Tech Upgrade: July Release I (1.0.12)
This post format is the first in series of our weekly or biweekly tech upgrade announcements that help you keep up to date with Multi’s development.
This week is kind of a big one in terms of structural changes since we’ve decided on the removal of all BTC base markets, added multiple quality of life enhancements, performance updates, and bug fixes.
Let’s start off with the biggest change you will notice after this week’s release goes live on Thursday, 23rd of July, at 8 AM UTC.
Removing All BTC Base Markets
You will not find any TOKEN/BTC markets on Multi anymore once we release the upgrade.
We didn’t rush into this decision, but the data spoke for itself:
- Only 1.8% of trading on Multi is happening on BTC base markets
- Globally over 70% of trading volume is happening on USDT base markets
- Over 90% of margin trading is happening on USDT base or other equivalent USD markets
As a result of the last two points, USDT and USD markets also tend to be more liquid.
With our developers finetuning our margin trading engine for the upcoming launch, we weighed the cons against the pros and decided to go for removing BTC base markets now rather than later.
Here’s what we think we will win from removing the BTC markets:
- All markets become more liquid on Multi
- Trading will be more focused on one market and become more active
- We will attract more users when we offer USDT markets on coins without USDT markets elsewhere.
If there is ever a reverse in trend and all of a sudden the interest towards BTC markets far exceeds those of USDT markets, we will, of course, consider providing our users both options, but this seems to be the move short- and mid-term.
Moving on to other upgrades.
Account Value Indicator
This week we added a new indicator on your assets page to show you the total value of your assets in USDT based on the current price of each asset.
You will also have a red eye icon to hide your total value and replace it with asterisks (*************).
This preference will not reset on refresh or visit, so you’ll always have your preferred way when you use Multi on your device.
Along with the account value indicator, you will now also be able to see your daily withdrawal limit’s most recent state.
Withdrawal limit resets at UTC midnight
Favorite Markets
Another new feature this week will be the favorite markets. You’ll now be able to mark your favorite markets in the Pairs list and filter to only see your favorites on the list.
While these are the main notable updates for this release. We also did a good bunch of improvements and bug fixes, like:
- Updating our API responses for Coingecko
- Improving the mobile UX when clicking on orders in the order book and making withdrawals
- Making it easier and faster to delete tens or hundreds of open orders
- Rate limiting all of our API endpoints to protect our servers from potential attacks
- Added memos to our withdrawal emails
- Sorted our market list alphabetically by default.
More exciting stuff in the works and coming your way in the upcoming weeks.
