Spin releases its pre-mainnet version of the on-chain order book DEX
You’ve been waiting for it, you’ve been submitting your feedback for the previous testnet version, you’ve been asking us “Wen mainnet”… We’re grateful to everyone who shared their improvement suggestions to v1, and today we’re thrilled to release the pre-mainnet version of the spot order-book DEX (first of its kind on the NEAR blockchain!). What does that mean? The mainnet release is very close, so you will be able to connect your mainnet wallet to Spin quite and enjoy all the advantages of on-chain order book trading shortly.
And now, let’s have a closer look at what’s new in this version and why your feedback is so important for us at this stage.
Aside from some GUI improvements (the frontend is now running on React.js) we have implemented taker fees and maker rebates, set up limits for maximum deposits and order sizes that will be increased gradually in the mainnet version. We have developed a convenient API and SDK to interact with the DEX and increased the test tokens balance limits so you can trade more actively. On top of that, we have optimized the order book matching which resulted in a 10 times decrease in gas consumption.
Let’s look closely at every feature mentioned. The fees structure will look as follows: 0.1% taker fee, and -0.05% maker fee.
The fees charged from takers will be divided into two parts: 0.05% will go to the maker and another 0.05% — to the treasury fund.
The API developed by the Spin devs will allow for improved interaction with the DEX for market makers and algorithmic traders. To enable convenient and fast integration, we have released an SDK — a separate library that will allow anyone to interact with the API and the smart contract directly, without interacting with the DEX UI. At the same time, both API and SDK will be available publicly.
We have also implemented the limits for maximum deposits and order sizes that will increase gradually after the DEX goes live on the mainnet. This feature will help us ensure users’ funds are exposed to minimum risks in the early days and simulate maximum trading cases to identify and fix potential vulnerabilities. The DEX will of course undergo internal and external audits, but we want to be 99,99% sure users’ funds are safu before we increase the limits.
Regarding the markets available, we are starting with NEAR/USDC. The number of trading pairs will increase gradually. Our most attentive readers already know about the ecosystem partnerships Spin has entered and can easily guess the first assets to become tradable.
Last but not least, we have increased the amount of test USDC tokens users receive to test the functionality of the exchange. Thus, we invite you to join testing today and share your feedback. Please note that the mainnet version will have more improvements to the DEX GUI, though the smart contract, API and SDK will mostly remain the same. Thus, we highly appreciate the feedback related to these parts of the DEX.
PS. If you need access to the GitHub code, request it on Discord!
How to start trading?
To start trading on Spin’s spot DEX, you simply need to:
- Connect your wallet e.g. near.testnet or create a new one here: https://wallet.testnet.near.org/
- After the wallet connection, you will be redirected to Spin and your account will automatically be topped up with test NEAR coins.
- To request test USDC tokens, press on the Get 1000 USDC button in the top right corner of the interface. Please note that this option will be available shortly; in the meanwhile, you can exchange test NEAR coins for test USDC.
- To start trading on Spin you need to deposit assets to your exchange account. To do so, please press the Deposit button. After depositing assets, you’re ready to trade just as you do on a centralized exchange.
Note: if you don’t want to confirm each transaction manually, you will be offered to enable the NEAR Trading Key. This key will allow you to use up to 10 NEAR for gas and automatic transaction confirmation. Easy!
The pre-mainnet testing and internal code audit will run for a few weeks to ensure the DEX works smoothly on the mainnet. During this period, we will constantly improve the UI of the exchange. You will practically be able to see the progress live and share your feedback in our Discord community. As for the mainnet release… Long story short, you can expect it in late April!
In the meantime, you’re welcome to enjoy testing the pre-mainnet functionality, join the Freaky Seed Challenge and try to guess the seed phrase from the freakyseed.near wallet, or getting a Freaky Elves NFT from Paras — your ticket to Spin’s upcoming token sale!