitioning towards the EOS mainnet.
The EOSIO software is the first decentralised platform that enables us to run fully on-chain, because it delivers the required throughput on transactions. Aside from throughput, transaction irreversibility times are important. Imagine a trade that goes from BP to BP and is switching from ‘confirmed’ to ‘unconfirmed’ multiple times within three minutes.When the EOS mainnet releases support for asynchronous block confirmations, also called BFT-DPOS, transactions can be confirmed within three minutes. Right now, in order to ensure transaction irreversibility instantly, we have decided to run on a sidechain with two block producers.
Who runs the Block Producer nodes? Can anyone run these?
The eosfinex Block Producer nodes are currently managed by us, the eosfinex team. As we transition out of beta mode to open-source the contract and platform UI, anyone could theoretically act as Block Producer for the platform.
Do you have plans in place for Tethered/Pegged (tBTC/tETH) coins?
We are planning to launch a tethered USD on EOS. To further support the growth of the EOS community we also have plans to launch pegged/tethered coins on EOS, like tBTC and tETH. We will keep everyone up to date on these developments as we progress through our testnet!