DeGate, a Decentralized Exchange (DEX) protocol built on zero-knowledge technology, has released its Testnet, with plans to launch Mainnet in mid-summer this year. DeGate fills a key gap in the market by providing spot order book trading and grid trading within the Ethereum ecosystem, offering an experience similar to centralized exchanges.
Access DeGate Testnet https://testnet.degate.com/
A zero-knowledge DEX
Gas fees are a major concern on the Ethereum mainnet. Conventional AMM DEXes incur high gas fees on Ethereum and provide only market orders, where traders have to accept the current market price for a trading pair. DeGate Testnet showcases the key features of a new type of protocol based on a zero-knowledge (ZK) rollup which allows for spot trading through limit orders, similar in experience to a centralized exchange. The ZK technology powers a “match node” matching orders between traders, periodically recording the transactions on a mainnet. This ensures a faster, cheaper trading experience that is still secured by Ethereum. Essentially, DeGate is limit orders, decentralized.
DeGate builds on and improves upon the important work of Loopring Protocol, an existing ZK rollup for trading and payment, adding key new features such as:
- Permissionless listing
As a protocol, DeGate allows anyone to deploy a front end and run their own DEX, and any tokens can be listed in a permissionless manner through an open listing mechanism.
- Grid trading feature
DeGate offers a grid trading feature for traders to trade the ups and downs in a particular trading pair. This feature is common in centralized exchanges and DeGate is pioneering it in a DEX.
- Gas Saving Deposit
Depositing into a DEX protocol often incurs a high one-time fee. DeGate has pioneered gas saving deposit option. This option is based on a “simple transfer” rather than a “contract call”. This method can reduce the one-time gas deposit fee by up to 75%.
- Ultra-Efficient Gas Saving (UEGS) technology
Pioneered by the DeGate team, this ensures significant gas savings while maintaining a decentralized protocol.
Built on Trustlessness
Besides being user friendly, DeGate is built on the principle of Trustlessness, or “Can’t do evil”.
- DeGate has no Admin Key
In order to ensure decentralization, DeGate protocol is initiated without an Admin Key. Therefore, once the protocol is deployed, its code execution logic is immutable.
- DeGate ensures Exodus Mode
DeGate protocol is programmed in such a way that if an operator of the protocol goes offline for more than 15 days, anyone can trigger a transaction to enable the Exodus Mode of DeGate protocol, enabling asset withdrawal.
Preparing for Mainnet Launch
While the Testnet is running and DeGate collects feedback from users of the protocol, the team is preparing for its Mainnet in mid-summer this year. Auditing is a key part of this process to ensure security. DeGate will audit with at least three top tier auditing firms to review the circuit and smart contract of DeGate.
Any issues and bugs found can be submitted HERE, through email HERE, or contact DeGate on Discord
Enjoy using DeGate DEX? Want to provide feedback? Click on the top right corner button ‘Feedback’ inside the Testnet page https://testnet.degate.com/
To feedback, select button on top right hand corner
DeGate is Limit Orders, Decentralized on Ethereum. DeGate provides possibilities to trade the spot market with Limit Orders with the benefits of trading on a DEX. Trades on DeGate protocol are matched by zero-knowledge technology, which enables trades to be cheaper and with higher transaction processing per second throughput.
DeGate operates as a DAO, which has full control over the Treasury.
DeGate Testnet: https://testnet.degate.com/
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