kwietnia 18, 2023
[Chicago, IL, April 17, 2023] Decred (DCR), a sovereignty and privacy maximizing currency, today released the latest version of its decentralized exchange. DCRDEX 0.6 offers direct peer-to-peer cross-chain swaps without any kind of intermediaries, solving key problems around privacy and security. The combination of privacy, resilience, and cross-chain compatibility in the new release is a first.
The most notable new feature of DCRDEX 0.6 is the introduction of Ethereum and USDC. Users now have access to direct layer 1 atomic swaps with no intermediary, utility token, or third-party arbitration. When swapping from an asset like BTC, the funds are locked in a native contract of the user’s creation that is never spendable by a third party, only the swap participants. As with all swaps performed by the software, no auxiliary chain or DEX-managed vault is used to trustlessly execute the swap.
DCRDEX 0.6 offers direct P2P swaps between ETH and other L1 chains like BTC and DCR, without any centralized pools or wallets. The solution requires no trusted parties or complex escrow systems, just a matching order. The user maintains full custody of their funds for the entire duration of the swap.
DCRDEX 0.6 also features native wallets for Litecoin and Bitcoin Cash. As with the Bitcoin and Decred wallets, these wallets are all built on the privacy-preserving light wallet technology introduced by BIP157/158 and transact directly on P2P networks, providing a high level of privacy and security while keeping system requirements and sync times reasonable.
As opposed to using centralized and trusted API providers to power the native wallets, the DCRDEX user application preserves user privacy and minimizes reliance on third parties by using the best light wallet protocols provided by the blockchain networks themselves.
Another significant change is the elimination of the one-time registration fee in favor of time-locked fidelity bonds. Instead of an initial sacrifice of funds for the ability to place orders, users now lock up funds on-chain for a certain amount of time after which the bond expires and the user redeems it.
This change has a number of benefits, most notably that the bonds are only spendable by the user that posted them. This is essential as DCRDEX moves towards a fully-decentralized DEX mesh network with no rent-seeking mechanisms of any kind. The only cost of the swap is on-chain transaction fees. There is no intermediate utility token or liquidity pool, just another user and the assets' chains.
“With centralized exchanges experiencing frequent hacks and outages, DCRDEX 0.6 is a timely and crucial development in the world of decentralized finance. This latest release demonstrates that users can still exchange their funds without compromising the key principles of security, privacy, and self-custody.”
— Brian Stafford, Blockchain Developer at Decred
The development of DCRDEX 0.6 took eight months and involved writing or modifying approximately 90,000 lines of code, with contributions from around ten software engineers.
For more information visit github.com/decred/dcrdex or dex.decred.org.
Decred is Money Evolved. By combining battle-tested Proof-of-Work with an innovative take on Proof-of-Stake that places coin holders in charge of shaping the future, Decred is able to adapt to challenges and innovate at a rapid pace. You acquire influence in Decred by putting “skin in the game”. Decred’s security, privacy, scalability, and decentralized treasury empower stakeholders and provides them with the tools needed to enhance their financial sovereignty.