NEXT.exchange developments #2
Dear readers, last week we have been scaling up with further developments of the NEXT.exchange and as December is approaching, so is the release of version 2.0 of the exchange. You will find the previous blog here.
This time we were busy with backend restructuring (wallet, exchange, transactions) and fixing bugs as described here. We also did a UI/UX fix on the lite and advanced exchange. Let’s first talk about the lite exchange.
Lite.version
The lite version is a swap application where users can swap between tokens, cryptocurrencies, stablecoins and fiat. It’s not just another Uniswap-clone. We don’t use the Ethereum blockchain, as it’s build on next.chain and uses our Layer 2 technology. This will save a lot of transaction costs and instantly execute orders. With NEXT.swap, all ERC20 is swappable and multiple blockchains can interconnect.
A big plus for NEXT.swap function is that it’s not built on smart contracts. It’s impossible that investors are rugged, where all liquidity is taken out at once, or to freeze a contract when the owner moves out. The liquidity can be locked, without the use of a third party. This ensures that a more trustworthy trading environment is created. Also some assets will get a ‘pro’ badge to make sure they are verified by NEXT.exchange.
Advanced.exchange
For the more professional traders we have updated the UI/UX of the advanced version as well to give it a more fresh-and-clean look. Since the engine and its underlying technology was already performing well it remain untouched.
New features: Increased liquidity pool + unlimited assets
In order to create more liquidity we changed the structure of NEXT.exchange. We make it possible that all ERC20 tokens can be added for FREE, but they need to add liquidity (and a 10000 NEXT collateral) for their tokens to enable trading.The first who adds liquidity into the pool can set the starting price.
Everybody else can add liquidity as well. As a commitment they will receive a part of the pools rewards, which is collected during a trade.
NEXT utility
To boost the utility of NEXT, all trades on NEXT.exchange will be paid in NEXT.
NEXT.chain
As you all know, NEXT.chain is the blockchain of NEXT.exchange. The complete exchange is running on top of it. All trades are instantly executed on layer 2 technology, giving traders the speed and look that might fool you as being a CEX, while running completely decentralized as a DEX, making us a hybrid (HEX) exchange. Since the blockchain is available all over the the world thanks to the masternodes (which host a full node), traders can access their data locally and developers are allowed to build applications on top of it.
Ultimately, we want to connect multiple applications on NEXT.chain so there is no need to login anymore to NEXT.exchange to trade your digital assets. This could be also from a mobile application or a browser extension.
Support from Walletconnect and Metamask
Since we will offer the private keys to our traders, we also add the possibility to add Metamask or Trust wallet to the wallet interface to make decentralized ERC20 transfers. In this way we are not offering custodial wallets anymore. You are in control of your own wallets, we just provide services for trading.
Shared Staking of NEXT goes to ERC20 staking
The shared staking of NEXT will move to an ERC20 staking contract. This means that before the end of the year, all current sharenodes will be migrated to an ERC20 pool, where they can withdraw their NEXT rewards every month.
This process is automated so no more need to ask when there is a payout.
The staking pool of NEXT will be expanded. Currently we have 50 slots of 5000 NEXT each. This will stay the same, but the staking pool will have a maximum of 1M NEXT (200 slots) to be allocated. Rewards will be fixed and not based anymore on the amount of masternodes.
Masternodes Governance
Only masternodes will have governance. Masternodes will be involved in important discussions and decisions which the board are making. The developments of this portal is on-going and will be ready in December.
Regulations and DNB
In March, this year we filed our application on the DNB. Unfortunately, we are still in the regulatory process with the Dutch National Bank. We are not alone as only 7 applications of 32, have been approved and registered.
If we (and other exchanges as well) don’t receive an approval by 21 November 2020, we will be required shut down some parts for our Dutch customers. In short term, this means the following:
- disable all crypto <> fiat transactions;
- disable all trading;
All Dutch users need to move their funds out of NEXT.exchange before this date. After November 21, 2020 access for Dutch citizens will be denied, until we receive our approval.
For all other users, the exchange will remain fully operational and nothing will change.
NEXT.exchange and PayAccept are separate companies
We noticed that NEXT users are asking questions about NEXT in the PayAccept main chat. There is no need for that at all, as PayAccept can’t answer any questions. Please keep NEXT discussions in the main group. NEXT and PayAccept are not the same company.
What’s NEXT
For the upcoming week we are working on the responsive (mobile view) part, profile and the KYC module. We will also talk with marketing agencies to see how they will prepare the marketing to relaunch NEXT.exchange.
