Welcome to DeGate May 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 safety of the protocol as the key priority, DeGate is running a $1.11 million Bug Bounty with Immunefi, which is ongoing (link).
DeGate Mainnet Beta is LIVE!
DeGate Mainnet Beta is live and open to all! DeGate invites all traders to trade easy and securely on the decentralized Order Book DEX.
Access DeGate Mainnet Beta here:
Read DeGate Mainnet Beta announcement on Hackernoon (link)
DeGate DEX features all functionalities during the Mainnet Beta phase. In order to ensure the safety and security of users’ funds, the TVL is capped at $3 million and any losses incurred due to incidents or hacks are covered by DeGate DAO. Should there be no major faults, this version of the DeGate DEX protocol will go live as DeGate Mainnet Public with no cap on TVL.
Good liquidity has been provided for ETH/USDC and ETH/USDT pairs on DeGate DEX with more liquidity being added to other pairs in due course. During the first month of operations, 23 Trading pairs were created on DeGate DEX. Among them, 9 trading pairs had orders from users. The main trades were for ETH/USDC and ETH/USDT pairs.
DeGate DEX features a special functionality- decentralized grid trading- which enables traders to set parameters and let automatic trading do the work for them. In May, more than 90 grid strategies were created by DeGate users, which generated a total of $17,000 in revenue for the users. Read more about DeGate decentralized grid trading strategy here (link).
DeGate Mainnet Beta statistics
Month 1 of Operations
- ~37M Trading Volume
- ~200K trades
- 229 DeGate accounts created with deposits
- 85 successful withdrawal transactions with an average withdrawal duration <10 min
- 714 zk rollup batches submitted to Layer 1
DeGate places protocol security and users’ funds as the top priority. DeGate DAO wants to ensure that DeGate traders trade easy and sleep easy with peace of mind.
DeGate DAO has no Admin Key for the protocol. Users can always retrieve their funds from DeGate by invoking Exodus Mode. Read more about DeGate Exodus Mode here (link) and watch how the user invokes DeGate Exodus Mode on Ethereum Rinkeby network, which is now deprecated (link).
L2BEAT
DeGate is now featured on L2BEAT- an analytics and research website dedicated to Ethereum Layer 2 scaling. Check out DeGate’s page on L2BEAT (link).
DeGate has been positively evaluated by L2BEAT and is the only Zero-Knowledge DEX that has all five quadrants without any risk colours:
- Data Availability
- Upgradability
- Validator Failure
- Sequencer Failure
- State Validation
Attention: Your Feedback Matters to DeGate!
After a successful one-month run of DeGate’s Mainnet Beta, we are eager to hear your feedback about your experience using DeGate DEX.
Book a 1-on-1 user interview with DeGate evangelists to share your thoughts, experiences, and concerns. Book a slot now: Calendly - DeGate
We value your perspective as an active community member- your input will help us shape the future of DeGate in a way that best serves your needs.
Ethereum Community and Events
EDCON
DeGate was pleased to participate in EDCON in Montenegro this May!
EDCON was a major event that took place in Montenegro, gathering top-notch speakers, developers, builders and thinkers of the Ethereum community. EDCON took place at the same time as the Zuzalu city initiative backed by Ethereum founder Vitalik Buterin. Check it out here: https://zuzalu.city/
DeGate got positive feedback about DeGate DEX from EDCON participants, who were impressed by the CEX-like trading view, low fees and trustless measures. Shout out to DeGate’s new friends!
SpagettETH
This May, DeGate presented something special to the participants of Ethereum focused event in Naples, Italy- SpagettETH. DeGate special Ethereum-themed gelato hit the spot on a sunny day in Italy, check out the menu:
ETHDam
DeGate evangelists participated at a DeFi and privacy-focused event in Amsterdam, ETHDam. Interesting discussions took place among developers and DeFi industry advocates about Ethereum, its scaling and the future of the DeFi industry. Privacy and Zero-Knowledge discussions have been increasingly taking more place among Ethereum and crypto community in general, with more developers being encouraged to build ZK-based dApps.
Ethereum events
DeGate will be present in the upcoming Ethereum meetups and events- ETH Prague, ETH Barcelona, EthCC, Token 2049 and others. Meet DeGate evangelists and learn more about DeGate- Order Book DEX with ZK-Rollup on Ethereum.
DeGate Bridge sunset
After nearly two years of successful operation, DeGate Bridge from Ethereum mainnet to Arbitrum Layer 2 has been sunsetted. DeGate Bridge stopped operating on the 2nd of June 2023.
During the time of operations, around 20k transactions took place on DeGate bridge, with 4800+ ETH and 1.6m+ USDC bridged.
DeGate DAO wants to thank everyone who successfully bridged from Ethereum to Arbitrum and back. DeGate will focus purely on Order Book DEX with ZK-Rollup on Ethereum.
Read more about DeGate Bridge sunset (link).
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. Expect DeGate Mainnet Public on Ethereum later this year.
LINKS
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