Digitex dev update #10: Trading REST API Release, Fee System Launch & Matching Engine Upgrade 1

Digitex dev update #10: Trading REST API Release, Fee System Launch & Matching Engine Upgrade

Digitex
• Aleksei Veledinskii
September 24, 2021

It’s been a hard week’s Friday, but we’re glad to tell you that we’ve achieved almost everything we had planned. 

In short, our team has started the Matching Engine update, which boosted the system performance and allowed it to do complex computations (like very accurate trading fee calculation), added new USDC-nominated Futures Markets, and released the Trading REST API on Testnet. 

Now let’s go dive into some details. Poyekhali!

Matching Engine Upgrade & Trading Fees

One of the most difficult computations on an exchange is calculating trading fees: these numbers are so tiny and require great precision, but the system’s engine still has to operate at lightning speed. 

Well, today (Friday 24th, at 12:00 UTC) we started the Digitex Matching Engine update on our Mainnet! The new version will support much more complicated mathematical operations, including those on very precise numbers – think cryptos with 18 digits after the decimal point. But that’s not all the good news: we’ve also refactored some weak spots in the source code to boost its stability.

The update finally enabled us to launch the Trading Fee System, one of the key features on the path of improving the Digitex Exchange. Here’s just a small reminder on how it will work: the taker fee is set to 0.05%, the maker fee to 0.01%; both apply to non-DGTX Spot and Futures markets. 

Presenting: New Futures Markets

Talking about Futures: new USDС-nominated Futures Markets are open for trading! They will mirror our DGTX-nominated markets, offering BTC and ETH perpetual futures. We’ve made sure there’s quite enough liquidity there for the first time. 

Next, the new markets will have a baptism by the Mainnet: yes, the Testnet provided us with plenty of data for coding and testing purposes, but nothing can substitute the real use cases.

Trading REST API Release and Testing

Here’s another milestone to celebrate: we’ve released the Trading REST API and started the testing process. Thanks to all you guys for your wonderful support, and the greatest kudos go to our testers! 

In total, we got 30 applications from traders who wished to test the new API. We’ve created an invite-only chat in Telegram, where our lead python developer can answer questions and collect feedback in real-time. 

We also plan to release the Python REST API client this week. Most likely, this will happen on Saturday – we’ll make sure to keep you informed!

NB: Applied, but never received your letter with the link to API documentation and chat? Check the Spam folder; maybe it was dropped there by your too-diligent email provider.

Hummingbot Connector Release: Delayed

Unfortunately, we’ve decided to delay the release of the Hummingbot connector for our Spot Markets. We need to do a bit more testing there; stay tuned for the updates and we’ll be back with more information ASAP.

Bye for now! See you in a week, when we are back with Dev update #11.

 

September 24, 2021
Digitex

Digitex dev update #10: Trading REST API Release, Fee System Launch & Matching Engine Upgrade

Aleksei Veledinskii
Digitex dev update #10: Trading REST API Release, Fee System Launch & Matching Engine Upgrade 2

It’s been a hard week’s Friday, but we’re glad to tell you that we’ve achieved almost everything we had planned. 

In short, our team has started the Matching Engine update, which boosted the system performance and allowed it to do complex computations (like very accurate trading fee calculation), added new USDC-nominated Futures Markets, and released the Trading REST API on Testnet. 

Now let’s go dive into some details. Poyekhali!

Matching Engine Upgrade & Trading Fees

One of the most difficult computations on an exchange is calculating trading fees: these numbers are so tiny and require great precision, but the system’s engine still has to operate at lightning speed. 

Well, today (Friday 24th, at 12:00 UTC) we started the Digitex Matching Engine update on our Mainnet! The new version will support much more complicated mathematical operations, including those on very precise numbers – think cryptos with 18 digits after the decimal point. But that’s not all the good news: we’ve also refactored some weak spots in the source code to boost its stability.

The update finally enabled us to launch the Trading Fee System, one of the key features on the path of improving the Digitex Exchange. Here’s just a small reminder on how it will work: the taker fee is set to 0.05%, the maker fee to 0.01%; both apply to non-DGTX Spot and Futures markets. 

Presenting: New Futures Markets

Talking about Futures: new USDС-nominated Futures Markets are open for trading! They will mirror our DGTX-nominated markets, offering BTC and ETH perpetual futures. We’ve made sure there’s quite enough liquidity there for the first time. 

Next, the new markets will have a baptism by the Mainnet: yes, the Testnet provided us with plenty of data for coding and testing purposes, but nothing can substitute the real use cases.

Trading REST API Release and Testing

Here’s another milestone to celebrate: we’ve released the Trading REST API and started the testing process. Thanks to all you guys for your wonderful support, and the greatest kudos go to our testers! 

In total, we got 30 applications from traders who wished to test the new API. We’ve created an invite-only chat in Telegram, where our lead python developer can answer questions and collect feedback in real-time. 

We also plan to release the Python REST API client this week. Most likely, this will happen on Saturday – we’ll make sure to keep you informed!

NB: Applied, but never received your letter with the link to API documentation and chat? Check the Spam folder; maybe it was dropped there by your too-diligent email provider.

Hummingbot Connector Release: Delayed

Unfortunately, we’ve decided to delay the release of the Hummingbot connector for our Spot Markets. We need to do a bit more testing there; stay tuned for the updates and we’ll be back with more information ASAP.

Bye for now! See you in a week, when we are back with Dev update #11.

 

Latest News

Digitex dev update #9: New Spot Markets, Trading Fees & Trading REST API Testing 3

Digitex dev update #9: New Spot Markets, Trading Fees & Trading REST API Testing

Digitex
• Aleksei Veledinskii
September 17, 2021

Next week is going to be action-packed! We’ll be releasing some long-awaited updates for Digitex Exchange and starting to prepare the Exchange for list new trading pairs in our Spot Markets. Due to the nature of the process, this is going to take some time – and, as usual, we cannot give you an ETA.

But worry not, fellow trader: we will get there soon, and the ride will be smooth. For now, let’s have a good look at where we are with all upcoming updates.

Trading Fees on the Mainnet

We will be introducing trading fees at the same time with Stablecoin Futures Markets on the Mainnet. Those will be charged in 1) Futures Markets nominated in USDC, and 2) non-DGTX Spot Markets (BTC/USDC, ETH/BTC, etc). Even so, trading in DGTX-denominated Futures Markets and Spot Markets will remain as it is, at zero fees.

The taker fee is currently set at 0.05%, the maker fee – at 0.01%. However, in the next few weeks, we will be testing the new system and making final decisions on how it would work. What that means is that we still may adjust fee values, or add them to all Spot Markets; in any case, we’ll keep in touch and inform you of any changes in advance. One thing’s for sure: we’ll keep DGTX-nominated Future trading at zero fees.

Our next step will be developing and delivering a fee reduction system with 2 options: staking DGTX to enable zero-fee trading or paying reduced fees in DGTX. There is no ETA, but we aim to deploy the first version of the system on our Testnet in late October.

Internal Testing of the Trading REST API: Done

We’re glad to report that the development and internal testing of the Trading REST API have been completed! Starting Monday or Tuesday, the REST API specification and documentation will be available to those who filled our Form for API Testing

Upon that, we’ll release the Python client library for the Digitex Trading REST API to the test group: it will also happen next week, probably on Thursday. And finally, by the end of the week, we will publish the full description of the Trading WebSocket API and Python client library for Digitex Trading Websocket API.

Wish to take part in our testing but missed the previous update? You still have time to fill the Testers form!

