Questions regarding the upcoming Vite DEX
Regarding the future of the Vite DEX.
Will it be possible for external companies/websites to integrate the Vite DEX into their own solution/interface? Or will this DEX be solely built for use of Vitelabs/Vite?
And can you guys further explain the DEX. Such as will users have full custody of their digital assets (I'm going to assume full custody until they place an order)? Or is it more of a transfer here to this smart contract, trade here at this website (create an order, cancel an order etc), withdraw? Would like a clear explanation on the design of the DEX.
How is order matching performed?
Are there any extra layer(s) of protection in the DEX? Such as in the event of a failure or bug in the smart contract.
Further elaborate on the "Q3 2019 Stable Coin Issuance on DEX"? Will there be a special pegged token (by Vite) available? USDV? or is it more like an availability of an existing stable coin onto the Vite platform such as USDT, USDC etc?
(And apologies for not exactly posting a single question.)
Loopring protocol  is an open protocol to build a decen- tralized asset trading network. Compared to other DEX solutions, the Loopring protocol is based on the multiparty loop matching, which provides a dual authorization technol- ogy to prevent preemptive transactions and is fully open.
We build the Loopring protocol into Vite, which is conducive to promoting the circulation of digital assets in Vite, so that the whole value system can be circulated. In this value system, users can issue their own digital assets, transfer assets outside the chain through VCTP, and use the Loopring protocol to achieve asset exchange. The whole process can be completed within the Vite system and is completely decentralized.
In Vite, Loopring Protocol Smart contract (LPSC) is a part of the Vite system. Asset transfer authorization and multi-party atomic protection are all supported in the Vite. The Loopring relay is still open to fully integrate with its own ecosystem.
Users can use vite to pay for asset exchange transactions, so the earned token by miners of Looping who perform loop matching in the Vite platform is still vite.
from whitepaper https://www.vite.org/whitepaper/vite_en.pdf
Allen last edited by Reward
I try to answer the questions as below,
- There is no specific plan for external party to integrate at this time. But anyone can still send a normal transaction to DEX contract through APIs.
- To trade in DEX, user should deposit assets to DEX in advance, make an order, or withdraw if he decides to stop trading.
- Vite DEX adopts maker-taker model for order matching. Loopring is not implemented at this time cause considering at the beginning phrase of DEX there won’t be a large number of orders and pairs. And Loopring only shows its advantages when many orders are waiting to be matched in different pairs. When Vite MainNet launches, we still can consider to bring Loopring on-board once situation fits.
- Since Vite’s DEX is fully decentralized and there is no owner of the DEX contract, we can’t froze any assets in the contract on emergency. But we will ensure every order is performed in secure. In pre-mainnet, if there is any asset loss due to a bug or contract failure, Vite Labs shall take the responsibility to help user find it back.
- It is not very likely for us to issue our own stable coin. Instead we would like to integrate existing stable coins into Vite platform. And we are already on this.
Charles last edited by Reward
The design of Vite DEX is open and anyone can share the order pool through DEX API, but DEX API is not available in the first version.
We are working with existing stable coin issuers and USDO (https://usdo.com/) may be the first stable coin to be issued on Vite.