What a year 2021 was! The year in the crypto World has certainly been exciting, full of new developments, innovations and community activity. DeGate team wanted to give a firewall to 2021 in the form of End of Year AMA, which took place on DeGate Discord channel on the 29th of December.
Not yet a member of DeGate Discord channel? [Join HERE]
The Discord-based End of Year DeGate AMA event gave an overview of what DeGate has achieved during 2021 and a glimpse into the roadmap for 2022. Also, DeGate’s orderbook was demonstrated. You can view how will it look like to trade on DeGate on our YouTube channel.
So let’s begin! What has DeGate been up to in 2021?
The purpose of creating DeGate was to enable fast, cheap and efficient decentralised trading with Limit Order functionality. The traditional AMM (Automated Market Maker) model employed on DEXs is not sufficient to meet the users’ needs. At the same time, the experience of trading on a decentralised exchange (DEX) is yet to be as good as the experience on centralised exchanges (CEX). DeGate aims to change that. DeGate is a decentralised trading protocol built on Ethereum that offers Limit Orders, that is, the DEX is based on orderbook. A user can set his/her own price at which to execute a trade, but in a decentralised manner.
Therefore, DeGate aims to bring you Limit Orders, Decentralised in 2022!
The idea of DeGate was born in early 2021, and a team of blockchain engineers have been building a revolutionary DEX protocol and polishing it ever since. The expected release of DeGate Testnet is at the beginning of February 2021, and you can already view how trading on DeGate will look like.
DeGate is a DAO-centric protocol, meaning that the DAO has complete control over the Treasury. In early April of 2021, DeGate has conducted an Initial Uniswap offering, followed by Social Network Offering and Liquidity Boostraping Pool round on Balancer, raising over $13 million. DeGate’s DG token plays an essential part in the DAO governance mechanism. You can now acquire DG token on Uniswap.
As Vitalik Buterin says, the future of Ethereum is Layer 2 -centric. Without a doubt, Layer 1 will be essential, supporting the functioning of the network, but all the action is likely to be on Layer 2 due to cheap fees and fast transaction processing times.
DeGate team has decided to take up an initiative and launch #L2Show; a show focused on developments and projects building on Layer 2.
In the #L2Show, Layer 2 projects including Arbitrum, METIS, BOBA Network have been interviewed, Nahmii L2 Scaling solution was introduced, as well as other Layer 1s, such as Harmony. #L2Show had an exciting discussion with L2BEAT- the leading research and statistics channel for all things Layer2 and a discussion with Davinci Jeremie, the famous YouTuber.
Tune in to watch all #L2Show episodes on DeGate YouTube Channel HERE
DeGate Mascot GOO
Autumn was met by initiating DeGate’s Mascot. The community got involved and suggested names for the cute DeGate Mascot, and the name chosen was GOO!
DeGate ran DG token rewards bounty programmes throughout the naming Mascot naming contest.
Join DeGate Discord channel to learn about the latest DeGate community initiatives!
October was the month when the crypto communities were buzzing in Lisbon, Portugal, and Dubai, UAE. DeGate’s Evangelists were also there to spread the word about DeGate and meet with crypto friends!
In Lisbon, DeGate sponsored LisCon- the community-initiated Ethereum conference, which was a blast! LisCon was surrounded by other crypto conferences- NearCon, Solana Breakpoint, just to name a few.
Check out this #L2Show episode of crypto events review and DeGate monthly update of November for more details.
Arbitrum and Gulu AMA
In October, a fascinating AMA with Steven Golfeder and Ed Felten, the co-founders of Arbitrum, and the Lead Evangelist of DeGate, Gulu was held. Valuable insights were shared about the development of Layer 2s, the progress of Arbitrum and the future of the crypto ecosystem.
