In our biggest milestone yet, we bring you the evolution of Ethfinex Trustless to DeversiFi the only high-speed decentralised exchange where traders can execute orders of any size directly from the security of their private wallet. With DeversiFi now able to compete with existing centralised exchanges, we are closing down Ethfinex.com and revamping the Nectar (NEC) token as we transition towards full decentralisation. Read on to learn more.
Ethfinex was launched in 2017 as a community-driven exchange with a focus on developing decentralised technology as well as a platform for incentivised learning, trading and analysis of Blockchain’s most innovative projects.
Over these past 2 years, our team has been hard-at-work building out this value proposition in preparation for the ultimate phase of the Ethfinex roadmap - the evolution towards full decentralisation with a new, fully independent exchange that meets the needs of professional traders, without compromising on speed, security or choice. One that is supplemented with the framework required to operate in a fully distributed ecosystem where participants have a stake and collectively contribute to the direction of the platform through a purpose-built DAO and revamped Nectar (NEC) token economics, better serving the DeFi community.
Laying the ground-work for this evolution was Ethfinex Trustless and since launching, it has gone from iteration to iteration, featuring new designs, user-interfaces and wallet integrations. Feedback was incorporated to fine-tune the experience, fix what wasn’t working for users and a number of innovative tokens were added including WBTC & DAI, not to mention industry-first features like the decentralised OTC function.
We now exist to continue this mission with the new DeversiFi exchange, taking it to the next level and building the infrastructure that facilitates the transition to a new, open and decentralised financial world. We are proud to update you with our most important milestone yet, one that beacons the closing of Ethfinex as we go on to embrace, and play our role in leading, the industry-wide shift towards a new financial paradigm.
A new chapter - DeversiFi
In line with this, we gave our designers one of their biggest tasks to date - to craft a brand new company logo, better reflecting not only our successful evolution into full decentralisation but also our underpinning mission to build the infrastructure that facilitates the transition to a new, open and decentralised financial world.
Combining the words ‘Defi’ and ‘Diversify’ Ethfinex Trustless has now evolved into DeversiFi.
Upcoming DeversiFi Features
With this, we have a number of pivotal changes coming to the DeversiFi exchange, designed to increase functionality as well as attractiveness to traders of all levels whilst better serving the wider DeFi community. Below is a snapshot of these updates with more information to be released in the near future.
1. Decentralised Margin
Using the innovative bZx Fulcrum protocol, we’re preparing to add leveraged trading to the DeversiFi experience. The margin trading experience using Fulcrum will be three-clicks simple!
2. Decentralised Lending
As with margin, we’ll be using the bZx Fulcrum protocol to provide lending features on DeversiFi. Like margin, lending will be designed with ease-of-use in mind, allowing traders to lend directly within the Deversifi interface.
3. New Fee Structure
Fees are an important consideration when deciding where to trade. The new fee structure will further serve to give DeversiFi a competitive edge over existing exchanges. With its high speeds, liquidity and low slippage the new fee structure will reduce the overall cost of trading, making it one of the best value exchanges in the market.
What’s Next for Ethfinex
Ethfinex provided the essential incubation period, where over the past 2 years we have developed various decentralised governance and community initiatives including the Ethfinex Token Vote, Token Rebates as well as other NEC incentives.
With the evolution of Ethfinex Trustless to DeversiFi and the fast-approaching Margin, Lending and new Fee features - allowing DeversiFi to provide the liquidity of centralised exchanges - now is the time to close down ethfinex.com.
Before now, traders of decentralised exchanges have been forced to sacrifice speed and choice in the name of security and control. Our mission has been to change that, creating an exchange that is fast, liquid, feature-rich and easy to use - all whilst preserving the ownership and security that sits at the heart of decentralised exchange.
What’s to come
Nectar: Nectar (NEC) was the ERC20 governance and utility token of Ethfinex. In addition to the above changes to DeversiFi, we will be presenting a brand new Nectar 2.0 model, providing a number of exciting new incentives to holders of NEC and users of Ethfinex Trustless as we embark on this new chapter.
necDAO: Over the past 2 months, we launched a small test DAO which served as a prelude to a much larger DAO which will have the Nectar token at its core. Once we successfully migrate to the new model, Ethfinex will not provide any new utilities or features for NEC with all further implementations being collectively proposed and decided upon by the necDAO. More details on necDAO will be released in the near future.
DeversiFi Mobile: To support our mobile users, we will be announcing a new mobile-optimised version of DeversiFi, making trading on-the-go both easy and convenient, whilst further supporting the adoption of decentralised technology.
DeversiFi At Berlin Blockchain Week
We are hosting a Berlin Blockchain Week event focused on the highly relevant and current topic of decentralised governance. Anna Rose of ZeroknowledgeFM will be moderating a panel with DAOstack, James Prestwich, Will Harborne, Autark and more and we’ll also be inviting a number of Ethereum’s renowned brands to join the discussion, network and enjoy stiff drinks and tasty food. If you’ll be in Berlin, get your ticket HERE while you still can.