Converter Update

An update bringing the Fixed price for those who buy DGTX via the Converter will be live on the Mainnet next week. The buy-back and hedging system are still under development and will be released as soon as possible.

New Spot Markets for Rare Coins

So what about New Spot Markets? We’ll be listing smaller coins, which are not available on the majority of exchanges. This will help us attract new trade flows, grow our community, and redirect a part of our income to boost liquidity for more in-demand coins.

The plan is to add new Spot Markets every month, but for now, we can’t say exactly when the first pairs will be available. Anyway, we would like to ask you to fill the Spot Markets Form and tell us which coins you are most interested in trading on Digitex Exchange.


When the new API is well tested and described, Python clients are successfully released (JS, C# and Go clients will follow in the upcoming months), and the Hummingbot connector is launched, we will add more markets, new traders will join the platform – and daily traded volume on the Digitex Exchange will increase, along with the liquidity. 

By the way, the Testnet release of the Hummingbot connector for the Spot Markets is also planned for the next week. Action-packed, like we said.

P.S. The Liquidity Mining Rewards system is closed until further updates.

Bye for now! See you in a week, when we are back with Dev update #10.

September 17, 2021
Digitex

Digitex dev update #9: New Spot Markets, Trading Fees & Trading REST API Testing

Aleksei Veledinskii
Digitex dev update #9: New Spot Markets, Trading Fees & Trading REST API Testing 4

Next week is going to be action-packed! We’ll be releasing some long-awaited updates for Digitex Exchange and starting to prepare the Exchange for list new trading pairs in our Spot Markets. Due to the nature of the process, this is going to take some time – and, as usual, we cannot give you an ETA.

But worry not, fellow trader: we will get there soon, and the ride will be smooth. For now, let’s have a good look at where we are with all upcoming updates.

Trading Fees on the Mainnet

We will be introducing trading fees at the same time with Stablecoin Futures Markets on the Mainnet. Those will be charged in 1) Futures Markets nominated in USDC, and 2) non-DGTX Spot Markets (BTC/USDC, ETH/BTC, etc). Even so, trading in DGTX-denominated Futures Markets and Spot Markets will remain as it is, at zero fees.

The taker fee is currently set at 0.05%, the maker fee – at 0.01%. However, in the next few weeks, we will be testing the new system and making final decisions on how it would work. What that means is that we still may adjust fee values, or add them to all Spot Markets; in any case, we’ll keep in touch and inform you of any changes in advance. One thing’s for sure: we’ll keep DGTX-nominated Future trading at zero fees.

Our next step will be developing and delivering a fee reduction system with 2 options: staking DGTX to enable zero-fee trading or paying reduced fees in DGTX. There is no ETA, but we aim to deploy the first version of the system on our Testnet in late October.

Internal Testing of the Trading REST API: Done

We’re glad to report that the development and internal testing of the Trading REST API have been completed! Starting Monday or Tuesday, the REST API specification and documentation will be available to those who filled our Form for API Testing

Upon that, we’ll release the Python client library for the Digitex Trading REST API to the test group: it will also happen next week, probably on Thursday. And finally, by the end of the week, we will publish the full description of the Trading WebSocket API and Python client library for Digitex Trading Websocket API.

Wish to take part in our testing but missed the previous update? You still have time to fill the Testers form!

Converter Update

An update bringing the Fixed price for those who buy DGTX via the Converter will be live on the Mainnet next week. The buy-back and hedging system are still under development and will be released as soon as possible.

New Spot Markets for Rare Coins

So what about New Spot Markets? We’ll be listing smaller coins, which are not available on the majority of exchanges. This will help us attract new trade flows, grow our community, and redirect a part of our income to boost liquidity for more in-demand coins.

The plan is to add new Spot Markets every month, but for now, we can’t say exactly when the first pairs will be available. Anyway, we would like to ask you to fill the Spot Markets Form and tell us which coins you are most interested in trading on Digitex Exchange.


When the new API is well tested and described, Python clients are successfully released (JS, C# and Go clients will follow in the upcoming months), and the Hummingbot connector is launched, we will add more markets, new traders will join the platform – and daily traded volume on the Digitex Exchange will increase, along with the liquidity. 

By the way, the Testnet release of the Hummingbot connector for the Spot Markets is also planned for the next week. Action-packed, like we said.

P.S. The Liquidity Mining Rewards system is closed until further updates.

Bye for now! See you in a week, when we are back with Dev update #10.

Latest News

Digitex dev update #8: Trading REST API Progress, Search for Testers, and Converter Refactoring 5

Digitex dev update #8: Trading REST API Progress, Search for Testers, and Converter Refactoring

Digitex
• Aleksei Veledinskii
September 13, 2021

Due to some miscommunication, we didn’t release our regular Dev update last Friday, September 3rd, 2021. Sorry about that! We are still here, closing tasks, working on new features, and looking for ways to improve your Digitex experience. For one, we’re almost done with the first draft of our Improvements Plan: it will be published this September or early in October 2021.

In today’s update, we will shed some light on the upcoming trading API release and some changes to our Converter. Vamos!

Trading REST API Progress

First, we’ve completed 95% of the work needed to release a fully functional Trading REST API and introduce a brand new, more efficient way of trading on Digitex Exchange. Very soon, traders will be able to place orders, check their balances, interact with positions, contracts and delayed actions, and more.

Most of the new features (endpoints, classes, database changes, and so on) have already been deployed to the Testnet. However, we are not ready to publish the REST API documentation before the next week, we have to make sure we’ve completed proper QA and testing, as well as several minor tasks.

The documentation will be published next week, as we’ll also open access to endpoints on Testnet. And finally, when we complete the full testing, collect feedback from our community and apply all changes, we will bring the REST API to the Mainnet.

‘When developing the REST API, we learned from the best practices of other exchanges. In the end, we decided to go for simplicity and ease of making the first trade without sacrificing efficiency. Now we’re rolling out a Python client along with the REST API – and I personally love it. 

Having fewer endpoints, and using documented data models instead of JSON responses means you are ready to start trading right away – without the need to manage conversions. If you are an experienced developer, you may simply extend a data model and attach to it any logic. 

For the moment, this concept will work for the English version of our client. Should it be well accepted by the community, we’ll make it available for other languages as well’, – said Sergei Pavlyuk, Digitex Exchange senior backend developer.

A Few Words On Websocket 

Second, the description of the Websocket trading API, which we are using to interact with the backend from our web interface, is almost finished too. So far, it looks good and clear to our eye, but we want to make sure our users find it comprehensible as well before we release it.

Wanted: Testers!

Third, here’s what we’re getting at: Do you know your way around different APIs and exchanges? Want to make Digitex Exchange better? Then it might be you we’re looking for, so check out the Digitex API testers form to volunteer! During the next week or two, we will be collecting your emails, Telegram usernames (if you’re okay with it), and answers, and then we’ll reach out to you after September, 20.

We will have three different tasks for our community testers:

  1. Checking if the Trading REST API documentation is all clear;
  2. Testing the Trading REST API; 
  3. Going through the Trading WebSocket API documentation as well.

There will be two groups of traders – for REST and WebSocket APIs respectively. If you wish to do both, please let us know via the application form.

Converter, Refactored

And fourth, after receiving many questions regarding the Converter we’ve decided to refactor it. As you are reading this update, we are testing the refactored system for selling DGTX via a user-friendly interface on our dev server, expecting to deploy it to the Mainnet within the next few weeks.

The key new features we are bringing to the Converter are the Fixed price and the DGTX Buy-back system. We expect both of these to have a positive impact on DGTX price.