Follow DeGate on Twitter to learn about upcoming discussions and AMAs
Orderbook demo launch
As 2021 turned well into the fourth quarter, DeGate has launched DeGate orderbook demo during the Shanghai Blockchain Week. Now, you can view DeGate orderbook yourself on DeGate YouTube channel HERE
Layer 2 Seminar
DeGate closed the year with a firewall to Layer 2, by organising the Layer 2 Seminar in cooperation with Coindesk. In mid- December, leading builders of the Layer 2 ecosystem have gathered at an online event to share their views about Layer 2: Steven Goldfeder, Co-Founder of Arbitrum, Elena Sinelnikova, CEO and Co-Founder of METIS, Alex Gluchowski, Co-Founder of Matter Labs (zkSync), Piotr Szlachciak, the co-founder of research and stats website L2BEAT, and Haseeb Qureshi, the Managing Partner of Dragonfly Capital.
Read about Layer 2 Seminar HERE and watch all videos on DeGate YouTube channel.
DeGate Orderbook Demo
As an important milestone to end 2021, DeGate is proud to show the work that has been done and its vision of decentralised trading. DeGate brings Limit Orders Decentralised, and it believes that the DEX trading experience can be as good as the experience on CEX.
DeGate is an orderbook- based DEX, where users can set a price at which they want to execute- a Limit Order, which is not possible on Automated Market Maker (AMM) -based traditional DEX’s. This is how DeGate stands out by making Limit Orders Decentralised.
Check out the video with crypto educators DeFi Slate presenting DeGate orderbook HERE.
While Alvin showed how DeGate trading will work, Agne went through some important questions. Let’s rehearse them here so that they can serve as FAQ for you!
Q: Most users when they hear about decentralised exchange, they think of Uniswap. Why do we need orderbook, what does it mean to have Limit Orders?
A: The difference between Limit Orders and Market Orders like on Uniswap is that you can choose the price at which you want to buy or sell. In Market Orders like you get on Uniswap, you have to take the price that is given to you at any point of time in the market, based on the Uniswap’s curve.
Q: How is the orderbook of DeGate created?
A: DeGate orderbook is constructed when makers place trades to make the market by submitting their signatures. By placing Limit Orders, traders- makers trade on DeGate for free, as we incentivise them to make the market.
Limit Order based spot decentralised trading is certainly a niche that has been underserved, and DeGate wants to provide with best solutions for cheap and efficient DEX trading.
Roadmap for DeGate in 2022
Agne gave an overview for DeGate roadmap in 2022:
Expect the launch of the Testnet version at the end of January! The Testnet will have all features of DeGate decentralised orderbook-centric exchange and will be complete with key highlights that makes DeGate stand out. You will be able to try grid trading features and experience how our proprietary Ultra-Efficient Gas Saving Technology makes cheap trades possible.
After the Testnet has been running and collecting all of your feedback, DeGate will follow up its milestones by introducing Mainnet Beta and Mainnet Official launch. And then- Let the Limit Orders, Decentralised, begin!
Follow DeGate on Twitter to get the latest updates!
What else for 2022. DeGate Evangelists will be attending key crypto events next year. Come say hi to DeGate team in ETH Denver, ETH Rio, ETH Barcelona and Permissionless in Palm Beach!
Alvin shared insights about the culture that is being built at DeGate. Essentially, the spirit reflects our beliefs in decentralisation, trustlessness and permissionless systems. This kind of values and culture permeates the entire team in how it sees the World.
This brings us to the DeGate is Hiring part!
Come work with DeGate team. We have amazing positions that offer truly decentralised working opportunities. Check them out here: https://degate.breezy.hr/
As a team member at DeGate, you should be OK with these:
The DeGate Year of End AMA event ended with AMA from the community that posted questions on Discord, and the winner was rewarded with DG tokens.
Join DeGate Discord channel to learn about more community bounty reward initiatives like this.
Read Part 2 of ‘DeGate End of Year AMA’ article with most interesting questions asked, and learn more about DeGate blueprint.