ConsenSys-backed Starkware is powering 9,000 transactions/second on this Ethereum-based DEX

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Decentralized trading applications are closing the gap on their centralized counterparts. The former were regarded as slow, clunky, and even “boring” in 2018, but have since seen extensive development and advancements in both technology and customer-facing UI.

On June 3, the DeversiFi 2.0 DEX said it has incorporated a layer-2 scaling technology on its trading protocol, pushing transactions counts to over 9,000 per second.

Can compete against fastest

As per a release, DeversiFi has teamed up with Starkware, a 2017-founded privacy and scalability protocol backed by the likes of Pantera and ConsenSys Ventures, among others.

Starkware’s Layer-2 solution brings extensive scalability to non-custodial trading, such as that found on DEXs or related platforms. The firm utilizes Zero Knowledge Proof technology that allows processing trades in smaller batches and verifying proofs for each individual batch.

This allows transactions to be more secure and faster, as the use of Ethereum’s computing power is significantly reduced. Most on-chain exchanges or DEXs use a traditional method, leading to slower executions and transaction times for users.

The announcement noted:

“The DeversiFi platform brings instant settlement, privacy-by-default, withdrawal certainty, low fees, and deep aggregate liquidity — catering to serious traders seeking an edge in popular DeFi markets.”

DeversiFi touts its protocol can compete with the “fastest centralized exchange” while offering quick and reliable withdrawals, the latter of which benefits powers arbitrage and quantitative traders.

Starkware President Eli Ben-Sasson believes “commercial-grade” DeFi applications need robust cryptography and the use of zkSTARKS — the firm’s privacy solution — allow such protocols to scale to “tens of thousands of transactions per second” without a trusted setup.

Traders to be safeguarded

DeversiFi’s Will Harborne said integrating Starkware brings instant settlements and deep liquidity to the platform’s traders. He believes the “solutions born out” addresses the critical issue of scalability on other DEX platforms, but without compromising on feeds or transaction speeds.

A Data Availability Committee has been put together by DeversiFi as part of the 2.0 rollout, featuring industry-leading participants like Bitfinex and ConsenSys. This committee will ensure continual updates of account balances and keep an offline copy in case DeversiFi, or Starkware, face connectivity issues.

The above ensures customers are assured of withdrawals at all times, as funds are stored and accessible on DeversiFi’s Ethereum smart contracts at all times.

For traders protecting their holy grail-esque strategies, the protocol ensures unparalleled privacy. All transaction data is handled off-chain, with transactions updated only when executions are confirmed. This prevents others from analyzing trading patterns and, hypothetically, copying profitable strategies.

Meanwhile, ConsenSys’ Joseph Lubin congratulated the development:

The post ConsenSys-backed Starkware is powering 9,000 transactions/second on this Ethereum-based DEX appeared first on CryptoSlate.

Source: ConsenSys-backed Starkware is powering 9,000 transactions/second on this Ethereum-based DEX

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