Fixed Price

For the moment, our Mainnet Converter uses real-time prices to sell the DGTX token for BTC, ETH, USDC, or USDT. Every time you open the Converter pop-up, it shows the approximate value of DGTX you would receive.

However, as we all know, crypto prices are very volatile. Since we are using real-time prices, we can’t guarantee that the user will receive the exact amount of DGTX he sees in the pop-up. Of course, hardly anyone would complain about getting more tokens, but if traders get less than what they expected – then it becomes a problem.

This is why we decided to add the Fixed price feature to the Converter. After the update, our users will be able to select the crypto they want to convert to the DGTX and click on the “Get rate” button to freeze the price. Upon that, they will see the amount of the DGTX which they would receive and will have 30 seconds to click the “Convert” button within 30 secs (this number is not final and may be changed) and get their DGTX by the fixed rate. 

Digitex dev update #8: Trading REST API Progress, Search for Testers, and Converter Refactoring 6

DGTX Buy-Back System

The second feature we’re adding to the Converter is the Buy-back system for the DGTX token. Here’s how it will work: we will be buying some % of DGTX sold in our Spot Markets. 

The system behavior will be focused on the effect and support price of the DGTX in the Digitex Exchange. 

Continue reading

September 13, 2021
Digitex

Digitex dev update #8: Trading REST API Progress, Search for Testers, and Converter Refactoring

Aleksei Veledinskii
Digitex dev update #8: Trading REST API Progress, Search for Testers, and Converter Refactoring 7

Due to some miscommunication, we didn’t release our regular Dev update last Friday, September 3rd, 2021. Sorry about that! We are still here, closing tasks, working on new features, and looking for ways to improve your Digitex experience. For one, we’re almost done with the first draft of our Improvements Plan: it will be published this September or early in October 2021.

In today’s update, we will shed some light on the upcoming trading API release and some changes to our Converter. Vamos!

Trading REST API Progress

First, we’ve completed 95% of the work needed to release a fully functional Trading REST API and introduce a brand new, more efficient way of trading on Digitex Exchange. Very soon, traders will be able to place orders, check their balances, interact with positions, contracts and delayed actions, and more.

Most of the new features (endpoints, classes, database changes, and so on) have already been deployed to the Testnet. However, we are not ready to publish the REST API documentation before the next week, we have to make sure we’ve completed proper QA and testing, as well as several minor tasks.

The documentation will be published next week, as we’ll also open access to endpoints on Testnet. And finally, when we complete the full testing, collect feedback from our community and apply all changes, we will bring the REST API to the Mainnet.

‘When developing the REST API, we learned from the best practices of other exchanges. In the end, we decided to go for simplicity and ease of making the first trade without sacrificing efficiency. Now we’re rolling out a Python client along with the REST API – and I personally love it. 

Having fewer endpoints, and using documented data models instead of JSON responses means you are ready to start trading right away – without the need to manage conversions. If you are an experienced developer, you may simply extend a data model and attach to it any logic. 

For the moment, this concept will work for the English version of our client. Should it be well accepted by the community, we’ll make it available for other languages as well’, – said Sergei Pavlyuk, Digitex Exchange senior backend developer.

A Few Words On Websocket 

Second, the description of the Websocket trading API, which we are using to interact with the backend from our web interface, is almost finished too. So far, it looks good and clear to our eye, but we want to make sure our users find it comprehensible as well before we release it.

Wanted: Testers!

Third, here’s what we’re getting at: Do you know your way around different APIs and exchanges? Want to make Digitex Exchange better? Then it might be you we’re looking for, so check out the Digitex API testers form to volunteer! During the next week or two, we will be collecting your emails, Telegram usernames (if you’re okay with it), and answers, and then we’ll reach out to you after September, 20.

We will have three different tasks for our community testers:

  1. Checking if the Trading REST API documentation is all clear;
  2. Testing the Trading REST API; 
  3. Going through the Trading WebSocket API documentation as well.

There will be two groups of traders – for REST and WebSocket APIs respectively. If you wish to do both, please let us know via the application form.

Converter, Refactored

And fourth, after receiving many questions regarding the Converter we’ve decided to refactor it. As you are reading this update, we are testing the refactored system for selling DGTX via a user-friendly interface on our dev server, expecting to deploy it to the Mainnet within the next few weeks.

The key new features we are bringing to the Converter are the Fixed price and the DGTX Buy-back system. We expect both of these to have a positive impact on DGTX price.

Fixed Price

For the moment, our Mainnet Converter uses real-time prices to sell the DGTX token for BTC, ETH, USDC, or USDT. Every time you open the Converter pop-up, it shows the approximate value of DGTX you would receive.

However, as we all know, crypto prices are very volatile. Since we are using real-time prices, we can’t guarantee that the user will receive the exact amount of DGTX he sees in the pop-up. Of course, hardly anyone would complain about getting more tokens, but if traders get less than what they expected – then it becomes a problem.

This is why we decided to add the Fixed price feature to the Converter. After the update, our users will be able to select the crypto they want to convert to the DGTX and click on the “Get rate” button to freeze the price. Upon that, they will see the amount of the DGTX which they would receive and will have 30 seconds to click the “Convert” button within 30 secs (this number is not final and may be changed) and get their DGTX by the fixed rate. 

Digitex dev update #8: Trading REST API Progress, Search for Testers, and Converter Refactoring 8

DGTX Buy-Back System

The second feature we’re adding to the Converter is the Buy-back system for the DGTX token. Here’s how it will work: we will be buying some % of DGTX sold in our Spot Markets. 

The system behavior will be focused on the effect and support price of the DGTX in the Digitex Exchange. 

Continue reading

Latest News

Digitex dev update #7: Trading fees and USDC futures 9

Digitex dev update #7: Trading fees and USDC futures

Digitex
• Aleksei Veledinskii
August 27, 2021

Hey everyone! Hope you are doing well.

We’ve got some really good news this week. The update of our Testnet with USDC denominated futures markets has been successful, as well as the ‘trading fees’ model for non-DGTX markets.

We know that you guys have been demanding this for quite some time, so we’re excited to provide the users’ feedback and detail how the fee mechanism will work out.

Community feedback – what we got right and wrong

First, we want to say: thank you for your support. We appreciate your effort to improve Digitex by providing important feedback and sharing your ideas. Our product and development teams could not ask for anything more!

Below are the main issues and suggestions that the community has raised:

  1. The overall idea of having USDC denominated futures markets and fees on non-DGTX markets looks appealing;
  2. Requests for a decentralized stablecoin, or at least not dependant on a third-party company, like USDT and USDC;
  3. Users want us to implement DGTX token burn strategies and maximize its usefulness for trading;
  4. The Ladder improvements suggestions. 
  5. Traders want ‘Bracket orders’ and improved ‘Stop Loss / Take Profit’ model;
  6. Some users have asked how existing Converter feature works now and what we are going to do with it.

So, let’s run over all these points.

Issues using DUSD

We understand that our community really likes the DUSD, and ran several tests, including mathematical models. However,  we found out that DUSD will not eliminate the volatility issue currently faced by DGTX pairs.

To trade with DUSD, one needs to lock some amount of DGTX in a special tool first. If DGTX price goes down, such a trader will need to place more DGTX for collateral, or his DGTX/DUSD contract will be liquidated.

What if a DGTX price drop happens while the whole crypto market loses value? In this case, traders will be in the same situation as if they traded with DGTX. Nominal profits in DGTX / DUSD will look good, but not in USD.

