Introduction

The main goal of the testnet is to familiarize users with the functionality and capabilities of the trading platform, as well as to test its performance and security before the full launch on the mainnet.

We invite you to join Season 3, the final phase of the project’s early stage, and unlock exclusive bonu$es and privileges to maximize your profit within the EVEDEX ecosystem.

Testnet Phases

✨Phase 3.1 Alpha

Duration: 30 days in the basic version of the exchange.

Access Conditions

Access to Phase 3.1 Alpha is granted exclusively to holders of a special pass — at least one Badge on the Arbitrum network or a game Badge on the TON network.

Additionally, each participant can use their referral link to invite friends. Upon registration, they will also be able to mint a Partner Badge, which will provide full access to testing.

Thus, access to the testnet is available in two ways:

• By holding at least one ecosystem Badge.

• By using a referral link from a friend, who will receive a Partner Badge.

Addition: If you plan to use a game Badge that’s on the TON network to access the testnet, please authorize on the website earlybird.evedex.com in advance and sync it with your Telegram account for the Badge to display correctly. Instructions are available here.

IMPORTANT! Users that you invite during the testnet will be permanently linked to you in the Partner System, giving you lifetime rewards for their actions on the platform, starting from the testing stage. This means that the task completion statistics of your referrals will carry over to the mainnet, allowing you to earn additional commission bonuses.

Therefore, invite reliable individuals, familiarize them with the product, and offer support to help them trade successfully on our exchange over the long term.

Mechanics and Rewards

In the first phase, we will gradually integrate key functions and mechanisms to showcase the capabilities of our exchange. Weekly updates will let you observe the project's dynamics and independently test each new feature.

For successfully completing tasks during this stage, users will be able to mint a series of final early-stage Badges:

1. EarlyTrader Badge – Achieve 10 closed orders with a trading volume of at least 200 test USDT. This Badge has tiers based on the speed of task completion. The faster you complete the task, the more unique your reward will be:

• Tier 0 – First 10,000 participants.

• Tier 1 – Next 50,000 participants.

• Tier 2 – Unlimited.

2. Influencer Badge – Awarded for inviting 3 new users to the testnet. They are required to actively participate and mint the EarlyTrader Badge of any tier.

3. Reviewer Badge – Awarded for completing an internal Google form with your comments and impressions about the testnet. This task will only become available after minting the EarlyTrader Badge of any rarity.

4. Partner Badge – Awarded for joining through a friend's referral link (this Badge was available in seasons 1 and 2. Therefore, if you already have it from previous seasons, you will not be able to mint it again).

5. Community Badge – Awarded for inviting friends through your referral link (this Badge was available in seasons 1 and 2. Therefore, if you already have it from previous seasons, you will not be able to mint it again).

✨Phase 3.2 Beta

Duration: Until the full launch on the mainnet.

The test campaign of the exchange terminal will feature the full implementation of gamification elements. Access to Phase 3.2 will be open to users who participated in the previous testing phase, as well as to those invited through the exchange’s referral system. Please note that from this point on, each user will have a limited number of invitations which they can send to other participants.

In Phase 3.2 Beta, users will be able to experience gamification features, complete special achievements, and earn experience to enhance their personal accounts on the mainnet platform.

We will announce new features on our social media channels regularly. This phase will also provide the team with an opportunity to test the platform, ensuring that we are fully confident in its quality by the time the exchange launches.

Tasks are categorized into four main sections based on your area of activity:

• General Tasks.

• Trading Tasks.

• Affiliate Tasks.

• Learning.

Please note: Achievements earned in the testnet cannot be transferred to the mainnet; they will need to be completed again. However, users participating in our testnet activities will receive a bonus in the form of character experience equivalent to the number and quality of Badges previously earned.

From this point on, the ability to mint regular Badges during Early Bird Activities is closed. However, to gain access to the mainnet, you will need to obtain the final and most unique Badge, Early Horizon Pass. This reward is based on the timing of its acquisition: those who mint it earlier will be the first to join the mainnet and will have the opportunity to complete the most “valuable” tasks.

All tasks are conducted on the testnet, so you will not need to use personal funds to cover transaction costs. However, to mint Badges for Season 3, you will need ETH on the Arbitrum network.

✨Phase 4 Pre-Mainnet

Duration: Q1 2025.

The final stage involves verifying the functional efficiency of the product, with a gradual transfer of the first users to the mainnet. Access to the Pre-mainnet will be granted based on the queue for obtaining the Early Horizon Pass. The number of users with simultaneous access to the exchange will continuously increase.

At the end of the fourth phase, final data will be collected from each user. The accumulated Badges will be converted into experience points on the mainnet, giving you an advantage over other users at the product launch.

P.S. We didn’t tell you this…

Navigation and Support

We will soon release a series of materials to help you fully understand our solution and the broader world of DeFi. To stay updated, follow our official social media channels. Our moderators are available 24/7 to provide assistance with any inquiries or simply to have a friendly chat. Good luck!

