Protofire delivers the first Bidder UI for the DutchX Decentralized Exchange Protocol

Protofire delivers the first Bidder UI for the DutchX Decentralized Exchange Protocol

Bidder UI enables users to monitor auction details and charts, place bids, deposit and withdraw tokens, etc.

We at Protofire, a team of engineers specializing in the development of DApps and smart contracts, are happy to be contributing to the development of the FairDEX trading platform. Equipped with a graphical interface (Bidder UI) developed by Protofire, the platform enables interactions with the DutchX decentralized trading protocol for ERC20 tokens by Gnosis. The development was sponsored by the Gnosis GECO program.

DutchX makes use of the Dutch auction principle to create a fair ecosystem, which aims at preventing such common exchange problems as front running, issues with low liquidity, and third-party risk. The dutch auction system has two parties: sellers and bidders.

A trading platform for bidders

Through Bidder UI, the FairDEX trading platform focuses on the bidders, enabling them to browse through all the upcoming, active, and concluded auctions. Currently, the following features are available:

• Bidders can monitor auction details and charts.
• Bidders can place bids on auctions.
• Bidders can deposit and withdraw tokens from their wallets.
• Bidders can claim tokens from auctions.

Bidders can specify how many tokens to purchase in any active auction and finalize orders via their wallet providers.

An active auction lasts an estimated six hours. The price of the tokens being sold decreases as an auction progresses. Once an auction ends, either when the allotted time elapses or when the tokens being sold run out of stock, all bidders pay the same final price. Instead of refunds, bidders — who submitted orders before the final price was reached — will obtain more tokens. Under this auction system, bidders already know the minimum amount of tokens they will receive upon completing their orders.

Instant liquidity

Additionally, a bidder can also claim purchased tokens in any active auction for instant liquidity. In this case, any additional tokens will still be received at the conclusion of the auction.

No accounts are needed to use the Bidder UI. Instead, direct trades between peers are enabled by smart contracts of the DutchX trading protocol.

For more details, check out the FairDex trading platform, visit the product’s website. For more information about DutchX, please read its comprehensive documentation.

Published at Tue, 05 Mar 2019 14:08:32 +0000