Welcome to DeGate June 2023 Ecosystem Update!
DeGate allows you to Trade easy, Sleep easy. DeGate DEX is a decentralized trading protocol that enables Order Book spot market trading while users are in self-custody of their funds.
DeGate DEX has low fees, no fees for traders-makers and enables Efficient Gas Saving Technology for efficient and cheap decentralized trading.
DeGate pays special attention to the security of the protocol and is designed in a way that no malicious actor can do any evil, while users’ funds are safe at all times. Placing the protocol’s safety as the key priority, DeGate is running an ongoing $1.11 million Bug Bounty with Immunefi.
DeGate is currently live on Mainnet Beta. During this testing period, TVL is limited to $3m, guaranteed by DeGate DAO.
DeGate Mainnet Beta in June
DeGate v1 was launched in May to stress test the protocol with real assets. The experience has been smooth and there has been no downtime for the whole month for DeGate.
In June, quick confirmation on depositing funds to DeGate was implemented. Now it only takes ~30 seconds to deposit funds into your DeGate account and start trading. Indeed, DeGate aims to let users Trade easy, Sleep easy! We also improved DeGate UI in June, check it out yourself and give us your views- your feedback is highly appreciated.
In other exciting news, DeGate was listed as a DEX on Coingecko! This means that more people can find out directly about us through the Coingecko page when they are looking to trade their favourite tokens. Check out DeGate’s profile here.
In June, DeGate had around $49 million in trading volume and 150,000 trades. The main trading activity was on ETH/USDC and ETH/USDT pairs.
June statistics:
- 107 successful withdrawal transactions, with an average withdrawal duration of <10 min
- 442 ZK-Rollup batches submitted to Layer 1
- 345 Grid Strategies are running, which generated a total of $22,198 in revenue for the users.
As DeGate is a permissionless DEX protocol, anyone can list an ERC20 token and add liquidity via DeGate decentralized grid trading.
This was the case for the GRT/USDC, PEOPLE/USDC and MAGIC/ETH pairs- liquidity and trading volume were driven organically by the community.
Passive income via grid trading
Dcentralized grid trading has been a popular tool on DeGate, earning users over $20k in profits in June. Read more about grid trading on DeGate (link) and set up your own strategy!
Check out this video by the Rollup about how to earn passive income using DeGate decentralized grid trading strategy https://twitter.com/therollupco/status/1669395588784193555?s=20
Layer 2 TVL leaderboard
Last month, DeGate was among the top Layer 2 TVL gainers along with Polygon ZKEVM and zkSync Era. Check out this tweet by Layer2Gather.
DeGate Testnet transition
On the 21st of June DeGate transitioned testnet. DeGate testnet is operating on the Ethereum Goerli network now, the transition was necessary to ensure better consistency between the testnet and mainnet deployments. This also enhances the accuracy of the bug bounty program.
Test assets held in the previous testnet can be withdrawn using DeGate Exodus Mode. Read more about how to retrieve funds from DeGate by invoking Exodus Mode here (link) and watch how the user invokes DeGate Exodus Mode (link).
Community
DeGate AMA
DeGate evangelists held an AMA session on Discord last month, shout out to our community that participated and asked some serious questions!
DeGate evangelists were happy to give an overview of DeGate Mainnet Beta and updates of DeGate Order Book DEX protocol. DeGate efforts are being noticed, and we were pleased to share the praise that DeGate received from L2BEAT in their risk assessment (link). DeGate is looking forward to contribute to the Ethereum community by adhering to values of trustlessness and decentralization.
Ethereum Community and Events
DeGate continues to participate in major Ethereum community meetups, spreading the word about DeGate Order Book DEX with ZK-Rollup on Ethereum. This summer, DeGate evangelist Agne attended the sunny ETH Prague, together with Ethereum OGs Vitalik Buterin, Stani Kulechev, Alex Gluchovski of Matter Labs, Toghrul Mohamarrov of Scroll, L2BEAT team, just to name a few. Plenty of talks about the applications of Zero-Knowledge technology, the need for privacy and implications in light of changing regulatory landscape. The community is focused on the scalability of Ethereum, governance issues of DAOs and more dApps, more users!
DeGate also participated in Oxford Blockchain Week, big thanks to DeGate evangelists for the support!
In another part of the World, at ETH Shanghai, DeGate evangelist Carlos made a presentation about DeGate’s architecture and the integral role of ZKPs.
Dive into an in-depth analysis of DeGate Order Book DEX protocol and its underlying Groth16 proof system by Carlos. He explains how DeGate leverages Groth16 proof system to create a secure and efficient DEX and explains ZK use in DeGate architecture in his article ‘Behind DeGate’s Innovation: The Integral Role of Groth16’
ETH Barcelona
DeGate evangelists are pleased to participate at ETH Barcelona- the Ethereum solar and lunar punk experience. DeGate evangelist Agne Linge presented DeGate and spoke on the panel discussing ‘Bringing DeFi forward: AMMs, DEXs, Lending protocols and beyond’.
Great vibes were also in abundance at the DeGate football event at the sidelines of ETH Barcelona, check out the video https://twitter.com/DeGateDex/status/1677249598187003904?s=20
EthCC
DeGate is looking forward to probably the largest Ethereum community meetup that will take place in Paris this July, EthCC. Meet DeGate evangelists in Paris and learn more about DeGate!
Play football with DeGate!
Sign up for DeGate football event during EthCC on the 20th of July and play together with your crypto frens! Sign up here https://footydao.xyz/
DeGate is looking for Contributors
DeGate is looking for talented contributors.
Check out this link
About DeGate
DeGate is an Order Book DEX on Ethereum built with Zero-Knowledge technology. DeGate provides a possibility to trade the spot market with Limit Orders on a DEX. In addition, DeGate offers a decentralized grid trading function.
DeGate is focused on being user-friendly and is built on the principle of Trustlessness, or ‘Can’t do evil’, with no Admin Key. Users can expect super-low gas fees that are the result of DeGate’s special Efficient Gas Saving technology. This innovation ensures significant gas savings while maintaining a decentralized protocol.
DeGate also enables permissionless listing, meaning that any token can be listed in a permissionless manner through an open listing mechanism. DeGate Mainnet Beta is live on https://app.degate.com/.
LINKS
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