DDEX Exchange Forks 0x Protocol
TLDR: Decentralized DDEX exchange is moving away from the 0x protocol, ditching the ZRX token for Hydro.
The announcement, which came via a blog post from developer Tian Li has caught many in the community off guard.
DDEX is one of many exchanges that it is built on the 0x protocol, a relayer that allows decentralized exchanges to share one order book and greater liquidity.
Alongside Radar Relay, DDEX has been the most successful of the 0x-based exchanges, with over 50% of the 0x trading volume. These exchanges have become popular by allowing users to trade without handing over their private keys. Both sites also support hardware wallets, providing a significant further boost to security.
But now that DDEX is moving away from the 0x infrastructure its users will likely no longer benefit from the shared liquidity benefit.
In his post to the community, Li cited a divergence in priorities as the reason for the transition. He commended the 0x team’s approach tackling broad issues, including decentralized governance. DDEX, he outlined, wished to focus on more urgent issues, which include order collision, front-running, and poor liquidity.
Although the DDEX team have called the move a fork, they have appently made sweeping changes to the underlying code. Foremost among the changes the team are promising a new order schema, an engine capable of true matching, robust market orders, and “a fundamentally different liquidity sharing model”.
The new protocol has been named Hydro, to emphasise the exchange’s commitment to liquidity.
It remains to be seen whether this new protocol will provide real benefits to traders, and how this will affect the ZRX token, which was recently listed on Coinbase. Li himself made no empty promises, his blog post ended:
“We either make something people want, or we die. And that’s the way it should be.”
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CN [too long; didn’t read]
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