Issues using sUSD

With sUSD, one can lock different Synthetix assets to keep sUSD price stable, creating an arbitrage possibility. Thus, the system looks more interesting, but still carries the same risk if the whole crypto market falls.

Besides, the ability to lock different assets works well on the Synthetix blockchain, but not for Digitex since we want to collect liquidity and redirect it to DGTX price.

We understand that the pair USDC / USDT may vary, and that is not something the community can control, so not the best option. Consequently, we will keep looking for derivative tools until we find a better solution.

Fees reduction system

According to poll results, traders don’t like the ‘subscription’ idea. Meanwhile, the “stake DGTX for zero fees” option won big time, and here’s why that might be:

  1. creates demand on DGTX;
  2. can be split into tiers;
  3. doesn’t force traders to give away DGTX for zero fees. 

However, the “Pay fees in DGTX” option was also highly appraised. So, we decided to establish both options. 

We still don’t have the exact pricing model at this stage, but we know that “stake DGTX for zero fees” will be split into different tiers according to the trader’s traded volume for the last several days.

Anyway, we will keep listening to our community and seeking a fair system that generates income for DGTX holders. The best outcome is a win-win for both our users and for Digitex to support its growth.

Burning part of collected DGTX income

We understand that a burn mechanism can fuel DGTX price, but we want it to be more than just a share of Digitex’s profits. We are currently analyzing how to implement a transparent model that will add value to the community. 

The Ladder UI improvements

Traders want to use the Drag and Drop feature to replace orders directly from the ‘Ladder’, besides the ability to customize the info which appears there. We will be asking for further details in the months to come, as there are other priorities right now.

‘Bracket orders’ and ‘Stop Loss’ / ‘Take Profit

Basically, we will add ‘Bracket orders’, and some Brackets system for Open Contracts. In addition, we will check for opportunities to implement ‘Stop Loss’ / ‘Take Profit’ via the Ladder or the Chart and will also add a ‘Trailing Stop Loss’ feature.

We want to implement those in the Testnet by October, but the trading fees systems design and implementation need to be completed ahead of that. So, October is not a final ETA. 

Converter operating model

Unfortunately, we can’t disclose our ‘Converter’ operation model, but changes  should happen before the end of 2021. The converter will have a fixed price — similar to the flow which we used for the BXR Token Sale on Blockfunder. 

The Converter feature  will be changed from the system which allows buying DGTX by close to market price to the system which allows easily exchanging one crypto to another by using Digitex Spot Markets liquidity (with Limit of Market orders) without needing to go to Spot Markers and place orders manually.

Bye! See you next week with Dev update # 8.

August 27, 2021
Digitex

Digitex dev update #7: Trading fees and USDC futures

Aleksei Veledinskii
Digitex dev update #7: Trading fees and USDC futures 10

Hey everyone! Hope you are doing well.

We’ve got some really good news this week. The update of our Testnet with USDC denominated futures markets has been successful, as well as the ‘trading fees’ model for non-DGTX markets.

We know that you guys have been demanding this for quite some time, so we’re excited to provide the users’ feedback and detail how the fee mechanism will work out.

Community feedback – what we got right and wrong

First, we want to say: thank you for your support. We appreciate your effort to improve Digitex by providing important feedback and sharing your ideas. Our product and development teams could not ask for anything more!

Below are the main issues and suggestions that the community has raised:

  1. The overall idea of having USDC denominated futures markets and fees on non-DGTX markets looks appealing;
  2. Requests for a decentralized stablecoin, or at least not dependant on a third-party company, like USDT and USDC;
  3. Users want us to implement DGTX token burn strategies and maximize its usefulness for trading;
  4. The Ladder improvements suggestions. 
  5. Traders want ‘Bracket orders’ and improved ‘Stop Loss / Take Profit’ model;
  6. Some users have asked how existing Converter feature works now and what we are going to do with it.

So, let’s run over all these points.

Issues using DUSD

We understand that our community really likes the DUSD, and ran several tests, including mathematical models. However,  we found out that DUSD will not eliminate the volatility issue currently faced by DGTX pairs.

To trade with DUSD, one needs to lock some amount of DGTX in a special tool first. If DGTX price goes down, such a trader will need to place more DGTX for collateral, or his DGTX/DUSD contract will be liquidated.

What if a DGTX price drop happens while the whole crypto market loses value? In this case, traders will be in the same situation as if they traded with DGTX. Nominal profits in DGTX / DUSD will look good, but not in USD.

Issues using sUSD

With sUSD, one can lock different Synthetix assets to keep sUSD price stable, creating an arbitrage possibility. Thus, the system looks more interesting, but still carries the same risk if the whole crypto market falls.

Besides, the ability to lock different assets works well on the Synthetix blockchain, but not for Digitex since we want to collect liquidity and redirect it to DGTX price.

We understand that the pair USDC / USDT may vary, and that is not something the community can control, so not the best option. Consequently, we will keep looking for derivative tools until we find a better solution.

Fees reduction system

According to poll results, traders don’t like the ‘subscription’ idea. Meanwhile, the “stake DGTX for zero fees” option won big time, and here’s why that might be:

  1. creates demand on DGTX;
  2. can be split into tiers;
  3. doesn’t force traders to give away DGTX for zero fees. 

However, the “Pay fees in DGTX” option was also highly appraised. So, we decided to establish both options. 

We still don’t have the exact pricing model at this stage, but we know that “stake DGTX for zero fees” will be split into different tiers according to the trader’s traded volume for the last several days.

Anyway, we will keep listening to our community and seeking a fair system that generates income for DGTX holders. The best outcome is a win-win for both our users and for Digitex to support its growth.

Burning part of collected DGTX income

We understand that a burn mechanism can fuel DGTX price, but we want it to be more than just a share of Digitex’s profits. We are currently analyzing how to implement a transparent model that will add value to the community. 

The Ladder UI improvements

Traders want to use the Drag and Drop feature to replace orders directly from the ‘Ladder’, besides the ability to customize the info which appears there. We will be asking for further details in the months to come, as there are other priorities right now.

‘Bracket orders’ and ‘Stop Loss’ / ‘Take Profit

Basically, we will add ‘Bracket orders’, and some Brackets system for Open Contracts. In addition, we will check for opportunities to implement ‘Stop Loss’ / ‘Take Profit’ via the Ladder or the Chart and will also add a ‘Trailing Stop Loss’ feature.

We want to implement those in the Testnet by October, but the trading fees systems design and implementation need to be completed ahead of that. So, October is not a final ETA. 

Converter operating model

Unfortunately, we can’t disclose our ‘Converter’ operation model, but changes  should happen before the end of 2021. The converter will have a fixed price — similar to the flow which we used for the BXR Token Sale on Blockfunder. 

The Converter feature  will be changed from the system which allows buying DGTX by close to market price to the system which allows easily exchanging one crypto to another by using Digitex Spot Markets liquidity (with Limit of Market orders) without needing to go to Spot Markers and place orders manually.

Bye! See you next week with Dev update # 8.

Latest News

Digitex dev update #6: New Futures Markets on Testnet, Revised Tokenomics & Improvement Plans 11

Digitex dev update #6: New Futures Markets on Testnet, Revised Tokenomics & Improvement Plans

Digitex
• Aleksei Veledinskii
August 20, 2021

That’s a milestone: on August 19, 2021, we successfully updated our Testnet. In this dev update, we’ll explore new markets and features, share our improvement plans, and reveal the latest changes in Digitex tokenomics. Let’s go!

