This month, the team have been working to prepare the light wallet, DEX stats page, designs for the public release of the DEX client and software as well as a website for the launch. This work has included stabilizing swap interfaces (which involved working with our closed beta group), development of our DEX stat tracker, running continuous stress testing of the DEX and more.
Once we have ETH Layer two (L2) live and swapping in our internal closed beta group, we will begin preparing to set a public launch date to go with the release of our launch site.
Have a look at the slick and simple progress:
This Simple Swap User Interface(SSUI) is important as it allows a user a simple, easy and intuitive way to exchange assets without the need of using a standard exchange interface such as you would see in a CEX.
SSUI V1 interface is being prepared to adopt key DEX and wallet features, such as
1. Liquidity Mining (deployment of MM bots into the wallet itself, allowing users to run and generate yield on any L2 DEX funds which includes BTC).
2. Submarine swaps to reduce fees (When users are just looking to make 1 trade, doing it on L2 could still be a viable option. This is because we can facilitate an on-chain payment that will result in receiving the assets on L2). Furthermore, submarine swaps could also be used to refill existing lightning channels instantly, however, this is something we will investigate further.
3. Paying for rentals with on-chain funds to reduce overall wait times for users (this benefits all users who do not have any funds on L2 and reduces the wait time needed for L2 channel creation).
4. Integrations of batching/ ZK rollups allow batching of channel opening and closing where wallet users can join and split on-chain transaction fees. Greatly reducing the ETH and ETH token channel open/close fees from the Stakenet wallet.
Developers have been researching the Connext client and other ETH off-chain scaling solutions (e.g. Raiden) over the past months. The results of this have been positive and Connext is more suitable for our specific needs. So we are proud to announce that we are going with Connext for the final ETH and ERC20 trading integration!
Developers have reported the following strengths of Connext in these key areas:
1. Stability: After 3 weeks on production, it has experienced no downtime/ crashes.
2. Relevant for our specific use cases: their team has built Connext to support L2 hub scenarios “out of the box” which means there is less time required for our dev team to tailor it to our needs.
3. Support: Connext team has prior experience in working with 3rd party integration, which allows for a smoother and faster workflow.
4. Works on all platforms: They support all operating systems, including Windows, right out of the box which makes the transition less dev intensive compared to Raiden which does not support Windows.
5. Live support of ETH, USDT and DAI: as they already have one of the most important ERC20 tokens live and working, we will be able to easily add further pairs in the future once our implementation is safe and tested.
Connext is an open-source client (similar to lnd or Raiden) that allows users to run and operate state channel communications via L2 on the Ethereum network. This client can be used to interoperate on the second layer with BTC’s lightning network allowing for ETH –BTC cross-chain atomic swaps on layer 2.
We have been putting the DEX through intensive stress tests, having over 250k USD volume with now 99.9% swap success. These tests have shown the DEX can scale, and we will continue to raise the limits and report the results. You can monitor these tests and track them live on our DEX stat UI page.
Stress testing is important as they confirm the L2 DEX architecture can handle mass traffic, high volume, and low latency trades to allow competitiveness VS traditional CEX’s.
We mentioned previously that as well as working on our own DEX, is important that we also list on new exchanges in order to make XSN as accessible as possible to the wider audience. To that end, we have been working tirelessly behind the scenes to secure suitable exchanges and partners. As we move forward, we are working on getting XSN listed on a major exchange and will keep the community posted about it.
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