Website | Twitter | Chat | Discord | YouTube | LinkedIn | GitBook | Instagram

This article aims to explain and justify the journey we undertook to choose the blockchain solution that forms the foundation of the EVEDEX ecosystem.

Step 1. Preface

The main goal of EVEDEX is to provide users with the same broad range of features as centralized exchanges (such as Binance, Bybit, OKX, and others) but without the need for KYC procedures, while offering more transparent trading rules.

To achieve this, we have developed a hybrid decentralized exchange that leverages the best aspects of both CEX and DEX approaches, delivering maximum speed and security to users. Let’s highlight the key criteria which our research was based on:

• Security: The exchange should not use "hot" or "cold" wallets and should not have direct access to users' funds. In the event of a hack or if the exchange ceases operations, users must be able to recover their funds. All contracts should be public and audited.

• Trading Speed: Order matching should take no more than 100 milliseconds, and settlements should occur within 2 seconds.

• Competitive Fees: Since the fixed costs of the exchange are reflected in the fees charged to users, minimizing the exchange’s costs allows us to lower user fees.

• Decentralization: In today’s world, decentralization adds an extra layer of security and promotes resilience without significantly increasing maintenance costs.

Step 2. Market Analysis

In analyzing the market and considering the insights of key experts, we concluded that our future network must be EVM-compatible for the rapid development of our product. We will use Solidity as the contract language, as it is the most widely adopted for smart contracts. While other languages like Rust (used in Solana and Near) or Move can also achieve decentralization, their ecosystems are significantly weaker compared to EVM networks, and development on them is more expensive. Therefore, we are not considering these languages or specialized networks like Cosmos, Polkadot, or Solana.

This article is not about yet another "Ethereum killer". Instead, practicality, limited resources, and our timelines exclude the possibility of competing at the level of trading fees, as the development and maintenance costs require profitability.

A Bit About Ethereum

There’s no need to go too deep into the advantages of Ethereum; suffice it to say that it is one of the most secure and decentralized blockchain platforms, with high liquidity and strong user trust. The main drawback is its limited throughput, which leads to peak loads and high transaction fees. Although scaling solutions have been in development for years, these issues remain unresolved on the main network. Ethereum continues to be one of the slowest and most expensive EVM networks.

What is Scaling?

Scaling refers to methods designed to increase a network's throughput by enhancing its protocol. One of the earliest and most popular solutions was sharding—dividing the blockchain into separate parts (shards) that process transactions in parallel, increasing the network's capacity. Each shard requires its own validators, and individual nodes do not need to process all transactions, reducing load and allowing the network to handle more transactions over time.

Initially, sharding was expected to be implemented in Ethereum before its transition to Proof-of-Stake. However, development took much longer than anticipated, and the primary method of scaling has since shifted to L2/L3 solutions, which we’ll discuss below.

In his article «What Kind of Layer 3s Make Sense?», Vitalik Buterin wrote:

«One topic that often re-emerges in layer-2 scaling discussions is the concept of "layer 3s". If we can build a layer 2 protocol that anchors into layer 1 for security and adds scalability on top, then surely we can scale even more by building a layer 3 protocol that anchors into layer 2 for security and adds even more scalability on top of that?»

This led us to the idea of creating the most efficient solution for our exchange.

To fully understand the situation, let’s look at the primary scaling technologies for Ethereum:

What is Rollup?

A Rollup is a network that operates in parallel with Ethereum but records transactions on the main network. Transaction validity is verified on the Ethereum network. There are two types of Rollups based on the method of transaction verification: Optimistic Rollups and ZK-Rollups.

Optimistic Rollups

Optimistic Rollups form batches of their transactions and record them on the mainnet in a compressed format, which makes the recording cheaper. Because transactions are not directly executed on the Ethereum network, and due to savings in the recording format, it is possible to significantly reduce gas fees and make transaction recording cheaper. In Optimistic Rollups, the recorded data on transactions is considered valid, but there is a specific period during which the recorded data can be challenged. There is a potential risk that if an invalid transaction is not contested by anyone within the allocated time, it will be recorded on the mainnet as valid.

ZK-Rollups

ZK-Rollups are also networks that operate in parallel with Ethereum, but they use a different method for verifying the validity of recorded data. They also form batches of transactions, but instead of recording all transaction details on the mainnet, they submit a summary of these batches along with a cryptographic proof of the transaction's validity.

ZK-Rollups are arguably one of the most promising scaling solutions for Ethereum at the moment because, unlike Optimistic Rollups, the recorded transaction data is cryptographically verified at the time of recording. This means there is no need to wait for the end of a challenge period to ensure that the transaction will not be reversed.

However, the mathematical complexity of ZK proofs imposes certain limitations: verifying general-purpose EVM computations is a very challenging task, and active development is currently underway to address these challenges.