Stablecoin-denominated Futures Markets

Firstly, we’ve added two perpetual Futures Markets to the Testnet: BTC/USD and ETH/USD, both denominated in USDC. At the moment, you can’t navigate to these markets from our trading UI, but we’ll enable access soon – probably within 2 weeks. In the meantime, you can access new markets via the direct links above. 

The reason we decided to add stablecoin markets was that the DGTX price fluctuations posed a problem for traders. For one, sudden drops in rate could turn a successful trade into a money loss, creating a negative user experience. We’ve also assumed that stability provided by USDC may attract traders with medium capital, increasing liquidity and traded volume.

Revised Trading Fees

What about DGTX-denominated perpetual Futures Markets? They are still here, and you can trade with DGTX at no fees should you wish to. However, trading on USDC Futures Markets and non-DGTX Spot Markets will be subject to fees.

For now, we’ve set the Taker fee rate to 0.05% and the Maker fee rate to 0.01%. The fees are not currently reflected in your trading UI or trading history, but we plan to add this feature within 2 weeks, too. No worries: the fee system is in place, working like a clock. You can check your fees on the Testnet by calculating trading balances delta before and after trades.

Future Improvements & Planned Mainnet Launch

At the next stage, we will focus on stable coin futures markets and fee system testing, adding proper information about fees to the trading history and the trading UI, as well as applying changes to the exchange UI: we’ll need to make sure that both DGTX and USDC-denominated futures can be traded without making a mess or creating conflicts. 

We plan to release the new fee system and Stablecoin Futures to the Mainnet in September 2021 – but the exact date will depend on how testing progresses. After all, we want to make sure the new features fit seamlessly with the old ones.

Fee Reduction System

After that, we are going to introduce a new feature: the Fee Reduction System, which will allow you to reduce trading fees up to zero. For the moment, we are choosing from the following implementation options:

  1. Paid subscription – subscribed users will pay lower fees (up to zero fees), probably according to their traded volume and other stats;
  2. Paying reduced fees on any market in DGTX – we know that the same feature works well for some of our competitors; besides that, it will bring additional value to DGTX;
  3. DGTX staking – by staking their DGTX, users will be able to trade at no fees. This staking system will be different from the one used at Blockfarm: for example, there will be a lock period for stakers. 

All these options are perfectly valid; we will publish a poll in our social networks later on to see which one you prefer – however, the final decision will be on us.

Market Expansion And Other Plans

After releasing the above-mentioned features on our Mainnet, we plan to add more Spot Markets to our exchange: we know there are many coins our traders and investors are interested in. We will also expand the count of futures markets, denominated both in DGTX and USDC, and deliver some great derivatives tools: we’ll tell you more in the upcoming dev updates.

As usual, there is no predefined list of markets we are going to add this autumn. We’ll be considering such factors as coin demand, market activity, and trader interest. 

And lastly, by the start of 2022, we will introduce some social features. Right now we are prototyping those, checking hypotheses, and choosing which features will be delivered as MVP at the first release, and which ones may be released later.

New Business Model & Roadmap

To sum all the above, we are working on changing the Digitex Exchange business model and DGTX tokenomics. We are going to split Digitex income into two flows: one for DGTX token price, and one for direct profits. Some new services will be built around Digitex and DGTX, which will bring more liquidity and interest for traders, and ensure higher profits. 

We’ll disclose all the details in our new roadmap: there’s no exact ETA yet, but we hope to deliver it before the end of this year.

Hummingbot Connector News

We’ll close with a small update about Hummingbot: it’s already being tested on the Mainnet Spot Markets. So far, basic trading strategies, history, order placing & canceling all work fine. Our next step is Futures Markets adoption, followed by more tests.

Feels like we’re on the home stretch – and that’s an awesome feeling. 

Bye for now! See you next Friday, when we are back with Dev update # 7.

August 20, 2021
Digitex

Digitex dev update #6: New Futures Markets on Testnet, Revised Tokenomics & Improvement Plans

Aleksei Veledinskii
Digitex dev update #6: New Futures Markets on Testnet, Revised Tokenomics & Improvement Plans 12

That’s a milestone: on August 19, 2021, we successfully updated our Testnet. In this dev update, we’ll explore new markets and features, share our improvement plans, and reveal the latest changes in Digitex tokenomics. Let’s go!

Stablecoin-denominated Futures Markets

Firstly, we’ve added two perpetual Futures Markets to the Testnet: BTC/USD and ETH/USD, both denominated in USDC. At the moment, you can’t navigate to these markets from our trading UI, but we’ll enable access soon – probably within 2 weeks. In the meantime, you can access new markets via the direct links above. 

The reason we decided to add stablecoin markets was that the DGTX price fluctuations posed a problem for traders. For one, sudden drops in rate could turn a successful trade into a money loss, creating a negative user experience. We’ve also assumed that stability provided by USDC may attract traders with medium capital, increasing liquidity and traded volume.

Revised Trading Fees

What about DGTX-denominated perpetual Futures Markets? They are still here, and you can trade with DGTX at no fees should you wish to. However, trading on USDC Futures Markets and non-DGTX Spot Markets will be subject to fees.

For now, we’ve set the Taker fee rate to 0.05% and the Maker fee rate to 0.01%. The fees are not currently reflected in your trading UI or trading history, but we plan to add this feature within 2 weeks, too. No worries: the fee system is in place, working like a clock. You can check your fees on the Testnet by calculating trading balances delta before and after trades.

Future Improvements & Planned Mainnet Launch

At the next stage, we will focus on stable coin futures markets and fee system testing, adding proper information about fees to the trading history and the trading UI, as well as applying changes to the exchange UI: we’ll need to make sure that both DGTX and USDC-denominated futures can be traded without making a mess or creating conflicts. 

We plan to release the new fee system and Stablecoin Futures to the Mainnet in September 2021 – but the exact date will depend on how testing progresses. After all, we want to make sure the new features fit seamlessly with the old ones.

Fee Reduction System

After that, we are going to introduce a new feature: the Fee Reduction System, which will allow you to reduce trading fees up to zero. For the moment, we are choosing from the following implementation options:

  1. Paid subscription – subscribed users will pay lower fees (up to zero fees), probably according to their traded volume and other stats;
  2. Paying reduced fees on any market in DGTX – we know that the same feature works well for some of our competitors; besides that, it will bring additional value to DGTX;
  3. DGTX staking – by staking their DGTX, users will be able to trade at no fees. This staking system will be different from the one used at Blockfarm: for example, there will be a lock period for stakers. 

All these options are perfectly valid; we will publish a poll in our social networks later on to see which one you prefer – however, the final decision will be on us.

Market Expansion And Other Plans

After releasing the above-mentioned features on our Mainnet, we plan to add more Spot Markets to our exchange: we know there are many coins our traders and investors are interested in. We will also expand the count of futures markets, denominated both in DGTX and USDC, and deliver some great derivatives tools: we’ll tell you more in the upcoming dev updates.

As usual, there is no predefined list of markets we are going to add this autumn. We’ll be considering such factors as coin demand, market activity, and trader interest. 

And lastly, by the start of 2022, we will introduce some social features. Right now we are prototyping those, checking hypotheses, and choosing which features will be delivered as MVP at the first release, and which ones may be released later.

New Business Model & Roadmap

To sum all the above, we are working on changing the Digitex Exchange business model and DGTX tokenomics. We are going to split Digitex income into two flows: one for DGTX token price, and one for direct profits. Some new services will be built around Digitex and DGTX, which will bring more liquidity and interest for traders, and ensure higher profits. 

