At the end of 2021, DeGate has conducted a DeGate End of Year AMA event on DeGate Discord channel, to let the community ask anything about DeGate. Read the details of AMA in Part 1 of the article.
We present you with the most interesting questions that can serve as a guide to better understand DeGate.
Q: What is the Ultra-Efficient Gas Saving technology? Has it been implemented this month?
Agne: We believe that Ultra-Efficient Gas-Saving (UEGS) technology holds great potential to further lower gas costs using DeGate trading protocol. In November 2021, DeGate engineering team has completed the 1st version of the UEGS, and has already started its implementation. We expect the implementation to be completed by December, with further testing thereafter to figure out the full capacity of this technology.
Q: Does DeGate have plans to launch on other chains?
Agne: There is always a potential for that. First, we are focusing on implementing the technology in a way that it provides an outstanding product to the market. Ethereum scaling and Ethereum Layer 2 solutions took a while before everything was put together properly, however, Ethereum is the strongest and the only truly decentralized network that can provide security and network effect. This is very important. DeGate is focusing on providing you with the best trading experience, together with not compromising on the security and liquidity benefits that the Ethereum network provides.
Q: When will DeGate end the Testnet phase? What is the distinction between DeGate and other DEX-es nowadays?
Agne: This question is a great recap of what we have been talking about during the AMA. DeGate will launch Testnet at end of January 2022. The developers are working extra overtime to speed up the development; many of them are working on six/seven days work week.
And what is the main distinction of DeGate? First of all, the focus of DeGate is to make trading in a decentralized manner much cheaper and more efficient for the user. DeGate has created a special match-node, equipped with Zero-Knowledge technology, which is the next-generation technology to be used in blockchain, in order to implement DeGate’s vision.
The main distinction of DeGate among other DEXs is that it is a Limit Order DEX. That means, that a user does not simply do a swap on a DEX, like on Uniswap, but a user can set a price of buy/sell order. DeGate is an orderbook- centric DEX, not an AMM-based DEX.
Our goal and vision are to make decentralised trading as fast as cheap and convenient as centralised trading.
Q: Is DeGate going to be multi-chain? How is DeGate different from dYdX?
Alvin: We are working on Ethereum because it is the most secure chain and we can deploy on any EVM compatible chain quite easily.
At the same time, we are also time focused on the end-user. So whichever chain provides the end-user with the cheapest and most secure way to do trades, we will definitely be taking a look at it. We are very open-minded on this front and also every chain does have its own trade-offs too, which the team constantly evaluates.
Regarding DeGate vs dYdX — dYdX focuses on trading perpetuals, while DeGate focuses on spot trading. Both enable limit orders but one is for spot trading and the other focuses on perpetuals. Also, a notable difference is that dYdX is using StarkWare framework with the rollup implemented by zkStark, while DeGate implements rollup by zkSnark.
Q: Once DeGate goes live, is there a plan for transaction mining and referral rebates?
Agne: Yes, the team is working hard behind the scenes on a future liquidity mining program. The team is constantly thinking of creative ways to add value to our community, so rest assured! Many major things are planned for 2022, stay tuned with us.
Q: Will DeGate have additional gift rights to users who previously participated in social media activities? Such as fee reduction, airdrop tokens, etc.?
Agne: The team is always thinking of new and creative ways to reward our DG token holders. DeGate is keen to encourage the community’s participation in DeGate DAO, which is responsible for making decisions relating to DeGate. We encourage the community to participate in DeGate social media activities, which are regularly announced on Twitter, Discord, and Telegram channels!
Q: Any specific plans for doing DAO and governance? Current DEX DAO are kind of boring, are you considering anything new?
Agne: DeGate operates as a DAO, meaning that DG token holders have governance power that makes decisions regarding DeGate protocol. We understand that the DAO ecosystem is in its early stages, and we appreciate the trials and errors by various projects to construct well-operating DAO structures. We are keen to innovate going this road forward and create a DAO structure that is serving the community and is efficient, and interesting!
DeGate is an active participant of the DAOist organisation, which gathers the DAOs together and encourages problem-solving and innovation within the DAO community. We believe that together, we can find what works for the community, and continuously improve!
Q: There were many hacker attacks in 2021. How does DeGate handle security issues?
Agne: Indeed, the World of the Web is always prone to hacker attacks, and the financial industry and crypto industry are particularly attractive to hackers. We take security very seriously, no errors will be left that concern security. DeGate protocol already underwent three rounds of audits by industry-leading auditors. Contact DeGate for more details.
DeGate offers a high award for anyone that finds a security bug. Please contact DeGate: firstname.lastname@example.org
Q: What are some of DeGate’s plans to ensure there is sufficient liquidity?
Agne: DeGate will have features such as a very easy AMM-like grid trading, where anyone can provide liquidity, this will be a very interesting and useful attribute of DeGate protocol. There will be a liquidity incentive program, therefore we project solid liquidity on DeGate protocol. Moreover, the trades on DeGate will be free for traders-makers, which will generate market-making incentives from traders. There will be also an API support for professional and institutional users to provide liquidity.
Q: Is DeGate going to be developed in the direction of GameFi?
Alvin: We do not have any updates on that yet. Recently, we inaugurated DeGate’s Mascot GOO and we are launching a series of NFTs in relation to our Mascot in order to reward our loved community members. No updates on the GameFi front yet, but it is definitely something the team is thinking about.
Last Segment: Closing thoughts and AMA winner
Agne: Predictions for next year- The year 2022 will be the year of execution for a lot of blockchains and Layer 2s. Let’s not forget that Ethereum has its scaling roadmap which includes Sharding as well as Layer 2. So all of this put together will make Ethereum a very powerful network, and with Zero-Knowledge capability, we believe that 2022 will be a year of innovation and execution and we are definitely very excited about this. Blockchains are for decentralization and Ethereum is the only network that keeps this decentralization and has strong security due to decentralisation effects.
It will be very interesting to see where the ‘other Layer 1s’ will be in 2022. It is very curious as well because there was such great hype and community building for these Layer 1s in 2021. So let’s see where the markets will take them in 2022.
I think it’s also quite important to know that although crypto is kind of a separate market, we still have to know what is happening in the world in general and what is happening to the economy as a whole.
Thank you so much to the community for their insightful questions posted to us. We are pleased to announce that the winner of AMA question and of 1000DG tokens is:
@Giáo Xư Trần Tiến Sĩ!