The DeversiFi decentralized ethereum exchange or DEx relaunched as DeversiFi 2.0 on June 3, incorporating Starkware’s StarkEx scalability engine, utilizing zkSTARK layer-2 scaling technology.
The new platform will be able to process over 9,000 transactions per second while maintaining privacy, liquidity and low fees in a non-custodial solution.
1/3 The new DeversiFi built w/ @StarkWareLtd is now LIVE! This reflects a milestone in self-custodial trading, delivering the experience of a centralised exchange while being able to trade at lightning speed from your choice of wallet. https://t.co/KUD4PtMbJJ 👀 … pic.twitter.com/KhfTRTmO2w — DeversiFi (@deversifi) June 3, 2020
Starkware’s layer-2 solution utilizes Zero Knowledge Proof technology, bringing scalability to non-custodial trading.
It achieves this by processing trades in batches and then submitting a single proof for each batch consuming a small fraction of the Ethereum blockchain resources that standard on-chain processing would require.
Starkware President Eli Ben Sasson explained:
“Commercial grade Defi needs robust cryptography and zkSTARKs are fastest in class, post-quantum safe and can easily scale to tens of thousands of transactions per second with no trusted setup … We are excited to see traders embracing self-custodial trading without sacrificing liquidity or speed”
Integration of the technology into DeversiFi 2.0 will bring instant settlement, deep liquidity and withdrawal certainty to the exchange.
DeversiFi CEO Will Harborne adds:
“This StarkWare integration will transform the functionality of DeversiFi 2.0. The solutions born out will address the key issue of scalability – but without the usual traditional sacrifices of liquidity, speed, settlement and fees.”
DeversiFi has also assembled a Data Availability Committee, including participants such as ConsenSys and Bitfinex, as part of the relaunch.
3/3 Along with our partners at StarkWare we have teamed up with @Consensys @infura_io @iqlusioninc @nethermindeth & @CephalopodEquip to form the Data Availability Committee (DAC) — a further layer of security and trust for users. Learn more https://t.co/lpEh1D2rr3 👀 — DeversiFi (@deversifi) June 3, 2020
The role of the committee is to retain a copy of the updated account balances and publish this, if DeversiFi and Starkware go offline enabling customers to withdraw funds directly from DeversiFi’s Ethereum smart contract.
Withdrawal certainty will enable decentralized traders to plan their next trades, reassured that their withdrawals will happen.
The platform also features native integration of Ledger wallets.
1/ STARKs over Mainnet! StarkEx, our scalability engine, is now live on Mainnet. It powers the @deversifi DEX, w/self-custodial trading up to 9K tps. Integrated out of the gate with @ledger, @walletConnect, and [partially] @metaMask https://t.co/zA4GLXEs4B pic.twitter.com/1iWgWiIiT2 — StarkWare (@StarkWareLtd) June 3, 2020
Ledger CEO Pascal Gauthier comments:
“With DeversiFi 2.0 bringing the speed of ZKStarks and the security of Ledger to traders, it’s clear that this second iteration of the platform is the next step in decentralized finance.”
DeversiFi is the first DEX to integrate zkSTARK technology.
Source: Cointelegraph | Image: Unsplash