We’ll disclose all the details in our new roadmap: there’s no exact ETA yet, but we hope to deliver it before the end of this year.

Hummingbot Connector News

We’ll close with a small update about Hummingbot: it’s already being tested on the Mainnet Spot Markets. So far, basic trading strategies, history, order placing & canceling all work fine. Our next step is Futures Markets adoption, followed by more tests.

Feels like we’re on the home stretch – and that’s an awesome feeling. 

Bye for now! See you next Friday, when we are back with Dev update # 7.

Latest News

Digitex dev update # 3: Trading API refactoring 13

Digitex dev update # 3: Trading API refactoring

Digitex
• Aleksei Veledinskii
July 31, 2021

Robots are replacing humans in many areas of our lives because they are better at solving certain types of problems. First of all, our reaction speed and the amount of data a trader can process when making investment decisions are finite. 

We inevitably find ourselves trapped, bounded by our natural limits. However, the solution that API provides is simple: delegating trading execution tasks to a robot.

Trading API — Application Programming Interface — is one of the critical components of a trading platform. This interface allows different applications to interact with each other.

Trading bots: be quick – or be dead

When trading in several markets simultaneously, one needs to react very quickly, promptly deciding whether to close losses and profits. Therefore, it is possible to program a bot and focus on solving strategic tasks that require analysis instead. 

Scalping, for example, allows one to profit from speculation using minimal price changes. Scalpers used to open and close trades within minutes; today, it happens within seconds.

High-frequency trading relies on algorithms and is currently responsible for nearly half of all transactions in U.S. markets. Competing with a machine on logical processing power is almost pointless for a human. 

Algorithms cannot decide on their own whether to invest in Bitcoin or Tesla stock, but based on a previously set logic, they can choose the optimal solution instantaneously.

To boost the trading efficiency on our platform, the Digitex team set a goal to make a state-of-the-art trading API. 

Below you will find what we have faced so far and what our plans are.

Our API already stands out from the competition

Firstly, Digitex already has a working Websocket trading API based on the Google Protobuf protocol. So every time you interact with the exchange through a web browser, you are using Protobuf – even though you may not be aware. 

If you open your browser console and place an order, here is what happens:

Digitex dev update # 3: Trading API refactoring 14

CHANGE_LEVERAGE_ALL is an instruction for our Engine to change your leverage on Futures Markets. The Engine will send back a response – for example, confirming that Leverage has been altered or giving the reason why it can’t be changed.

Google Protobuf is a highly effective communication tool since it converts a message to bytecode, the native ‘language’ of computer systems.

Through some more complex tools, including Websocket, our trading API can support up to 1,000 requests per client. However, that would be technically impossible for most exchanges, in part because of their heavyweight JSON objects.

Reading this, one might be thinking: “Cool! How come I never heard about it?” – which is, actually, one of our biggest problems. But, unfortunately, most users do not care for the topic, as only experienced high-frequency traders comprehend it. 

We will have documented Trading API

Previous coders at Digitex failed to fully describe the Trading API, messages and methods, besides the resulting interaction. 

Fortunately, we have Elena Iakovleva, front-end developer, and Pavel Yushchenko, CTO – who excel at such technology. Together with our new system analyst Nataly Klimochkina, they are creating the existing Websocket API documentation. 

To sum up, Google Protobuf is an excellent solution, and after getting familiarized, you’ll love it.

Not a Websocket API fan? Don’t worry!

We know that not every client wishes to learn Websocket API technology. Therefore, we decided to develop a REST API trading solution based on the best market practices. 

REST API is the standard communication method between clients and servers. Although slower, it’s enough for those who are not focusing on high-frequency trading.

Last year the previous team created a proxy server between our Websocket and the client to provide traders with REST API, but this creates delays and causes data and orders to be laggy. Our REST API solution will be fully integrated, therefore not facing such issues.

With Google Protobuf, why the need for a REST API?

The answer lies in the future projects at Digitex exchange: native mobile apps for iOS and Android. The back-end of those solutions will require Rest API for data consulting and Websocket API for trading.

To ensure that every new function at Digitex is fully compliant with mobile versions, we now have a dedicated backend developer working side-by-side with our mobile team.

Dedicated team: the key to our success  

As you can see, we consider the trading API a top priority. Fulfilling it will bring Digitex exchange one step closer to success, attracting traders with diverse expertise: from those relying on complex trading algorithms to those who seek a well-designed and simple interface.

We allocated significant resources from our backend development team to achieve this goal, besides creating a task force dedicated to the trading API headed by Sergiy Pavlyuk. Sergiy is an experienced python developer with an algorithmic trading background, having previously worked in the financial industry.

We are now ready to test our public REST endpoints and currently working on trading endpoints. The main difficulty is to “seamlessly join” REST API with our matching engine in the backend. 

We will provide improved and faster solutions

“Obviously, we will lose some speed compared to Protocol Buffers, but subjectively, I feel we will still be faster in matching orders than our competitors. For the record, I believe trading via REST API will soon become redundant among algorithmic traders at Digitex that use their own algos. Yet, REST is unlikely to die at Digitext since most third-party software uses it for trading. It is also easier to start trading with REST for new traders,” — told Sergiy.

Only a handful of users will use our API directly, as most of them will use either our or third-party client libraries. Our team’s ambition is to create client-side libraries that are easy-to-use and leverage Digitex’s engine capabilities. Those are the functions that we are taking into account:

– ease to prototype and backtest strategies using Jupyter notebooks in Python;

– same function and method calls for REST and Websockets connections, allowing an easy switch between them;

– multiple client-side libraries, starting with Python but later extending to Go, C# and JS.

We have also been discussing some crazy ideas, such as allowing some traders to put their algos right next to our Engine to reduce network latency. Furthermore, building a dockerized solution with pre-built risk and monitoring modules. 

“What we do in the end will only depend on our users’ feedback,” — added Sergiy.

Algo traders benefit every other user

Besides the coding needed to improve the Digitex trading API, we are working on the user-end description. We want to make sure that anyone can understand each method and message. Our goal is to improve clients’ trading and operations efficiency and profitability.

Digitex exchange aims to become a knowledge-base and infrastructure reference for algorithmic traders. It’s a win-win for every other client as our overall volume and liquidity improve.

Bye! See you next week with Dev update # 4.

July 31, 2021
Digitex

Digitex dev update # 3: Trading API refactoring

Aleksei Veledinskii
Digitex dev update # 3: Trading API refactoring 15

Robots are replacing humans in many areas of our lives because they are better at solving certain types of problems. First of all, our reaction speed and the amount of data a trader can process when making investment decisions are finite. 

We inevitably find ourselves trapped, bounded by our natural limits. However, the solution that API provides is simple: delegating trading execution tasks to a robot.

Trading API — Application Programming Interface — is one of the critical components of a trading platform. This interface allows different applications to interact with each other.

Trading bots: be quick – or be dead

When trading in several markets simultaneously, one needs to react very quickly, promptly deciding whether to close losses and profits. Therefore, it is possible to program a bot and focus on solving strategic tasks that require analysis instead. 

Scalping, for example, allows one to profit from speculation using minimal price changes. Scalpers used to open and close trades within minutes; today, it happens within seconds.

High-frequency trading relies on algorithms and is currently responsible for nearly half of all transactions in U.S. markets. Competing with a machine on logical processing power is almost pointless for a human. 

Algorithms cannot decide on their own whether to invest in Bitcoin or Tesla stock, but based on a previously set logic, they can choose the optimal solution instantaneously.

