Spin’s order book DEX is live on the NEAR Protocol mainnet
Spin has crossed one of its most important milestones! We’ve launched the first order book spot DEX on NEAR Protocol to mainnet, just two weeks after releasing the pre-mainnet testnet version. Trade.spin.fi is the link to enjoy the CEX-competitive on-chain trading experience on NEAR — add it to your favorites. Believe us; you won’t regret it! Let’s move on to the details of this stunning release.
Current Setup & Next Steps
The mainnet version starts with one trading pair available — NEAR/USDC. We will gradually add new market pairs as we move forward. To protect the traders from potential vulnerabilities, we have set up limits for deposits and order sizes:
*Currently we have a limit on the amount you can buy/sell in the NEAR/USDC pair. You are limited to selling or buying what would be equivalent to a max of 100 USDC or 5 NEAR (so if you’d like to sell 5 NEAR for 100 USDC each, which will total to 500 USDC, or if you would like to buy/sell 6 NEAR for 10 USDC each, that would be more than the possible limit). To exchange larger amounts, you can simply create several orders ;) Withdrawals are unlimited.
We have conducted an internal audit and are currently speaking to external auditing companies. Until we get an external security confirmation, we need to ensure that traders are not exposed to any risks as best as possible. The limitations on max deposits, max base quantity, and max quote quantity can be removed for users interested in market making (upon request).
The next thing is fees. They remain the same: 0.1% for takers and -0.05% for makers. The 0.1% taker fees have been split in two, with 0.05% going to the maker and 0.05% going to the treasury fund.
API is also available, so market makers and algorithmic traders can easily interact with the platform. The SDK documentation will be released in a couple of weeks.
Pre-Mainnet Testing Results
The pre-mainnet version of the Spin order book DEX attracted over 4,500 unique users in the first week who made deposits and over 4,000 people who made at least one trade. On average, each testnet participant created 4 orders — over 26,000 unique orders! In the first week of testnet, trading volumes were over $160,000.
We are grateful to everyone who took the time to test the pre-mainnet version of the Spin DEX. You helped us release the mainnet version faster and feel more confident on our journey!
Some Retrodrop Insights
We strongly believe that active users on the platform need to be incentivized. On NEAR Protocol, matching testnet and mainnet wallets is challenging compared to L2s and Ethereum, but we plan on applying some incentivization mechanics for the mainnet version in any case.
We will not disclose the details and terms of how to be eligible for a future retrodrop — otherwise, we’re likely to reward bounty hunters and miss some people who simply love trading on Spin. So, if you feel that Spin is designed for your needs, just use the exchange and someday, you will find a nice $SPIN reward waiting for you in your wallet ;)
The Spin team has already started working on the perps contract — the next milestone in our roadmap. The mainnet release of the spot order book DEX makes perpetual development simpler and faster. Everything we build is developed from scratch. We are the NEAR pioneers in terms of order book development (*¯︶¯*)
The spot DEX GUI and trading setup will also be gradually improved. As mentioned above, we plan to go through an external company audit to ensure you feel safe when trading on Spin. A new interface design is also on its way, so stay tuned with the Spin announcements on Discord, Twitter, and Telegram — we’re sure you don’t want to miss the updates!
Thanks to everyone for supporting us on our mission of making on-chain spot and derivatives trading convenient, friendly, and scalable. We are proud to be building on NEAR Protocol.