DerivaDEX

TL;DR The DEX Labs team is heads-down working on a new release version. This version will be used for the Cambrian test-net trading competition. There are also a few updates and recent events from the DerivaDAO community.

Governance and Community Updates

A proposal to extend insurance mining for an additional 3 months did NOT pass, meaning that the insurance mining program has now stopped receiving DDX rewards. If and when the community decides to reinstate this program, it will need to be via a successful proposal.

Reminder: Withdrawal fees all accrue to the DerivaDAO. Determining how and when to deploy these funds could be an early community-driven proposal.

The first DerivaDAO Community Call took place recently on Discord. The next call will likely be on Twitter Spaces.

DEX Labs cofounder Aditya Palepu joined Decentralised.co for discussion of DerivaDEX in a recorded conversation. This will be posted soon, and shared on all channels. Check it out for a deeper look at the operator architecture and DerivaDEX’s positioning as a DAO-first DEX.

Want to be involved in future governance decisions? Join the Discord channel and keep an eye out for the next governance working group call. The DerivaDAO governance contract *does* support voting delegation, so community leaders can and should drive the conversation.

Development Progress

The question on everyone’s mind is “wen mainnet”, but there are a few things that still need to happen between now and then. In the past several weeks, the engineering team at DEX Labs has been hard at work. A few of the larger projects are described here:

The testnet deployment now runs on production infrastructure: multiple operator nodes running SGX, in the same configuration as a mainnet proposal will require.

A new “baking system” ensures that every single update to the exchange goes through an extensive testing suite before it hits `beta`. This system takes ~3 days to complete, but cuts down on regressions and makes extensive use of the DEX Labs fuzzing framework to identify bugs before they hit the public beta.

Improved “solvency guards” has been a big component of the work done lately. Specifically, this helps to prevent liquidation cascades in the exchange by cancelling orders that if placed would result in users being immediately liquidated.

Updates to the auditor, which is also the primary source of visibility into the exchange’s operations. Anyone can run this operator, and running this is critical to utilizing the API.

Major updates to the liquidation engine are now complete, which will ensure correct behavior of the exchange under the most extreme scenarios of low liquidity and price volatility.

Additionally, DEX Labs has recently made two new engineering hires, bringing the eng team into double-digits! Want to work on the cutting edge of decentralized financial technology? The team is currently hiring for two roles:

Front-end developer

Rust engineer

Next Steps

The current roadmap to mainnet looks roughly like this:

Finalize eng requirements for Cambrian trading competition

Run the Cambrian trading competition

Audits for mainnet smart contract code

Revisions required based on audits and competition findings

Mainnet proposal made to the DerivaDAO

While it’s not possible to attach specific dates to each of these milestones because they are dependent on each other, the DEX Labs team anticipates the Cambrian trading competition will kick off this month.

Additionally, the second DerivaDAO community call will take place on Twitter Spaces next week, so stay tuned for announcements around that.

Join the DerivaDAO!

Join the Discord and email list to learn more about upcoming products and early access opportunities.