State channels

State channels are a technology that allows a group of participants to exchange multiple transactions among themselves while only recording two transactions on the main network: the initial and the final transaction. Here’s how it works:

In the Ethereum network, a multisig smart contract is deployed. This contract verifies that the transactions are signed by the necessary participants involved in the interaction. Participants in the state channel deposit funds into this multisig contract and then engage in off-chain interactions with one another.

At the end of their interactions, the participants sign the final outcome of their engagement. Finally, the smart contract distributes the funds according to the recorded result. This approach significantly reduces the number of transactions that need to be recorded on the Ethereum mainnet, lowering fees and increasing transaction speed while still ensuring security through the use of a multisig contract.

Plasma

Plasma chain is a middle ground between rollups, where complete transaction verification occurs on Layer 1, and sidechains, which do not require such verification. The idea behind the Plasma chain is that not all transactions need to be verified by every node on the Ethereum network. Plasma chains periodically record the result of their operations along with a cryptographic proof of the current state of the network.

The actual data of this state is not recorded; instead, the proof is of a small size. As a result, the validity of the transactions themselves is not checked, but if a commitment has already been recorded on Ethereum, the Plasma chain cannot retroactively alter the transaction history. This approach helps in reducing the load on the Ethereum network while still providing a level of security through periodic commitments.

Validium / Optimium

In terms of architecture, Validium is similar to ZK-Rollup solutions, with the key difference being that transaction verification data is stored off-chain. This allows for greater throughput and lower fees, but at a trade-off.

Validium solutions are less secure than ZK solutions because the operator of a Validium can potentially freeze funds without data on the Layer 1 network. While this architecture offers advantages in scalability and cost, it introduces additional risks regarding the control and access to user funds.

Sidechains

A Sidechain is a separate blockchain that operates independently of Ethereum but is connected to it through a two-way bridge. Unlike Rollup solutions, transaction verification is not conducted on the Layer 1 network for Sidechains.

As a result, the security of a sidechain is solely dependent on the implementation of that sidechain itself. However, this independence from the Layer 1 network provides greater flexibility in terms of architectural implementation and allows for more tailored solutions that can address specific use cases or requirements.

Optimal Technology

There have been many attempts to scale the Ethereum network, some more successful than others. Scaling Layer 1 itself would be the safest and most user-friendly option, but it has proven to involve significant technical challenges.

Therefore, at present, the preferred scaling vector is through L2/L3 solutions. Rollup solutions, in particular, provide the highest level of security among alternative options. Both Optimistic Rollups and ZK-Rollups have proven themselves as the most popular solutions, offering a high degree of security and relatively low integration costs compared to other methods.

Considering the recent Ethereum update (DenCun), which significantly reduced the cost of recording data for verification at Layer 1, Rollup-based solutions stand out over alternatives like Plasma and Validium, providing greater security with minimal additional costs.

For users, decentralization in Rollups ensures that they can withdraw their funds even in the event of a crash or other critical issues. User funds are locked on the main network, allowing withdrawal from the Rollup to the main network regardless of the Rollup's status.

However, one key drawback is that users are introduced to an additional network that may not be supported by all wallets, complicating deposits and withdrawals via a bridge. The process locks tokens in the main network and issues a “wrapped” token in the Rollup, which can complicate the user experience and create barriers to accessing funds.

With that said, there are undeniable advantages:

• Infrastructure Management: Parameters of the network can be flexibly configured and optimized to meet the current needs of the product.

• Transaction Speed: They accelerate the confirmation of operations, which is critically important for trading.

• Reduced Fees: They lower the cost of transactions, affecting the operational expenses of the exchange and making the platform more efficient.

• Scalability: They increase the network’s throughput, supporting a higher volume of trading operations.

• Enhanced User Experience: They provide a more predictable and controlled experience for users interacting with the solution.

Step 3. Network and Technology Selection

Initially, we considered existing blockchains like Arbitrum One and Optimism (both Optimistic Rollups) for deploying our exchange infrastructure. These networks offer high popularity, liquidity, and extensive third-party bridge support for cross-chain operations. However, we identified significant downsides.

First, sooner or later, we would face the issue of scaling to other networks. Many popular projects, from Aave to Uniswap, have gone through this process after initially launching on just one network. This necessitates maintaining multiple parallel infrastructures, dilutes liquidity, and significantly increases the operational costs of the exchange.

Second, there is a challenge with protocol governance through a governance system. Distributing governance tokens across different networks can lead to vote manipulation, which undermines the very idea of decentralization.

Third, the settlement cost of orders on the exchange is considerably higher. Our estimates suggest that the settlement cost on the Optimism network would be around $0.03, whereas in our own Rollup, it would be 10 to 100 times lower. Moreover, in the case of our own L2/L3 network, infrastructure costs increase non-linearly, and the cost per transaction decreases with the number of transactions, thereby enhancing the competitiveness of the exchange.

After considering these factors, we began exploring the development of our own L2/L3 solution, and we reached out to partners from Hashex and Gelato.