To boost the trading efficiency on our platform, the Digitex team set a goal to make a state-of-the-art trading API. 

Below you will find what we have faced so far and what our plans are.

Our API already stands out from the competition

Firstly, Digitex already has a working Websocket trading API based on the Google Protobuf protocol. So every time you interact with the exchange through a web browser, you are using Protobuf – even though you may not be aware. 

If you open your browser console and place an order, here is what happens:

Digitex dev update # 3: Trading API refactoring 16

CHANGE_LEVERAGE_ALL is an instruction for our Engine to change your leverage on Futures Markets. The Engine will send back a response – for example, confirming that Leverage has been altered or giving the reason why it can’t be changed.

Google Protobuf is a highly effective communication tool since it converts a message to bytecode, the native ‘language’ of computer systems.

Through some more complex tools, including Websocket, our trading API can support up to 1,000 requests per client. However, that would be technically impossible for most exchanges, in part because of their heavyweight JSON objects.

Reading this, one might be thinking: “Cool! How come I never heard about it?” – which is, actually, one of our biggest problems. But, unfortunately, most users do not care for the topic, as only experienced high-frequency traders comprehend it. 

We will have documented Trading API

Previous coders at Digitex failed to fully describe the Trading API, messages and methods, besides the resulting interaction. 

Fortunately, we have Elena Iakovleva, front-end developer, and Pavel Yushchenko, CTO – who excel at such technology. Together with our new system analyst Nataly Klimochkina, they are creating the existing Websocket API documentation. 

To sum up, Google Protobuf is an excellent solution, and after getting familiarized, you’ll love it.

Not a Websocket API fan? Don’t worry!

We know that not every client wishes to learn Websocket API technology. Therefore, we decided to develop a REST API trading solution based on the best market practices. 

REST API is the standard communication method between clients and servers. Although slower, it’s enough for those who are not focusing on high-frequency trading.

Last year the previous team created a proxy server between our Websocket and the client to provide traders with REST API, but this creates delays and causes data and orders to be laggy. Our REST API solution will be fully integrated, therefore not facing such issues.

With Google Protobuf, why the need for a REST API?

The answer lies in the future projects at Digitex exchange: native mobile apps for iOS and Android. The back-end of those solutions will require Rest API for data consulting and Websocket API for trading.

To ensure that every new function at Digitex is fully compliant with mobile versions, we now have a dedicated backend developer working side-by-side with our mobile team.

Dedicated team: the key to our success  

As you can see, we consider the trading API a top priority. Fulfilling it will bring Digitex exchange one step closer to success, attracting traders with diverse expertise: from those relying on complex trading algorithms to those who seek a well-designed and simple interface.

We allocated significant resources from our backend development team to achieve this goal, besides creating a task force dedicated to the trading API headed by Sergiy Pavlyuk. Sergiy is an experienced python developer with an algorithmic trading background, having previously worked in the financial industry.

We are now ready to test our public REST endpoints and currently working on trading endpoints. The main difficulty is to “seamlessly join” REST API with our matching engine in the backend. 

We will provide improved and faster solutions

“Obviously, we will lose some speed compared to Protocol Buffers, but subjectively, I feel we will still be faster in matching orders than our competitors. For the record, I believe trading via REST API will soon become redundant among algorithmic traders at Digitex that use their own algos. Yet, REST is unlikely to die at Digitext since most third-party software uses it for trading. It is also easier to start trading with REST for new traders,” — told Sergiy.

Only a handful of users will use our API directly, as most of them will use either our or third-party client libraries. Our team’s ambition is to create client-side libraries that are easy-to-use and leverage Digitex’s engine capabilities. Those are the functions that we are taking into account:

– ease to prototype and backtest strategies using Jupyter notebooks in Python;

– same function and method calls for REST and Websockets connections, allowing an easy switch between them;

– multiple client-side libraries, starting with Python but later extending to Go, C# and JS.

We have also been discussing some crazy ideas, such as allowing some traders to put their algos right next to our Engine to reduce network latency. Furthermore, building a dockerized solution with pre-built risk and monitoring modules. 

“What we do in the end will only depend on our users’ feedback,” — added Sergiy.

Algo traders benefit every other user

Besides the coding needed to improve the Digitex trading API, we are working on the user-end description. We want to make sure that anyone can understand each method and message. Our goal is to improve clients’ trading and operations efficiency and profitability.

Digitex exchange aims to become a knowledge-base and infrastructure reference for algorithmic traders. It’s a win-win for every other client as our overall volume and liquidity improve.

Bye! See you next week with Dev update # 4.

Latest News

Digitex dev update #0: Custodian app code refactoring and TRON blockchain 17

Digitex dev update #0: Custodian app code refactoring and TRON blockchain

Digitex
• Aleksei Veledinskii
July 9, 2021

As you may have noticed, we’ve recently changed the way features are being deployed. Since March 2021, our team located in Kyiv (Kiev) has worked hard to deliver previously promised features. 

Some of these features, such as the DUSD stablecoin, were canceled. Meanwhile, we included some new, really cool, and helpful features.

Some examples? New UX design, spot market trading, improved KYC process, Blockfunder IEO token launch platform, and Blockfarm staking platform. 

It may seem that our work paused last month, as no UI features were released, but we are here to show how much activity has been going on.

We decided to publish weekly dev updates to show what’s in progress and achieved, and more importantly, keeping in touch with our community. 

We’re focusing on Custodian app improvement

Custodian service are one of the most critical applications of the Digitex.io exchange. Those functions connect with the different blockchains and are responsible for cryptos’ deposits and withdrawals. We previously planned a code refactoring for 4Q21, but one case forced us to start with it as soon as possible: USD Tether (USDT) deposits.

In May 2021, our support agents received several requests for USDT transfers in and out of the exchange. At that time, Digitex.io didn’t support USDT, as only USD Coin (USDC) was available. Therefore, we decided to add USDT ERC-20, giving users the ability to make deposits and withdrawals. We immediately started working on it.

Our initial plan was very comprehensive:

  1. Full code review;
  2. Code refactoring, making it more readable, flexible, and scalable.
  3. Adding USDT ERC-20 support;
  4. Adding support for other Ethereum-compatible blockchains: Binance Smart Chain, Ethereum Classic, and TRON.

All this might seem too much work to add a single token, but it can get tricky when you need to improve based on legacy code from the previous team.

Keep in mind that the legacy code was primarily made for Ethereum blockchain — hence, trying to modify functions would likely create conflicts and unexpected bugs. So, ultimately, we decided to rebuild the entire application architecture.

Code review: the initial step

The codebase we inherited from the previous team wasn’t in the best condition,” — said Nikita Vysotskyi, Digitex.io developer. They faced the following problems:

  1. Plenty of duplicate code;
  2. Barely readable and large functions;
  3. Incomplete structure of the app models.

The structure of the models (database tables) which would allow working with multiple networks had not been completed. Some models were inherited, while others simply copied with repeating fields“, — Nikita said.

As mentioned by our Digitex.io developer, adding USDT ERC-20 could be done without refactoring, but the TRON network, for example, has a slightly different interface. Moreover, TRON does not provide workable Python libraries for its HTTP API, requiring a separate client.

To avoid aggravating issues with the code duplication, unnecessary large functions, and allowing the project TRON network inclusion, we decided to carry out a complete refactoring of the Custodian application.

