Welcome to DeGate November 2022 Ecosystem Update!
DeGate is Limit Orders, Decentralized on Ethereum. DeGate protocol allows you to do spot limit order trading with all the benefits of trading on a DEX. Zero-Knowledge rollups and Efficient Gas Saving Technology make trading on DeGate DEX protocol high-speed and efficient.
DeGate DEX protocol enables permissionless token listing, which means anyone can list a token by adding asmart contract address. Expect a solid selection of tokens to trade and liquidity mining programmes.
DeGate is built on principles of permissionless, trustlessness and decentralization. DeGate decentralized exchange allows you to trade having a similar experience to a centralized exchange, only that you are in full custody of your funds. DeGate DEX is a protocol where code is the law.
Last month saw the fallout of the FTX exchange, together with a number of CeFi players. The incidents proved that centralized entities are the single point of failure, and there is always a human risk. We invite crypto users to take a more serious look into self-custody and pay attention to how they use centralized services. The technology and innovation on Ethereum advanced enough to enable us to have a decentralized trading protocol that gives all features of a centralized trading platform, including Limit Orders- DeGate DEX.
The times have come when you can trade at a similar speed and efficiency to centralized exchange only with full custody of your funds.
Check out this Twitter thread about crypto trading, blockchain and self-custody.
DeGate has built a decentralized trading protocol that is trustless, permissionless and decentralized. One of the ways to test DeGate trustlessness is by activating DeGate Exodus Mode. Users who tested DeGate DEX on Rinkeby network can try activating DeGate Exodus Mode and withdraw the assets straight from the Layer 1 smart contract.
READ more about testing DeGate trustlessness in Exodus Mode.
Product and Tech Update
In November, the tech team made improvements to the DeGate DEX protocol, getting closer to the launch:
- A more secure dApp wallet solution has been set up in order to protect the users from hacker attacks
- A solution has been installed in order to ensure the system is running 24/7 without downtime
- Internal audit process is being completed to ensure security on Smart Contract/Circuit/Backend, and the overall trading system
DeGate is also preparing a bug bounty program, which will be announced soon.
Last month, the research contributors to DeGate dived deep into Ethereum’s Proof-of-Stake consensus mechanism in order to develop a deposit mechanism that is both user-friendly and sufficiently secure. We now have a deep understanding of Ethereum’s consensus mechanism. This gives us the confidence to establish a secure deposit mechanism, which allows users to wait for a minimum time before their deposit is available.
Besides the research on deposit mechanism, the research contributors have been closely following the development of EIP 4844, A.K.A. Proto-Danksharding. We plan to launch a new version of DeGate to take advantage of the Blob Data scheme that EIP 4844 brings about. This will significantly boost DeGate’s throughput and decrease gas fee for DeGate users.
Community
ETH Lisbon
DeGate DAO continues building its community around the World and supporting the Ethereum ecosystem. As part of this strategy, DeGate sponsored ETH Lisbon, which took place at the end of October and invited hackers to build and express their vision.
DeGate participated at ETH Lisbon along with Wallet Connect, IPFS/Filecoin, Arweave, zkSync and others.
READ more about DeGate at ETH Lisbon.
ETH Vietnam
DeGate was pleased to sponsor and participate ETH Vietnam, which took place on November 25–26, 2022. Vietnam is an exciting crypto market with a rapidly growing crypto user base and eagerness to participate in the crypto ecosystem.
DeGate sponsored ETH Vietnam and had a booth where DeGate evangelists presented DeGate orderbook DEX. DeGate evangelists gifted DeGate Ethereum poker cards for a completed task- the Limited Edition poker cards are a real hit, while DeGate was easily among the most popular booths at ETH Vietnam.
DeGate evangelist Andrew moderated a panel on Layer 2, which included members from StarkWare, Polygon and Scroll. A great discussion and it left the audience eager to learn more about Zero-Knowledge technology. The panellists all seemed to agree that ZK is the future, we are at the cutting edge of it.
DeGate booth at ETH Vietnam
Focused on community building, DeGate organised a football tournament at ETH Vietnam. What a better way to spend time with crypto frens than playing football during the World Cup at ETH Vietnam? Teams were formed from BNB Chain, Scroll, Etherscan and DeGate, to name a few. Check out the league standings:
https://playpass.com/dgdao-Oc1UXyK/web3-futsal-eth-vietnam-hcmc-RU8tr6C
Read this Twitter thread about DeGate experiences at ETH Vietnam.
DeGate Monthly AMA
Thanks to everyone who participated in DeGate monthly AMA on Discord, and collected their On-Chain-Activity Tokens (OATs). In total, 249 people participated in DeGate AMA and minted their OAT #4.
For those, who missed the AMA, check out the summary HERE.
Follow us on socials to find out about the next AMA!
DeSpace
DeGate contributors set out to test the Twitter spaces and started hosting DeSpace- DeGate Twitter Spaces. We already had the first Twitter spaces discussion about decentralized protocols and their strength and transparency due to the nature of blockchain.
The first Twitter spaces discussion was between DeGate evangelist Agne @agnecrypto and Nick Ashley of Rocketpool. Rocketpool is the first truly decentralized Ethereum staking pool. It is decentralized, permissionless and trustless. The team has spent considerable time and effort building Rocketpool since 2016 to preserve the core principles of Ethereum. Rocketpool is permissionless, meaning anyone can join the Rocketpool decentralized node operator network. Rocketpool is non-custodial, and node operators do not handle funds.
It was an interesting discussion to highlight the advantages and also still risks of DeFi in light of recent CeFi failures.
Follow DeGate on Twitter to learn about the next DeGate Twitter Space DeSpace!
What’s next?
DeGate contributors continue building and DeGate decentralized trading protocol is getting closer to the launch on Mainnet. The internal and external audits are being completed, and we will initiate the launch once the security of the protocol is ensured. Thereafter, DeGate will conduct ZK Trusted Setup ceremony, which will launch the protocol. The next milestone for DeGate is our bug bounty programme to provide even more security.
Currently, DeGate DEX is operating on the Goerli testnet. Test it here: https://testnet.degate.com/.
We welcome all feedback about DeGate DEX, please drop us a note.
About DeGate
DeGate, which operates as a DAO, is an orderbook 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 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.
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