Javier Donso, Head of Developer Relations at Gelato, shared:

«For projects like EVEDEX it makes total sense to have their own chain. The ability to customize block times, block gas limit, or base fee, among other parameters, gives their project an edge against the competition as they can build a more optimized chain for their needs.

We have seen protocols doing a two-step approach, yet EVEDEX has, from day one, a clear vision and roadmap that makes having their own chain the best choice!»

Before we dive deeper into the analysis, let's take a look at some competitors that are already utilizing similar solutions:

• Aevo: They use their own L2 solution based on Optimism (OP Stack Rollup), which allows them to maintain high transaction speeds and low fees while ensuring security at the level of the main Ethereum blockchain.

• dYdX: Initially used an L2 solution based on StarkWare (ZK-Rollup) but later announced a transition to their own L1 network based on Cosmos.

• GMX: Focused on derivatives, GMX offers the ability to trade perpetual futures with leverage. The platform initially launched on the Avalanche network but later moved to the L2 solution Arbitrum.

• Kwenta: Operating on the Optimism network, Kwenta focuses on trading perpetual futures.

• Perpetual Protocol: This platform supports perpetual futures and operates on Optimism, although it was initially launched on the xDAI network (now Gnosis Chain).

Technology Selection

To begin, we need to understand the key terms related to Rollup components:

Sequencer: Responsible for ordering transactions on L2 and grouping them into blocks. It functions similarly to miners or validators in L1 blockchains. The sequencer collects transactions from users, combines them into batches, and sends them to L1 for recording, ensuring the order and integrity of the data.

Proposer: This entity or node proposes new blocks of transactions to be included in the transaction chain. It may be part of a consensus mechanism that selects one of many proposers to add a new block. Proposers play an important role in creating and proposing valid blocks.

Batcher: A batcher (sometimes called an aggregator) is a component that combines multiple transactions into a single package or batch. This reduces the load on the main blockchain and lowers gas fees. The batcher then sends this batch to the main network for final recording. Thus, the batcher helps to minimize the number of interactions with the main network and reduce costs.

State Validation: State validation involves checking the correctness of the blockchain state in the Rollup. This is a key process that ensures trust in the data. Different solutions use various approaches to state validation. Some (such as Optimistic Rollups) assume the correctness of transactions until proven otherwise, while others (like ZK-Rollups) use zero-knowledge proofs to verify the state.

Settlement Layer: Responsible for the final confirmation and recording of transactions on the main network. This layer is where financial settlements and consensus occur. The settlement layer serves as the foundation for ensuring that the data in the Rollup matches that of the main network.

Data Layer: The data layer manages the storage and access to the data needed to restore the Rollup's state in case of disputes or the need for recalculation. Various solutions may store data on-chain or use external off-chain solutions to minimize costs and ensure reliable storage.

Now we need to understand the basic load parameters we are planning for:

• Planned throughput (number of settlements per day): 100,000.

• Gas required for one settlement: 400,000.

• Gas per second for the required number of settlements: 463,000 gas/s.

• Settlement mining speed: up to 2 seconds.

• Peak load: 1,000 settlements per second.

Rollup Technology

We have gathered an analysis of current market solutions and presented the results in a comparative table:

Data availability providers for rollups

It is important to note that in DA providers, data is not stored indefinitely. It is essential to store transaction data additionally. The infrastructure provider typically runs additional archive nodes from which the transaction history can be extracted if necessary.

*Data source for costs - NEAR. Vendors were unable to provide reliable information on costs as per our request.

Arbitrum Nitro Stack

Arbitrum Nitro combines all existing approaches of Arbitrum in building L2/L3 networks: Arbitrum Rollup, Arbitrum Orbit, and Arbitrum AnyTrust. Arbitrum Orbit can operate in two modes: Rollup and AnyTrust. The main difference lies in how transaction data is stored. The Rollup mode is the most decentralized, with transaction data recorded on L1. Storing data on L1 represents the primary costs in this mode.

In AnyTrust mode, the Data Availability Committee (DAC) is responsible for data storage. Data is stored off-chain, which significantly reduces storage costs. DAC participants run servers that store transaction data. For the network's security, at least two DAC participants must be honest. The sequencer distributes transaction data to all committee members.

Arbitrum Nova has a DAC committee consisting of 6 members.

Advantages of Arbitrum Orbit

• Higher block mining speed, which is important for exchanges.

• Greater throughput.

• The ability to launch L3 solutions, significantly reducing network fees.

• The possibility of writing optimized contracts in Rust, which will run in parallel with the main ones in Solidity.

• The protocol supports permissioned access: only the smart contracts of the required application can be deployed.

• In the event of sequencer/proposer failure, users have the option to withdraw their funds to L1.

Disadvantages of Arbitrum Orbit

• When launched in AnyTrust mode, the security of the network depends on the honesty of the members of the DAC committee, leading to high centralization.

