XSN CORE UPDATE | March 2021
Developers and team have been hard at work the past month working on integration of Connext into our Multi-currency Light Wallet, executing USDT-BTC stress tests, development of a web DEX interface and other key points which bring us closer to our key targets ahead. Find out more below!
Connext Integration Update
We have successfully integrated the Connext browser node into Light Wallet. This means that users can now access ETH Layer 2 (L2) without the need to download any dependencies and brings the Stakenet DEX another step closer to an easily accessible and low friction UX.
Combining the power of Connext with the power of lightning labs’ LND, we can now trade BTC, LTC, XSN, ETH & ERC-20 instantly on L2 in a virtually feeless manner.
DEX Trading Update
Taker-Maker (Negative Fees) Deployed. We have successfully deployed the “taker pays maker” fee model to the closed beta group! Anyone using the latest version of Stakenet DEX can now receive the taker fees with any limit orders filled. We are preparing dedicated tests with closed beta users this weekend.
negative (maker) fees will be critical to entice LP’s onto the DEX, attract liquidity, and scale.
Want to find out more about the proposed fee models on the DEX? Read our previous article here.
DEX Stability Testing
USDT-BTC stress tests are stabilized and underway! Using ETH L2 via Connext and BTC LND, our developers have been able to perform cross-chain swaps on L2 without the need for custody/ sidechain wrapping.
DEX — Web Interface
This week we will be making our repo public where the web DEX interface is being worked on, the community will be able to follow the progress as it is being developed and improved.
Community & Team Updates
We are excited to give a warm welcome to our latest team additions:
— Architect who is focusing on our Web UI and browser node along with Connext Network.
— Rmidzic who is our new UX lead and will be focusing on updating the Stakenet DEX UI and to our community-facing team:
— s54 has been added as a new community moderator
Upcoming Strategy
Once the taker-maker fee model is stable, as well as in-wallet Connext swaps, we will focus on deploying AMM into the software for closed beta to run first, and grow liquidity/ onboard LP’s to the network thereafter. At this time we expect the UX and slippage to be good enough for regular users to be invited to come and make trades on the DEX.
