In the blockchain world, compared to the security problems of centralized exchanges, decentralized exchanges are considered to be a trend (of course, this does not mean that centralized exchanges will definitely die), and users have absolute control over assets , Transaction matching, clearing and settlement are carried out on the chain. The entire transaction process is transparent, open, and cannot be tampered with, which is more in line with the spirit of the blockchain.
Although the underlying technology of the blockchain is still in its infancy, large centralized exchanges have begun to "change their own lives" and launched decentralized exchanges. for exampleBinance DEXCreated based on its own public chain Binance Chain,EOSfinex It is built by Bitfinex based on EOS, and Bithumb DEX is built by Bithumb based on the R1 protocol of its partner ONEROOT.
At present, the scale of decentralized exchanges is small. In this track, according to etherscan.io data (the last 30 days), the top three are IDEX (39.3%), DDEX (23.0%), Star Bit (7.3 %).
However, decentralized exchanges, which are considered to be trends, also have many problems, such as low liquidity, poor user experience, and security risks.
Recently, Odaily came into contact with the EOS-based decentralized exchangeWhaleEx Whale Exchange, wants to become the most liquid decentralized exchange in the world.
At present, most of the decentralized exchanges are still based on Ethereum. As for the reason why Whale Exchange chooses to build based on EOS (mainnet launch in June 2018), Charlie Zhang said that there are three main reasons: EOS has a high TPS; User transactions are free; DAPP ecology is active (rich assets), and BM has previous successful experience in BitShares, Steeemit and other projects.
In terms of security, there is no guarantee for decentralized exchanges. For example, Odaily has reported beforeBancor under attack due to security breach、German user's private key stolen、NewdexThe user lost $58,000 due to the mixing of fake EOS coins.
in terms of security, Whale Exchange’s approach is to host assets on the chain, and no one can touch user assets. The smart contract for asset custody is audited by SlowMist Technology.
Low liquidity is a major difficulty for decentralized exchanges. At present, there are several solutions for this track:
Use decentralized trading protocols such as 0x to share orders with other decentralized exchanges to promote liquidity; use off-chain matching forms, such as 0x, NEX protocol,DEx.top ; Through cross-chain technology, enrich asset types and promote liquidity, adopt such solutions asBitkop currency fast、 DEx.top ; Use tokens to motivate investors and stimulate liquidity, such as the Hydro protocol-based DDexUse tokens to reward important nodes on the future network; embed decentralized exchanges in high-traffic DAPPs, such as the decentralized trading platform launched by imToken in the walletTokenlon 。
For the liquidity problem, the technical solution adopted by Whale Exchange is the same as that ofDEx.top Similar to decentralized exchanges, both"Off-chain matching, on-chain transactions"In order to avoid the handling fee and waiting time brought by the pending/cancelled order.
Compared with the current decentralized exchanges, Whale Exchange's "off-chain matching, on-chain transactions" has certain advantages in terms of user experience. According to reports, for example, after a Maker (order creator) submits an order, he will immediately see his order on the broadcast without waiting for the transaction on the chain to complete; , will be matched immediately without waiting for the execution on the chain to complete.
In addition, in terms of solving liquidity problems, Whale Exchange also hasCross-chain asset transfer solution, to introduce assets on other public chains into EOS to increase the types of trading assets, launch more trading pairs, and stimulate liquidity. According to reports, the Whale Exchange has launched the cross-chain asset ARN of BTC, USDT, ETH and Ethereum, and the white paper on the cross-chain technology of the Whale Exchange will be released in 2019.
However, from the current point of view, the biggest advantage of Whale Exchange lies in a series of operational actions in the bear market, using operations to stimulate liquidity.
In October 2018, the APP1.0 version of Whale Exchange was launched. In the initial stage of the launch, Whale Exchange cooperated with EOS wallets and content platforms. For example, in response to the high threshold for EOS users, the joint wallet MEET.ONE and TokenPocket launched 200,000 free accounts. In terms of enhancing user experience, Whale Exchange has access to multiple wallets and launched an embedded exchange. It cooperates with Bihu to conduct a large number of airdrops on Bihu and launch a prize-winning essay competition.
For high-quality projects, Whale Exchange will waive the currency listing fee for high-quality projects, and its "EOS Whale News" will report on the projects.
"Transaction is mining" has been FCoin It became a phenomenon-level activity, but in the end it was criticized for the fall of FCoin, but the liquidity it brought to the platform in the short-term stage cannot be underestimated. Charlie Zhang said that after studying many transaction mining models, Whale Exchange adopted the method of "repurchase transaction mining" in the early stage to stimulate the liquidity of the platform, and at the same time combined the decentralization method to ensure the mining security. Transparency and interests of miners. Whale Exchange will use 80% of the transaction mining fee income for the repurchase of the platform currency WAL.
In terms of offline activities, Whale Exchange launched the "EOS Global Tour" activity, and held offline activities in seven stations in Seoul, Xiamen, Shanghai, Hangzhou, Shenzhen, Beijing, and San Francisco.
After this series of operational actions, according to Charlie Zhang, the average daily trading volume of Whale Exchange reached 4.5 million EOS. As of press time, according toEOSPark data display, Whale Exchange currently has 3000+ daily active EOS accounts.
In the long run, the Whale Exchange has launched the "Killer Whale Plan", which is different from the previous OKEx"Digital Asset Exchange Open and Win-Win Plan",Launched by Binance"Digital Asset Exchange Affiliate Program", Huobi's "Huobi Cloud Business"Similarly, I want to be an ecological builder and become a role of an exchange alliance. The "Orca Project" recruits exchange partners around the world. It is expected that 100 places will be opened in the first phase, and more than 20 million platform currency WAL can be registered. Participate in. Whale Exchange will provide partners with complete decentralized solutions, gather multiple decentralized exchanges, and share trading depth.
In addition, in terms of other businesses, Whale Exchange also launched a CPU rental market.
In terms of team members, Zhao Yi, chairman of Whale Exchange, first phase of Hupan University, serial entrepreneur and investor, founder of Randao Capital. Charlie Zhang, CEO of Whale Exchange, graduated from Fudan University in software engineering, has nearly 10 years of experience in technology R&D management, and has worked in well-known domestic Fintech companies for many years. He is responsible for the architecture development and team management of asset management platforms and FOF management platforms. A continuous entrepreneur in the financial industry and blockchain industry.
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