20 July 2020
eosfinex was founded with a mission to enable economical, user-friendly, and performant non-custodial trading of the world’s most popular digital assets.
The EOS mainnet beta launch of the eosfinex non-custodial digital asset exchange trading platform, slated for July, is the first step in an ambitious roadmap that seeks to realise the goal of economical, user-friendly, and performant non-custodial trading.
The redesigned eosfinex includes a completely updated technical architecture that closely integrates Bitfinex and eosfinex, making Bitfinex liquidity directly accessible to EOS mainnet wallet holders. In addition, the newly designed platform dramatically improves the speed, stability, and capabilities of trustless trading.
Liquidity & Economical Trading
The first and most significant of the updates to eosfinex is the reimagining of the platform as a non-custodial access point to Bitfinex liquidity and functionality. This new architecture provides EOS mainnet wallet holders with direct access to the most liquid order books on the market while allowing users to retain full custody and control of their assets at all times.
While existing non-custodial exchanges are blighted by illiquidity, with wide spreads and expensive slippage, eosfinex is able to provide customers with a highly liquid and economical trading experience. The integration with Bitfinex will establish eosfinex as the world’s most liquid non-custodial digital asset exchange and mark a key milestone in solving the issue of illiquidity in non-custodial digital assets trading.
In addition to deeply liquid order books, tight spreads, and minimal slippage, the trading fee structure of eosfinex - 0% maker fees and 0.2% taker fees - incentivises liquidity generation and keeps trading fees low for customers.
Performance, Integrity & Stability
To ensure the integrity and performance of trading activities, order matching will take place off-chain using Bitfinex’s industry-leading matching engine technology, while custody and settlement will remain on-chain.
With order matching and order books leveraging the speed and functionality of centralised services off-chain, trading will be unrestricted by block times, and order execution will be instant.
Finally, the move to off-chain order matching will help ensure the integrity and stability of trades, even in the event that the mainnet experiences congestion or other issues that have the potential to cause serious difficulties for users of exchanges that run fully on-chain.
Security, Control and a Non-Custodial Future
Security and self-custody are of the utmost importance to the team at eosfinex which is why eosfinex self-custody is powered by a series of trustless smart contracts with transparent processes and logic which have been audited by reputable and capable independent parties in the EOS community.
Non-custodial, or self-custodial, technology not only protects consumers from hacks, it adheres to the true ethos of the cryptocurrency revolution: the freedom to take back control of our own financial assets and free ourselves from the violation of our financial sovereignty.
The design results in a service where exchange and counterparty risk are eliminated entirely. Should updates ever be made to the smart contracts all user funds would be automatically returned in advance. In the unlikely event that eosfinex went offline unexpectedly, funds would still never be out of the reach of users. This comes as a result of the smart contracts being programmed to push funds out after a set time limit.
Empowering the EOS Community
eosfinex and Bitfinex are committed to building on the EOS blockchain, driving developer engagement with EOSIO, and supporting the most innovative projects in the space. To that end, eosfinex will launch a collection of initiatives that aim to support developers, top EOS projects, and the wider community. It will do this with a developer sponsorship program, focused on uniting the EOS community by pairing developers and projects together in order to create a path to completion for key ecosystem projects; an accelerator-like program featuring an industry-first revenue share for project owners, allowing the projects behind tokens to earn a share of trading fees that they can reinvest back into the development of their work or community; and an affiliate program that grants all EOS community members the opportunity to fund their work and grow their networks.
With the burgeoning popularity and increasing network resources costs associated with using the EOS mainnet, support for staking on behalf of users will also become an essential feature for the progress of the EOS community. As eosfinex moves to mainnet, we will support the community by staking on behalf of users for network resources, guaranteeing reliable access to trading even during periods of increased demand.
eosfinex sees a bright future for EOSIO technology and is dedicated to partnering with the best projects in EOS to build that future. In the coming months, there will be integrations with EOS projects, support for more wallets, the introduction of new products and features designed to equip traders and investors with the tools they need to develop and track their strategies and the listing of other major assets such as Ethereum and bitcoin, will make liquid non-custodial trading of the world’s most popular digital assets possible for the first time.
To stay up to date on all the latest eosfinex updates and news you can visit our blog: https://www.eosfinex.com/blog