DeGate, a decentralized exchange (DEX) protocol built on zero-knowledge technology, has released its testnet and plans to launch its mainnet in mid-summer 2022. DeGate fills a role in the market by providing spot order-book and grid trading in the Ethereum ecosystem, offering an experience similar to centralized exchanges (CEXs).
Access the DeGate testnet here: Testnet.DeGate.com.
A zero-knowledge DEX
Gas fees are a major concern on the Ethereum mainnet. Conventional automated market maker DEXs incur high gas fees on the Ethereum network and provide only market orders where traders must accept current market prices for trading pairs.
DeGate Testnet offers a new protocol based on a zero-knowledge rollup that allows spot trading through limit orders, similar to a centralized exchange (CEX). The zero-knowledge technology powers a “match node” — matching orders between traders and periodically recording the transactions on the mainnet. This ensures a faster, cheaper trading experience still secured by Ethereum. Essentially, DeGate is a decentralized method for limit orders.
DeGate improves on the important work of the Loopring protocol — an existing zero-knowledge rollup for trading and payment — adding new features, including:
- Permissionless listing — DeGate allows anyone to deploy a front end and run their own DEX protocol. Any tokens can be listed in a permissionless manner through an open listing mechanism.
- Grid-trading feature — DeGate offers a grid-trading feature for the ups and downs of any particular trading pair. This feature is common in CEXs, and DeGate is pioneering it for its DEX.
- Gas-saving deposit — Depositing in a DEX protocol often incurs a high one-time fee. DeGate has pioneered a gas-saving deposit option based on a simple transfer rather than a contract call, reducing the one-time gas deposit fee by up to 75%.
- Ultra-efficient gas-saving technology — Pioneered by the DeGate team, it ensures significant gas savings while maintaining a decentralized protocol.
Built on trustlessness
In addition to being user-friendly, DeGate is built on the principle of trustlessness:
- DeGate has no admin key — The DeGate protocol is initiated without an admin key to ensure decentralization. Once the protocol is deployed, its code execution logic is immutable.
- DeGate ensures an exodus mode — If an operator is offline for more than 15 days, anyone can trigger a transaction to enable the DeGate’s exodus mode, permitting asset withdrawal.
Preparation for mainnet launch
While the testnet is running and DeGate collects user feedback, the team is preparing for its mainnet launch this summer. Auditing is part of the process to guarantee security. DeGate will audit with at minimum three top-tier auditing firms to review the project’s circuit and smart contract.
Any issues and bugs found can be submitted here, through email here or by contacting DeGate on Discord.
To submit feedback, click the top-right corner button “Feedback” on the testnet page: Testnet.DeGate.com.
To submit feedback, select the button in the top-right corner.
DeGate decentralizes limit orders on the Ethereum network and spot trading with a DEX’s benefits. Trades on the DeGate protocol are matched by zero-knowledge technology and allow cheaper trades with higher transactions per second.
DeGate operates as a decentralized autonomous organization with full control over its treasury.
- DeGate testnet
- Contact DeGate
- Join DeGate
- A guide on how to receive free testnet tokens