• Unlike OP Stack, there are no permissionless fraud proofs. Fraud proofs are conducted by whitelisted validators. In Arbitrum Nova, there are 13 validators on the whitelist.

• Unlike ZK solutions, there is a risk that none of the validators will check the state, and invalid data may be recorded on L1.

• Complex implementation of the prover due to support for Solidity and programming languages that compile to WASM (Rust, C++).

OP Stack

OP Stack is an open-source solution that plays a key role in the infrastructure of Optimism. The goal of OP Stack is to provide the necessary infrastructure for the development of a compatible ecosystem of rollups called Superchain. Superchain aims to ensure interaction and transactions between various Layer 3 networks.

Decentralized Withdrawal

The main technological distinction is the ability to decentralize the deposit/withdrawal of funds between networks based on OP Stack. In mid-2024, the Permissionless Output Proposals (PoPs) mechanism was implemented, allowing any network participant to create a withdrawal request through DisputeGameFactory.

Currently, the mechanism is not fully decentralized, as there is a Security Council that can veto withdrawals. There are plans to revise the rights and restrictions of the Security Council in the future, although there are no clear timelines for these changes.

Advantages of OP Stack

The Superchain ecosystem built on OP Stack offers several advantages:

• Efficiency, simplicity, and scalability: You can launch your own Layer 2 blockchain with just "one click".

• Interoperability: Layer 2 solutions based on OP Stack can easily interact with each other.

• Security: Guaranteed by Ethereum.

The key difference from Arbitrum Orbit is that Superchain focuses on building horizontal Layer 2 blockchains instead of Layer 3. There are already many such networks based on OP Stack, including Optimism, Base, Zora, opBNB, Public Goods Network, DeBank, Aevo, and others.

Disadvantages of OP Stack

Currently, OP Stack is a leader among competitors in terms of the number of integrations and revenue. However, it also has its downsides:

• Long withdrawal times: Users must wait for confirmations on the main blockchain.

• Low privacy.

• Excessive centralization: At present, there is only one sequencer processing transactions.

The Optimism team is actively working to address these issues, and Espresso is already offering its own sequencer for OP Stack blockchains.

Step 4. L2 or L3?

The Rollup technology is fundamentally suitable for building both L2 and L3 networks. The only difference is which network the data is published to. Typically, the main Ethereum network is used for L2, while any L2 network can be chosen as the target for L3. The cost of recording data in an L2 network is significantly lower than in L1, while providing a similar user experience. However, the question of security arises, as an L2 network may cease to function; thus, there must be sufficient liquidity and a level of trust in place to host your Rollup on that network.

Our Choice

For the exchange's requirements, any of the aforementioned stacks could be suitable. ZK solutions appear promising, but they are still under active development and carry significantly higher infrastructure support costs.

Among the two main Optimistic solutions (OP Stack and Arbitrum Orbit), Arbitrum Orbit seems more appropriate for a decentralized exchange due to its focus on significant differences in speed and decentralization, as well as the highest liquidity within the ecosystem, concentrated in a single network — approximately twice that of BASE and OP Mainnet.

In July 2024, Arbitrum Orbit introduced the Fast Withdrawal initiative, which aims to significantly expedite fund withdrawals from the Rollup to 5-15 minutes, contrasting sharply with the 7-day wait required for withdrawals from OP Stack Rollups. Additionally, Arbitrum Orbit actively supports projects built on its infrastructure, while the Superchain initiative resembles a centralized, closed VIP club "for insiders only".

At the same time, it is worth noting that initiatives within OP Stack, such as Interop and Alt-DA, look intriguing. These initiatives will allow funds to be transferred between OP Stack Rollups without the 7-day delay and utilize alternative Data Layers, such as Celestia, which can further reduce transaction costs. However, the OP Stack team has made it clear that only select projects will be able to become part of Superchain (and fully utilize interop), and based on our assessments, Optimism likely aims to limit this number to no more than 5-10 projects across the entire Superchain. It is also important to remember that any network can be disabled at any time since the keys to the Sequencer are transferred to Optimism and are not disclosed to the network owner, which raises doubts about the core concept of decentralization.

After a month of intensive discussions within the team and analyzing various options, we concluded that our own L3 network based on Arbitrum Orbit + AnyTrust is the optimal balance of cost and speed for our exchange. Considering the developed ecosystem, marketing opportunities, and recent updates, Arbitrum Orbit stands out as the most decentralized and reliable option currently available in the market. Additionally, the ability to participate in the Fast Withdrawal initiative is a significant advantage, allowing for automatic fund withdrawals within 5-15 minutes without the need to wait for hours or even days, as is customary with traditional Optimistic Rollups.