Code refactoring: the second step

Our desired Custodian app included the ability to expand our spot markets listings and add featured blockchains. Therefore, the following steps were scripted:

  1. Remove, where possible and appropriate, duplicated code, while adjusting and improving its overall structure;
  2. Move the components’ general logic into abstract base classes;
  3. Transfer from abstract network interaction logic to concrete classes;
  4. Rebuild the structure of the models containing abstract models with common fields and behavior, which required migrating data to new tables;
  5. Update the testing system and make sure that the new code covers all proposed requirements.

As Nikita explained, “Thus, we get a code that is easier to improve on, add support for other networks, including previously incompatible ones, while at the same time it is easier to maintain, read, and test.

Refactoring old code of the exchange’s mission-critical subsystems that had no significant changes for more than 2 years is very difficult to execute. It takes very precise planning and testing of each development step: from planning architecture changes to the new codebase, smooth deployment, and migrations“, commented Pavel Yuschenko, Digitex.io CTO.

As we learned from our team, the building process was a tiresome but pleasant experience, and the overall happiness of its members was paramount: it’s the team members who create our products, our value. In addition, Nikita, as a developer, likes to dig into new things, and we are always trying to create such opportunities for them.” – Pavel.

I enjoyed diving into it because I had to dig through a bunch of new information, uncovered a new approach (decentralized networks, blocks, etc.), and got to work with a new codebase. The blockchain itself is a rather interesting technology: I especially liked the idea of ​​implementing smart contracts (e.g., executing the Solidity code remotely within the Network).” – Nikita Vysotskyi.

He then added: “I will continue to monitor the development of blockchain technology, as I noticed that the community is growing and there is plenty of activity and interest around it.”

What are the benefits of code refactoring?

Now you can see the benefits from our Custodian app codebase refactoring: adding new Blockchains (according to our future plans, shhhh!) and new listings to the exchange. So, what other benefits might there be?

Within the first iteration of the code refactoring, we added USDT ERC-20 to the exchange. Some underlying changes, although invisible for most users, allows us to:

  1. Reduce costs for deploying users’ wallets to the blockchain;
  2. Lower fees for transferring funds in and out of the exchange’s hot wallet.

Also, there are a bunch of upcoming infrastructure benefits. For example, after we fully deploy the new Custodian app to production, adding new markets with users’ most popular coins, even those based on different blockchains, will be more accessible, secure, and fast. 

In a nutshell, those are the real winners from the updates: our traders at Digitex.io.

Bye! See you next Friday with Dev update #1.

July 9, 2021
Digitex

Digitex dev update #0: Custodian app code refactoring and TRON blockchain

Aleksei Veledinskii
Digitex dev update #0: Custodian app code refactoring and TRON blockchain 18

As you may have noticed, we’ve recently changed the way features are being deployed. Since March 2021, our team located in Kyiv (Kiev) has worked hard to deliver previously promised features. 

Some of these features, such as the DUSD stablecoin, were canceled. Meanwhile, we included some new, really cool, and helpful features.

Some examples? New UX design, spot market trading, improved KYC process, Blockfunder IEO token launch platform, and Blockfarm staking platform. 

It may seem that our work paused last month, as no UI features were released, but we are here to show how much activity has been going on.

We decided to publish weekly dev updates to show what’s in progress and achieved, and more importantly, keeping in touch with our community. 

We’re focusing on Custodian app improvement

Custodian service are one of the most critical applications of the Digitex.io exchange. Those functions connect with the different blockchains and are responsible for cryptos’ deposits and withdrawals. We previously planned a code refactoring for 4Q21, but one case forced us to start with it as soon as possible: USD Tether (USDT) deposits.

In May 2021, our support agents received several requests for USDT transfers in and out of the exchange. At that time, Digitex.io didn’t support USDT, as only USD Coin (USDC) was available. Therefore, we decided to add USDT ERC-20, giving users the ability to make deposits and withdrawals. We immediately started working on it.

Our initial plan was very comprehensive:

  1. Full code review;
  2. Code refactoring, making it more readable, flexible, and scalable.
  3. Adding USDT ERC-20 support;
  4. Adding support for other Ethereum-compatible blockchains: Binance Smart Chain, Ethereum Classic, and TRON.

All this might seem too much work to add a single token, but it can get tricky when you need to improve based on legacy code from the previous team.

Keep in mind that the legacy code was primarily made for Ethereum blockchain — hence, trying to modify functions would likely create conflicts and unexpected bugs. So, ultimately, we decided to rebuild the entire application architecture.

Code review: the initial step

The codebase we inherited from the previous team wasn’t in the best condition,” — said Nikita Vysotskyi, Digitex.io developer. They faced the following problems:

  1. Plenty of duplicate code;
  2. Barely readable and large functions;
  3. Incomplete structure of the app models.

The structure of the models (database tables) which would allow working with multiple networks had not been completed. Some models were inherited, while others simply copied with repeating fields“, — Nikita said.

As mentioned by our Digitex.io developer, adding USDT ERC-20 could be done without refactoring, but the TRON network, for example, has a slightly different interface. Moreover, TRON does not provide workable Python libraries for its HTTP API, requiring a separate client.

To avoid aggravating issues with the code duplication, unnecessary large functions, and allowing the project TRON network inclusion, we decided to carry out a complete refactoring of the Custodian application.

Code refactoring: the second step

Our desired Custodian app included the ability to expand our spot markets listings and add featured blockchains. Therefore, the following steps were scripted:

  1. Remove, where possible and appropriate, duplicated code, while adjusting and improving its overall structure;
  2. Move the components’ general logic into abstract base classes;
  3. Transfer from abstract network interaction logic to concrete classes;
  4. Rebuild the structure of the models containing abstract models with common fields and behavior, which required migrating data to new tables;
  5. Update the testing system and make sure that the new code covers all proposed requirements.

As Nikita explained, “Thus, we get a code that is easier to improve on, add support for other networks, including previously incompatible ones, while at the same time it is easier to maintain, read, and test.

Refactoring old code of the exchange’s mission-critical subsystems that had no significant changes for more than 2 years is very difficult to execute. It takes very precise planning and testing of each development step: from planning architecture changes to the new codebase, smooth deployment, and migrations“, commented Pavel Yuschenko, Digitex.io CTO.

As we learned from our team, the building process was a tiresome but pleasant experience, and the overall happiness of its members was paramount: it’s the team members who create our products, our value. In addition, Nikita, as a developer, likes to dig into new things, and we are always trying to create such opportunities for them.” – Pavel.

I enjoyed diving into it because I had to dig through a bunch of new information, uncovered a new approach (decentralized networks, blocks, etc.), and got to work with a new codebase. The blockchain itself is a rather interesting technology: I especially liked the idea of ​​implementing smart contracts (e.g., executing the Solidity code remotely within the Network).” – Nikita Vysotskyi.

He then added: “I will continue to monitor the development of blockchain technology, as I noticed that the community is growing and there is plenty of activity and interest around it.”

What are the benefits of code refactoring?

Now you can see the benefits from our Custodian app codebase refactoring: adding new Blockchains (according to our future plans, shhhh!) and new listings to the exchange. So, what other benefits might there be?

Within the first iteration of the code refactoring, we added USDT ERC-20 to the exchange. Some underlying changes, although invisible for most users, allows us to:

  1. Reduce costs for deploying users’ wallets to the blockchain;
  2. Lower fees for transferring funds in and out of the exchange’s hot wallet.

Also, there are a bunch of upcoming infrastructure benefits. For example, after we fully deploy the new Custodian app to production, adding new markets with users’ most popular coins, even those based on different blockchains, will be more accessible, secure, and fast. 

In a nutshell, those are the real winners from the updates: our traders at Digitex.io.

Bye! See you next Friday with Dev update #1.

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