DiversiFi, Formerly Ethfinex, Launches Its DEX 2.0 With Starkware; Processing 9,000 + TPS
- Bitfinex sister decentralized exchange, DEX in short, DiversiFi, which relabeled from Ethfinex in August last year, announced a relaunch of their platform, now DiversiFi 2.0, on June 3rd, 2020.
- The new platform will introduce Starkware’s zkSTARK layer 2 scaling solution, which will improve the privacy and reduce latency on the exchange.
According to an official publication, DiversiFi 2.0 DEX will be able to process over 9,000 transactions per second by employing a ‘batching mechanism. The DiversiFi DEX is a non-custodial trading platform that targets high-frequency traders and the latest integration will allow the users to capitalize on arbitrage and real-time orders – a problem on centralized crypto exchanges.
The new DeversiFi built w/ @StarkWareLtd is now LIVE!
This reflects a milestone in self-custodial trading, delivering the experience of a centralised exchange while being able to trade at lightning speed from your choice of wallet. https://t.co/KUD4PtMbJJ 👀
— DeversiFi (@deversifi) June 3, 2020
The new launched platform will be powered by zero knowledge proof batch validation relying on zkSNARKS and ZK Rollups scalable solutions. The Starkware scaling solution will batch the trade transactions in large batches and securing each batch with a ZK verification signature.
Given that these transaction will be done off-chain, the transaction details only consume a small part of the Ethereum blockchain reducing the overall cost in transaction fees.
New solutions through Starkware’s integration
In a statement released following the re-launch of DiversiFi 2.0 with Starkware integration, the CEO of the company, Will Harborne, said the new platform will offer solutions to current scalability solutions. Deep liquidity, the instant transfer of trades between peers and withdrawal certainty through a partnership with BitFinex and ConsenSys are key on DiversiFi 2.0’s development agenda. Harbone said,
“The solutions born out [Starkware integration’s] will address the key issue of scalability – but without the usual traditional sacrifices of liquidity, speed, settlement and fees.”
Always certain to withdraw your funds
DiversiFi also formed the Data Availability Committee, DAC in short, who will maintain the copies of users account balances in case the DEX fails or faces a blackout. The DAC committee includes its sister company, BitFinex, Nethermind, StarkWare, and ConsenSys.
Furthermore, copies of the account balances allows easier distribution of users fund and maintains the withdrawal operations on the DEX when there is a failure in the system.
The platform records a second by second timer list showing users withdrawals and what time they will complete keeping arbitrage traders in a real time loop.