Everscale launches FLEX decentralized exchange with order book

Everscale blockchain project news
Everscale blockchain project news

On the Everscale mainnet started work decentralized exchange FLEX. A feature of the protocol is the use of an order book instead of an automatic market maker, similar to centralized trading platforms.

Limit orders can be sent with options POST and IOC. Their placement and execution takes place in the blockchain, said project manager Ilya Frankshtein:

“There is a separate smart contract for each price, and inside the smart contract there is a queue in which orders are stored at a given price. This is a completely on-chain glass. We do not have a matching mechanism, that is, the exchange is completely decentralized, the client works directly with the blockchain directly. As far as we know, there are no other such projects,” he explained.

FLEX decentralized exchange interface.  Data: CryptoNewsHerald
FLEX decentralized exchange interface CryptoNewsHerald data

Currently, the native cryptocurrency Everscale (EVER), WETH, USDT and WBTC are traded on the exchange, distributed in six pairs. In the near future, the FLEX team expects to increase the amount of liquidity in each of them up to $50,000-100,000.

You can use the protocol using the desktop application or through the API. To create a profile, you need to connect the Ever Surf wallet. Source code of the decentralized application published on Github, also the developers have released documentation.

According to Frankstein, the current order processing speed in FLEX is about 10 seconds, it is planned to reduce it to 2 seconds after the implementation of the protocol. REMP to the Everscale code. The throughput of the exchange will grow as new workchains:

“In theory, we see no problem catching up with any centralized platform,” says a FLEX representative.

Let us recall that earlier Broxus co-founder Sergey Shashev spoke about the prospects of state digital currencies, as well as CBDC projects based on Everscale, in an interview with CryptoNewsHerald.

In December 2022, the developers of the domain name system on the Everscale blockchain reported that more than 1,000 addresses were registered in the service in the first three weeks of operation.

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