The times they are a-changin’. Fast. With StarkWare’s new scheduled upgrade, DeversiFi is on the verge of introducing some game-changing new features, harnessing conditional transfers for rapid withdrawals, L1/L2 composability and much more wow. As part of the self-custodial design of StarkEx, the upgrade mechanism consist of two steps: on-chain proposal of new contracts, and a 4-week public audit period. Only then is the new system deployed live. Read all the important details below.
- StarkWare is upgrading to StarkEx V2, bringing new technical capabilities, e.g. conditional transfers.
- This will allow DeversiFi to expand its features and ecosystem in various value-increasing ways.
- The underlying code for the upgrade is now available for community review here, prior to going live.
- In approx. 4 weeks, the DeversiFi platform will be redeployed w/the new code.
Not long ago, the StarkWare team launched StarkEx V1 of their revolutionary Layer-2 scaling technology, bringing speed, efficiency and innovation to Ethereum. DeversiFi joined forces with StarkWare to harness this technology and launch a first-of-its-kind, self-custodial exchange that allows traders to access deep liquidity at the highest-speeds with no customer gas-costs, or compromises in experience when compared to centralised counterparts.
StarkWare has since been working on StarkEx V2, taking things to the next level and bringing new functionality including conditional transfers, which will enable an array of end-user benefits not previously possible.
Deploying on top of Cairo (StarkWare's innovative framework for proving general computations) StarkEx 2.0 will have much greater feature velocity, allowing for a continuous improvement of user experience.
What Will this Upgrade Enable?
The most immediate improvement to the DeversiFi experience, and certainly one of the most powerful, is the incoming rapid withdrawal functionality. Once live, this will allow traders to trigger a withdrawal instantly, giving an advantage to those seeking to capitalise on financial opportunities elsewhere.
As things stand today, ZK-proof batches are submitted to the blockchain by DeversiFi and StarkEx (usually every 1-3 hours but this can become higher due to various factors including on-chain GAS costs). Withdrawals cannot be processed until each new batch is completed.
Using a flexible design pattern (conditional transfers), the new mechanism will allow liquidity providers to essentially make transfers on behalf of those holding funds inside DeversiFi and be guaranteed to receive those funds back, plus a fee.
So, in addition to the value of rapid withdrawals, this set-up invites another valuable aspect to the DeversiFi ecosystem — DeversiFi EARN. Those holding assets listed on DeversiFi will be able to provide liquidity to the DeversiFi EARN withdrawal liquidity pool and earn passive interest on those deposits.
Further down the line (but not far away) this upgrade will empower explosive composability with other L1 & L2 ecosystems, increased functionality such as withdrawal to new/different addresses, deposits directly from one wallet (e.g. a CEX account) to your DeversiFi exchange account (ready for trading) as well as allowing traders to make custom transactions directly interacting with other DeFi protocols on L1. This will make DeversiFi an ideal platform for arbitrage, plus many other awesome powers we will reveal in the near future.
So, what now?
In the true nature of open finance, during the next 4 weeks (between now and going live) you have the opportunity to self-verify the new contracts and upgradability mechanism. To do so, check out the links below.
- GitHub repo - release notes and contracts.
- Audit Report
We will announce more details around each new feature coming to DeversiFi in the very near future as/when released. We will also soon be launching our public roadmap detailing all our exciting plans for the path head both for DeversiFi & for the Nectar token. Make sure to stay up to date over at our Discord channel where you can also get any and all questions answered fast.
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 counter-party risk.