The launch of the much-awaited EOS-powered crypto exchange EOSfinex is slated for late September. In a post, Bitfinex announced that it would unveil the beta version of EOSfinex during the Blockchain Live event in London.
The reveal, scheduled for September 26, brings one of the most significant, highly scalable use cases of EOS to light. Bitfinex will attend the event, which is committed to tackling issues related to blockchain adoption. It will be part of Block.One village, where several other EOS-powered technologies will be showcased. The project was first announced in February and has been under development since then.
Bitfinex Announces the Launch
Bitfinex describes EOSfinex as a “high performance decentralized exchange … built on EOS.IO technology,” which can provide a completely trustless trading experience to users. The EOS blockchain protocol enables the horizontal scaling of the network, which could help to make the peer-to-peer value exchange network faster and more reliable.
In the post, the exchange described the three primary pillars of the EOSfinex platform. The first is decentralization. The exchange aims to facilitate on-chain order books, order book matching and settlement via a peer-to-peer exchange.
The second pillar is trust. Instead of opting for a “trustworthy” exchange, EOSfinex wants to focus on a trustless platform where transparency will rule an auditable network. The network can be monitored or verified by its participants at any time.
The third pillar is performance. On this, Bitfinex writes:
“EOSfinex prioritizes high performance with a comprehensive understanding of the demands of professional traders.”
What to Expect at Launch?
The platform will initially list some prominent cryptocurrency pairs with the US dollar — EOS/USD, BTC/USD and ETH/USD. The exchange contract is designed to trade any kind of token on the platform. Therefore, it could be used to trade a comprehensive list of tokens as the network matures. Bitfinex also notes that adding a new trading pair will be “trivial,” and anyone can do it by using the trusted contract on the platform.
The contract can be used to place market orders, limit orders, immediate-or-cancel orders or post-only orders. The contract can be used further to create a variety of order types. However, this will depend on customer feedback and “what is considered logical on a fully distributed exchange.”