On the Everscale mainnet, a decentralized exchange FLEX began operating. The protocol’s hallmark is the use of an order book instead of an automated market maker, mirroring centralized trading platforms.
Limit orders can be submitted with the options POST and IOC. Their placement and execution occurs on-chain, said the project head Ilya Frankstein:
“For every price there is a separate smart contract, and inside the smart contract there is a queue where orders are stored at the given price. This is a fully on-chain order book. We do not have a matching engine, i.e., the exchange is fully decentralized, with the client interacting directly with the blockchain. As far as we know, there are no other such projects.”
The exchange currently lists the native EVER token, WETH, USDT and WBTC, spread across six trading pairs. In the near term, the FLEX team plans to increase liquidity in each of them to $50,000–$100,000.
The protocol can be used via a desktop application or through the API. To create a profile, you need to connect an Ever Surf wallet. The decentralized application’s source code опубликован on Github, also the developers released документацию.
According to Frankstein, the current order processing speed on FLEX is about 10 seconds, and it is planned to reduce to 2 seconds after the implementation of the Reliable External Messaging Protocol (REMP) into the Everscale code. The exchange’s throughput will grow as new workchains appear:
“In theory, we see no obstacle to catching up with any centralized exchange,” said a FLEX representative.
Earlier, in an interview with ForkLog told about the prospects for sovereign digital currencies, as well as CBDC projects based on Everscale.
As reported in December 2022, the developers of the blockchain-based domain-name system on Everscale reported that in the first three weeks of operation the service registered more than 1,000 addresses.
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