Advantages of L3 Network Based on Arbitrum Orbit for Us

«Choosing the right blockchain for a hybrid exchange is a task that requires balancing the trade-offs between blockchain speed, decentralization, and the complexity of development and infrastructure support costs. Considering the outlined requirements, the most optimal solution appears to be based on Arbitrum Orbit in AnyTrust mode, which allows for the deployment of a secure blockchain that meets the specified requirements with minimal trust assumptions»

Gleb Zykov, CTO and co-founder of HashEx.

• Speed: Utilizing Arbitrum Orbit provides us with nearly an 8x increase in settlement speed compared to OP Stack, while maintaining a similar Block Gas Limit.

• Arbitrum Orbit Ecosystem: It is one of the most popular ecosystems, boasting $16 billion in liquidity, strong marketing support, and a professional team.

• Control Over Infrastructure: We can quickly implement changes to the network, adding necessary features and improvements that enhance the user experience.

• Economic Efficiency: The cost of a single settlement is projected to be only 0.0001 to 0.0002 dollars, significantly reducing operational costs and allowing us to maintain low fees for users.

• Token and DAO Issues Resolution: The use of a native token within a single network addresses the problem of vote manipulation and promotes greater decentralization (similar to what is implemented by Arbitrum, Optimism, and others).

• Arbitrum Network Support on All Major Exchanges: The Arbitrum team has already done significant work to become a major player and ensure support for their network on all leading exchanges. Along with fast token deposits/withdrawals, this greatly simplifies the user journey.

Disadvantages of Our L3 Solution

• Building from Scratch: Constructing a network from the ground up requires significant resources and time, even though we are using a ready-made SDK that simplifies the setup process considerably.

• Self-Support: Unlike utilizing existing solutions, we will be fully responsible for maintaining the network's functionality and promptly addressing any issues that arise.

• Higher Risk of L3 Network Downtime Compared to L1: While we believe this scenario is unlikely, it is theoretically possible. In such a case, the Rollup would continue to function but would not publish data to the L3 network.

Step 5. Conclusion

Building our own L3 network on Arbitrum Orbit offers unique growth opportunities for our exchange. This solution reduces operational costs, enhances user experience, and increases opportunities for participating in governance. Although constructing and maintaining our own network requires considerable effort, we are confident that this strategic decision will ensure the long-term success and sustainable development of our exchange.

Absolutely every user of our platform can get unique Badges for reaching personal heights when interacting with the ecosystem: increasing trading volume, completing new education modules or inviting friends to join the members of our fast-growing community. And that's not the end, these are just the first items on our list with users' activities!

Where do we start?

After completing registration, you will receive your own astronaut, which you need to level up to earn valuable rewards. Perform various actions on the exchange, collect achievements and swap them for experience — invest points in the branch that suits you!

Lifehack: Use Badges from previous seasons for a quick start, by exchanging them for experience.

Key Features Details

Value: The value of the reward depends on the type of activity:

• unlock rewards for standard activities within the platform (trading, training, affiliate).

• unlock rewards for involvement and initiatives within the community (AMA sessions, contests, testnet).

Levels: additionally each reward has its own level, which is based on the importance of each participant's contribution (number of referrals, volume of trades, quality of training completed).

Rewards: Secret bonuses and additional benefits for profitable and convenient working conditions on Event Horizon.

Stay tuned for further updates. Why not grab new badges on our website in the meantime?

https://eventhorizon.tech

We want to promote true crypto freedom and bring back the philosophy that gave birth to the crypto world. Because we see that there has been a notable surge in the global desire for financial gain in recent years, exacerbated by widespread inflation. Paradoxically, there's also a growing aversion to complex education and skill development necessary for achieving financial success and independence. Many perceive educational efforts and traditional pathways to success as scams, highlighting a significant disconnect in the current landscape. It’s not what we deserve, as a community.

For far too long, proper asset management and professional trading strategies have been reserved for the elite—those with tens or hundreds of millions, if not billions of dollars. Meanwhile, hardworking individuals have faced scams and rug pulls, widening the wealth gap. For example, about 50% of projects in the Solana ecosystem that conducted a presale between November 2023 and February 2024 turned out to be scams, according to a report by Blockaid.

Traditional asset managers haven’t been interested in small cheques due to high operational costs. Our DEX changes this, we are democratising access to what should have always been a universal right. Whether you're a citizen of an emerging market with a $50 deposit or from a wealthy nation with a $5,000,000 deposit, our platform is open to all. You own your keys, we don’t custody your coins, and we don’t ask intrusive questions.

At the core of our mission is the prioritisation of security, transparency, and user empowerment. We eliminate the need for intermediaries and centralised control, providing traders with unparalleled autonomy over their assets and trades. Our non-custodial architecture ensures users retain full control of their funds at all times, guaranteeing maximum security and trust.

This is true financial freedom in every sense.

Our DEX is designed to tackle three pivotal challenges, each crucial in capturing a substantial market share beyond just traders.

1.The core problem we want to solve is obviously that of the DEX itself.

