Hello, everybody! It's been a long time since my last post so I want to update you about what's going on with this DEX project.
As you may know, this exchange (Vapaée DEX) was conceived as part of a bigger project (Cards & Tokens), but then I decided to separate it from the original project and give it away to the Telos community (becoming Telos DEX).
That means I will no longer be holding the keys of the smart contract account. Instead, they will be delegated to the TOP 21 BPs as multi-signature keys. That means I will no longer be the owner and the only responsible for the DEX governance and maintenance. From now on, those tasks will be carried on democratically by all of us as a community as a decentralized autonomous organization (DAO).
As always, all my code is open source and this particular project can be found in a new GitHub repository, along with all the Documentation.
The current version is v4.2.1 and it's a release candidate. It was already tested on Local network, including the interaction with a locally deployed version of Telos Decide.
The next steps will be, deploy it on the test net, adjust the current Vapaee DEX (web interface) to fully support the new smart contract version, test it even more and finally start the process of deploying it on the main net, with a definitive and appropriated account name (not defined yet) using multi-sig keys.
Telos DEX was reimplemented to run completely decentralized, adding DAO features and auto-maintenance tasks. To do that, the smart contract was integrated with Telos Decide services, from which the Telos community can democratically change all functioning parameters, using TLOS holds as the main voting power.
Among them, now we can adjust the deal fees, expiration windows for maintenance, ban tokens, add new currencies, and many more. You can check the complete list here.
All historical data is saved in RAM for fast and easy access (especially for other contracts), but this can not be there forever. To solve this problem a maintenance task was added in order to keep this storage cost under control and the expiration limits can be changed using Telos Decide.
Telos DEX is a 100% smart contract, but there's no official interface to interact with that contract. However, the contract itself has an internal list of all registered clients and provides a way for any developer or publisher to register a new app, website, or contract as a client for this DEX. In consequence, there will be many clients and each one will have its users, but all of them will share the same liquidity in Telos DEX smart contract.
Telos DEX provides a centralization for liquidity while promoting client competition and more options for everybody. The contract is built in such a way that the fees over deals made, will be charged to the traders involved, each in the token received, and finally transferred to the clients involved.
Auto withdraws: In order to create an order, the user must first deposit tokens and then create a buy or sell order. These two actions can be put together in the same transaction by the UI, so the final user can create an order with just one transaction. But after a deal is made, the users still need to withdraw the deposits manually. This new version of the DEX automatically withdraws all tokens after the deal is made. So the users can expect to receive the tokens directly in their wallets after the deal is made.
Token Groups: a new concept of Token Group was created in order to satisfy special market needs without compromising the liquidity. Basically it allows any DApp, handling many own internal tokens as resources and having its own currency, to have its own in-app DEX without splitting the liquidity of other markets.
User Score: A simple way of creating enthusiasm among users involves a simple recognition given as Points and Experience to the DEX's users, which can be seen as a competition score. Points are temporary (they last just six weeks) while the Experience accumulated is forever. These two not-transferable scores are just gamification to motivate users of this DEX and have zero impact on the functioning. This gamification concept is very related to the maintenance task.
I must apologize for the delay this project has suffered. It goes slowly but surely. I'm still committed to this project and I will deliver it as promised.
Thank you all for your support and patience. It will be rewarded hopefully in a short time.
Thank you
