ConsenSys-backed Starkware is powering 9,000 transactions/second on this Ethereum-based DEX

Decentralized trading applications are closing the gap on their centralized counterparts. The former were regarded as slow, clunky, and even “boring” 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.

Starkware’s 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.

We’re talking:

– 9,000+ TPS
– Privacy-by-default
– Deep liquidity
– Low-fees

And much more!

…

— DeversiFi (@deversifi) June 3, 2020

This allows transactions to be more secure and faster, as the use of Ethereum’s 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:

“The DeversiFi platform brings instant settlement, privacy-by-default, withdrawal certainty, low fees, and deep aggregate liquidity — catering to serious traders seeking an edge in popular DeFi markets.”

DeversiFi touts its protocol can compete with the “fastest centralized exchange” while offering quick and reliable withdrawals, the latter of which benefits powers arbitrage and quantitative traders.

Starkware President Eli Ben-Sasson believes “commercial-grade” DeFi applications need robust cryptography and the use of zkSTARKS — the firm’s privacy solution — allow such protocols to scale to “tens of thousands of transactions per second” without a trusted setup.

Traders to be safeguarded

DeversiFi’s Will Harborne said integrating Starkware brings instant settlements and deep liquidity to the platform’s traders. He believes the “solutions born out” 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 DeversiFi’s 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, ConsenSys’ 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

Mentioned in this article

Ethereum rhino.fi Consensys Bitfinex Pantera Capital Will Harborne Joseph Lubin

Ad

WorkML.ai: Real World Data Annotation Hub Empowers AI with Crypto

Ad

CryptoSlate on Substack cryptoslate.substack.com

Essential crypto updates and analyses. Straight to your inbox, every day.

Join 75k subscribers

Ad

Latest Ethereum Stories

Shibarium sees brief outage amid Shiba Inu’s Layer-3 blockchain ambitions

Technology 10 hours ago

Shiba Inu said it raised $12 million to develop privacy-centric Layer-3 blockchain network

Top 4 accounting firm turns to Ethereum for blockchain-based business contracts

Adoption 5 days ago

OCM is designed to facilitate the secure handling of business contracts on a public blockchain, ensuring privacy by utilizing zero-knowledge proofs to maintain contract integrity and confidentiality.

Bitcoin barely holds on to $60k as bears retest March lows

Crypto 6 days ago

The flagship crypto touched a low of $59,658 before modestly recovering to around $60,800 as of press time, based on CryptoSlate data.

EigenLayer removes caps, sees record $157 million inflow as Lido dominance dips

Crypto 6 days ago

Lido's Ethereum staking dominance wanes, drops under 30% due to inflows into restaking protocols.

You might also enjoy...

DeversiFi CEO talks building on Ethereum in 2015 vs now, benefits of decentralized exchange and shares customer stories

Interview 4 years ago

3 reasons why Ethereum fundamentals are strong: ConsenSys co-founder

Analysis 4 years ago

As leading US exchanges bow out due to regulatory pressure, DEXs step into the breach

Exchanges 4 years ago

DeFi on track to become “liquidity blackhole” absorbing all idle assets: Ethereum investor

DeFi 4 years ago

Latest Alpha Market Report

Available exclusively via

From 2012 to 2024: Analyzing market conditions before each Bitcoin halving

Andjela Radmilac · 3 days ago

As the fourth Bitcoin halving approaches, an in-depth look at past events offers insights into potential market impacts.

Latest Press Releases

View All

De.Fi Presented its Accelerator & Announced the First Raise on April 29th

Chainwire 5 hours ago

Unveiling the KARRAT Protocol: Pioneering the Next Era of Gaming, Entertainment, and AI Innovation, Reshaping Hollywood and Beyond

Chainwire 6 hours ago

Sui Overflow Hackathon Funding Pool Balloons to $1,000,000 as New Sponsors Join

Chainwire 16 hours ago