Unlike centralised platforms like OKX or Binance, where trust in exchanges is necessary for any kind of trading, we aim to restore true freedom within crypto. The current DEX landscape is fragmented, with few viable solutions. Our goal is to introduce a DEX that's not only reliable but also intuitive and user-friendly, ensuring a seamless trading experience for all. Trading has never been this simple and convenient. No dark patterns, no hidden buttons, no confusing information or unfriendly bridges. Just the things you need at any given moment. We design our interfaces based on the most common trading patterns of recent years, drawing inspiration from leading competitors such as dYdX, GMX, AEVO, and Backpack (notably for spot trading), aiming for intuitive interface design and effective landing pages. All of this accumulated experience will be available to users of Event Horizon.

2. The second core problem that we want to solve is the issue of privacy.

Privacy is a fundamental right of everyone. In recent years, privacy systems in crypto exchanges have shifted from being shields for users to becoming tools of restriction or even repression. Users are caught in a bind: they can't trust that their data is secure, nor can they be confident that their assets won't get frozen. Our mission is to ensure robust protection for all, without burdensome demands.

However, outdated or unclear cryptocurrency laws in some countries can prevent users from taking full advantage of trading opportunities. Decentralised exchanges (DEXs) make it easier to access these opportunities and ensure user privacy. Unlike centralised exchanges, DEXs don't use intermediaries, allowing for direct and secure transactions. This decentralised approach not only provides additional privacy but also bypasses the limitations of underdeveloped laws, offering a more flexible trading environment for users everywhere.

Our platform aims to restore global access to crypto trading without boundaries or barriers.

3. The third problem that Event Horizon will solve is the issue of equal financial opportunities for all.

Currently, an average user loses hundreds of dollars on failed trades and memecoins, just to learn the ropes. Most people burn through their deposits and give up.

First of all, via the constantly evolving Event Horizon learning centre, every user will have access to rigorous education on topics such as: pro trading, portfolio building, blockchain, financial planning, risk management, and more. Everyone who wants to improve their skills and grow their income in a sustainable way will be supported and given the means to do so.

Secondly, in the Event Horizon community, everyone can earn regardless of their skill level. If you want to trade by yourself, you can. If not, there's an option to automatically copy trades of professional traders via the Event Horizon PRO copy trading hub. Its worth mentioning that our team has identified many issues in the current crypto copy trading landscape, just to name a few: 1) fake copy trading master accounts with inflated results, 2) unfair or totally wrong order execution, 3) horrible slippage even on most liquid pairs. Our copy trading will actually work. To become our master trader, one will be required to go through rigorous testing and pass the strict Event Horizon trader approval process.

That being said, everyone deserves a chance to make a million in their lifetime. And If you want to educate yourself and become a better trader — we are here to support you!

We also strongly believe in the power of crowd wisdom. We understand that a protocol must be truly decentralised to survive and succeed over the long term, especially in the DeFi world. And we're committed to gradually transferring all governance mechanisms to the community. Our vision is to create a platform where our users' collective intelligence will shape the protocol's future based on the needs of the crypto community.

Product Overview

Decentralised Trading: Trade perpetual contracts directly from your wallet without relying on intermediaries or centralised exchanges.

Competitive Fees: Enjoy lower trading fees that of any major CEX, as well as minimal slippage, thanks to our efficient decentralised liquidity pools.

Flexible Leverage: Trade with leverage according to your risk appetite.

Copy Trading: Copy professional and rigorously vetted traders with just one click. DEMO Trading: Practice trading strategies without risk.

Affiliate System: Earn rewards by referring others to the platform.

Proprietary Trading: Prove your skills and receive capital to manage via copy trading, as well as our proprietary trading system.

Utility Token: Utilise our native token for various platform functions and benefits.

Other features to come: P2P, debit cards, native wallet, earn/lending products, encrypted user chat, launchpad.

Further stages and brief longterm road map overview:

Initial stage with a predicted MVP around December 2024 must include a futures trading terminal, copy trading, and the affiliate platform.

Stage two is planned for Q1-Q2 of 2025, including the addition of our learning centre, the proprietary trading feature, spot and DEMO trading features.

Stage three (timeline currently unknown) will be the time of diversification into other products such as lending, payment solutions, launchpad, encrypted chat function among users. Solving as many real world problems as possible for people around the world, all in one place.

At the core of our mission is to democratise financial access for all. Your identity and location don’t matter, if you're part of the Event Horizon community, you get equal access to all our trading tools. We’re all about decentralisation and inclusivity, ensuring everyone gets the same opportunity.

Every member of Event Horizon, regardless of experience, gets the chance to learn, trade, and thrive. Join us!

As of today, the total daily trading volume of DEXs is $3.32 billion, which is three times more than in January 2024. However, the daily trading volume of just one exchange, Binance, is $58 billion. This indicates that DeFi and DEXs remain a market with significant potential.

More and more traders, both retail and institutional, are becoming more experienced and starting to transition to decentralized tools to safeguard their assets.

