Roughly 28 days ago, disaster struck. In our ceaseless quest to build the highest performing cryptocurrency exchange in the game (we call it DeversiFi), we worked with our frenz at StarkWare HQ to execute step one in our roll out of StarkEx V2 -- a sophisticated new matching engine that will bring a treasure trove of new features (read about them in our roadmap). But, nothing worth doing is easy, or better put, nothing worth shipping, ships without a minor bug or two.
We quickly discovered a rather inconvenient one, to say the least. Nothing scary or financially risky, but nevertheless problematic. You can read the full tale of intrigue here.
In short, withdrawals of non-standard ERC20 tokens such as USDt and OMG were disabled for 28 days. Seeing as our most popular pairs are USDt related, with traders frequently preferring to withdraw USDt, this disrupted user activity, impacting DeversiFi usage and resulting in the premature closing down of Nectar Beehive.
What did we do?
We kept the ship moving by enabling USDt/USDC markets so traders could continue trading USDt pairs before converting their USDt to USDC and withdrawing USDC instead (if they wanted to leave the platform that is).
We were fortunate to have had only a handful of edge cases where some users' funds were trapped in the withdrawal process (I was proudly one of them), which meant they would be stuck for the whole 28 days.
We reached out to each edge case and offered a solution, ensuring they had the value of their withdrawal to continue their operations. That was the most important thing.
Despite this, however, DeversiFi was not at its finest. Not until full functionality was restored.
Where are we now?
(We are 28 days later ^ ammaright?)
Full functionality is now restored. As a trader, you can deposit to the layer 2 DeversiFi exchange (paying gas only for deposits and withdrawals -- with gas-free trading), you can capitalise on our unrivalled liquidity trading popular defi and cryptocurrency markets with low-cost and a clean, professional user-experience.
With on-chain gas-prices skyrocketing (thanks to the long overdue Ethereum bull market) now is the perfect time to experience the magic of DeversiFi.
DeversiFi gives traders the edge in fast moving decentralised finance (DeFi) markets by allowing them to trade at lightning speed and with deep aggregated liquidity, directly from their privately owned cryptocurrency wallet.
Traders can take advantage of more trading opportunities while always preserving control of their assets for when they need to move fast. DeversiFi’s order-books are off-chain, but settlement occurs on the Ethereum blockchain. This means that traders benefit from fast moving order books and instant execution, without having to trust the exchange and whilst always maintaining control of their assets at all times.
For the first time, traders can enjoy all the benefits that they would expect from a legacy large centralised exchange, but with no exchange or counterparty risk.