ConsenSys-backed Starkware is powering 9,000 transactions/second on this Ethereum-based DEX ๐จ This article is 4 years old...
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ConsenSys-backed Starkware is powering 9,000 transactions/second on this Ethereum-based DEX
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Updated: Mar. 5, 2022 at 2:22 am UTC
Photo by Hugo Kemmel on Unsplash
Decentralized trading applications are closing the gap on their centralized counterparts. The former were regarded as slow, clunky, and even โboringโ in 2018, but have since seen extensive development and advancements in both technology and customer-facing UI.
On June 3, the DeversiFi 2.0 DEX said it has incorporated a layer-2 scaling technology on its trading protocol, pushing transactions counts to over 9,000 per second.
Can compete against fastest
As per a release, DeversiFi has teamed up with Starkware, a 2017-founded privacy and scalability protocol backed by the likes of Pantera and ConsenSys Ventures, among others.
Starkwareโs Layer-2 solution brings extensive scalability to non-custodial trading, such as that found on DEXs or related platforms. The firm utilizes Zero Knowledge Proof technology that allows processing trades in smaller batches and verifying proofs for each individual batch.
2/3
Built with serious traders in mind, DeversiFi features all the cornerstones of profitable trading, with a speed and security advantage when trading popular DeFi tokens.
Weโre talking:
– 9,000+ TPS
– Privacy-by-default
– Deep liquidity
– Low-feesAnd much more!
โฆ
— DeversiFi (@deversifi) June 3, 2020
This allows transactions to be more secure and faster, as the use of Ethereumโs computing power is significantly reduced. Most on-chain exchanges or DEXs use a traditional method, leading to slower executions and transaction times for users.
The announcement noted:
โThe DeversiFi platform brings instant settlement, privacy-by-default, withdrawal certainty, low fees, and deep aggregate liquidity โ catering to serious traders seeking an edge in popular DeFi markets.โ
DeversiFi touts its protocol can compete with the โfastest centralized exchangeโ while offering quick and reliable withdrawals, the latter of which benefits powers arbitrage and quantitative traders.
Starkware President Eli Ben-Sasson believes โcommercial-gradeโ DeFi applications need robust cryptography and the use of zkSTARKS โ the firmโs privacy solution โ allow such protocols to scale to โtens of thousands of transactions per secondโ without a trusted setup.
Traders to be safeguarded
DeversiFiโs Will Harborne said integrating Starkware brings instant settlements and deep liquidity to the platformโs traders. He believes the โsolutions born outโ addresses the critical issue of scalability on other DEX platforms, but without compromising on feeds or transaction speeds.
A Data Availability Committee has been put together by DeversiFi as part of the 2.0 rollout, featuring industry-leading participants like Bitfinex and ConsenSys. This committee will ensure continual updates of account balances and keep an offline copy in case DeversiFi, or Starkware, face connectivity issues.
The above ensures customers are assured of withdrawals at all times, as funds are stored and accessible on DeversiFiโs Ethereum smart contracts at all times.
For traders protecting their holy grail-esque strategies, the protocol ensures unparalleled privacy. All transaction data is handled off-chain, with transactions updated only when executions are confirmed. This prevents others from analyzing trading patterns and, hypothetically, copying profitable strategies.
Meanwhile, ConsenSysโ Joseph Lubin congratulated the development:
Thousands of TPS are online or coming online at Layer 2 of Ethereum. Scalability has arrived. Congrats to our friends at @StarkWareLtd and @Deversifi. https://t.co/smR2B1sXEc
— Joseph Lubin (@ethereumJoseph) June 3, 2020
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
rhino.fi
rhino.fi (previously DeversiFi) is a frictionless multi-chain platform that brings you all the best DeFi opportunities to buy, trade and invest hundreds of different token on a single multi-chain platform..
Consensys
Consensys is a venture production studio and custom software development consultancy building decentralized applications (DApps), enterprise solutions and developer tools for blockchain ecosystems, focused primarily on Ethereum..
Bitfinex
Bitfinex is a digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
Pantera Capital
Pantera Capital is an investment firm focused exclusively on ventures, tokens, and projects related to blockchain tech, digital currency, and crypto assets..
Will Harborne has an Engineering degree from Cambridge University and enjoys working on visionary technology projects which can revolutionize business models as well as impact wider society.
Joseph Lubin, a Canadian entrepreneur, has made significant strides in the world of blockchain and cryptocurrency.