Currently, more than 50 million active users in the United States and the United Kingdom cannot fully trade crypto on CEXs due to government and regulatory restrictions. Hundreds of billions of dollars cannot circulate in the market despite the demand.

Why DEXs Have Yet to Surpass CEXs:

Despite the grand idea of making cryptocurrency completely anonymous and accessible to everyone, over the past 5 years, DEXs have been unable to solve several key problems that prevent them from developing and surpassing traditional exchanges.

1. Unfriendly User Interface: CEXs significantly outperform decentralized exchanges in terms of user-friendliness. To start using a DEX, one needs to acquire basic knowledge, learn how to use wallets, bridges, switch networks, and pay high fees. Additionally, the absence of a mobile application that would simultaneously address all user tasks adds to the inconvenience.

2. Absence of Spot and Futures Trading: Most DEXs today only offer coin exchange and do not allow convenient crypto trading like Bybit or Binance.

3. Performance and Scalability Issues: Current popular DEX platforms for trading are extremely inconvenient to use due to lagging interfaces, slow website loading speeds, and low transaction speeds. By the time a transaction is executed, the asset price may change. Currently, this resembles internet speed in the early 2000s.

4. Marketing and Liquidity Issues: Each CEX platform allows influencers to refer users and earn well from the commissions of each user. This is absent in DEX, making it difficult for projects to build effective marketing strategies, which leads to insufficient user numbers to maintain liquidity on all trading pairs.

What DEXs Should Be:

A DEX should combine all of the convenient aspects of traditional exchanges: ease of use across all devices, fast processing speeds, the ability to exchange coins and engage in trading, along with the benefits of DEX: unrestricted access to crypto from any country, anonymity, and security.

Introducing Event Horizon

To address these issues, we present Event Horizon, a true decentralized non-KYC exchange built on its own L2 blockchain.

We aim to become the #1 player in the cryptocurrency market and capture at least 10% of the DEX market.

Event Horizon is a decentralized exchange without KYC, with a user-friendly interface: trade futures from your phone without extra steps or questions, with complete security and comfort.

• No need for KYC: Anonymity and access to the exchange for everyone worldwide.

• Convenient mobile app and web interface for all: Trade without delays, errors, or server crashes.

• Ease of use: Trade without switching networks, gas fees, or endless transaction confirmations. It's as simple as any CEX.

• Hybrid model: Trade directly from a decentralized wallet, TrustWallet, or MetaMask, in a single transaction with off-chain order books, on-chain settlements, MPC, and self-custody.

• Copy trading (under development): Any user can achieve high profitability from trading without skills by simply copying top-traders who have proven stable returns.

We are building the next-generation DEX by:

1. Developing our own Matcher solution for off-chain trading with subsequent on-chain order execution.
   
   This allows us to increase order execution speed, create a familiar interface like on all exchanges, and add flexibility in order management.

2. Developing our own L2 Rollup to reduce infrastructure costs, fees, and increase transaction processing speed.
   
   It allows reducing transaction costs by 10-100 times compared to the Ethereum mainnet (L1).
   
   Block mining time will be from 2 to 5 seconds, significantly faster than in traditional networks.
   
   The platform will support the full benefits and functionality of the EVM, making development easier with pre-audited solutions and a large pool of developers.

3. Implementing Self Custody.

   This means that the exchange does not store clients' funds. Users always remain owners of their assets and fully control their funds.

   This eliminates the risks of hacking and fraud associated with CEXs, where funds can be stolen or lost.

4. Introducing Multi-Party Computation (MPC) technology.

   To enhance security and protect users' funds.

   MPC will allow distributing private keys among multiple participants. This will ensure the security and decentralization of the process of managing and signing transactions.

Market Entry Roadmap:

Q2 2024:

• Launch of the Waiting List

• Launch of the Partner Program

• Launch of the Ambassador Program

• Recruitment of Tier-1 and Tier-2 influencers

• Launch of the first season of activities

• Launch of the Educational Center

• Platform development

Q3 2024:

• Launch of the second season of activities

• Recruitment of 1st and 2nd level influencers

• Platform launch on Testnet

Q4 2024:

• Release and launch of MVP

• Launch of the third season of activities

• Trading system launch

• Launch of the mobile application

Event Horizon will be launched on Testnet in Q3-Q4 2024.

First results:

Today, 7 days after the project announcement, 94,468 users have been attracted and minted over 100,000 achievement badges. Additionally, 250+ KOLs are already supporting the project.

How can I become an Early Adopter?

Complete tasks on our platform → Earn Horizon Badges for it → Exchange Badges for future rewards.

Claim your badge here:

EVEDEX - Hybrid Cryptocurrency Exchange | Day Trading, P2P, Copy Trading & Futures Market

EVEDEX is a Hybrid Cryptocurrency Exchange for buying crypto, day trading, Futures Market, P2P & Copy Trading. Enjoy no KYC, Gamification, and secure self-custody.

https://evedex.com

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