The developers of EOS-based decentralized exchange (DEX) eosfinex said that they have successfully completed the testing of simulated paper-trading and ready to move for a full-fledged on-chain trading platform.
In a major announcement on Wednesday, June 26, Bitfinex has completed the beta testing for its EOS-based decentralized exchange ‘eosfinex’. With the successful completion of the beta period, ‘eosfinex’ will launch next month on July 25.
The announcement notes that it will be a major breakthrough in the development of decentralized exchanges (DEXs) as “users will see trading on the platform evolve beyond a simulated paper-trading environment into a comprehensive, full-featured on-chain trading platform”.
Bitfinex announced the development of its decentralized exchange ‘eosfinex’ earlier this year in February 2019. Built using the very popular EOS.io technology, ‘eosfinex’ has three major pillars of decentralization, trust, and high-performance. Besides, the DEX platform will host important features like order books, on-chain custody, and matching engines as part of the EOS contracts. The platform developers explain:
“The exchange contract will initially run on a sidechain using EOX as the system token, thus providing a natural way of allocating exchange resources based on the amount of EOX a user has acquired and staked. A user will also use EOX to buy RAM for placing resting eosfinex orders and for potentially loading a custom smart contract onto her sidechain account”.
The eosfinex DEX is built by combining vital elements of speed and scalability of EOS and Bitfinex’s “industry-leading expertise to deliver an “on chain” exchange built around fast, transparent and trustless platform for digital asset trading”.
Upon its launch next month, eosfinex will support all major trading pairs like BTC/USD, EOS/USD, and ETH/USD. Going further the platform is likely to offer a more comprehensive token offering. Besides the eosfinex exchange contract provide the flexibility to trade any token created through a specific trusted contract. Once the trusted contract issues a new tradable token, anyone on the platform can create a new trading pair.
The platform plans to host a number of other features like market, limit, immediate-or-cancel, and post-only orders. The platform further adds that it will also allow users to create complex order types depending on the user feedback.
A Successful Beta Testing
The developers of eosfinex started its beta testing four months back in late March 2019. At the beta launched, it was only open as a ‘paper-trade’ environment. This was only for the initial experimental phase wherein the users testing it received the rewards for providing feedback.
Note that the development of the eosfinex smart contracts is done internally and audited thoroughly by the EOS Argentina team. The eosfinex team has said that it will be releasing additional updates by the time of the launch.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.