Mark Feldman and Sergey Zaitsev told about the history of Flex development and the upcoming plans for a decentralized exchange with an order book based on Everscale.
How Flex came about. The idea for Flex originated in the EverX. At its core is the DePool technology (DePool is a contract that contains a hash map of user data). Then the concept of distributed programming was implemented. The Cloud team played a significant role in developing the API and SDK.
First launch. In early 2023, the commercial version of the product was launched, including the web version. Flex operated for 2 months, but was then halted due to a lack of liquidity. Even 2 months in production was an important experience for improvements. This included the development of a new contract for the market maker, whose actions previously consumed excessive amounts of gas.
Updates. Contracts have been radically improved. Now, the queue can consist of tens of thousands of orders rather than just a few hundred. Wallet contracts used by users on Flex have also been optimized.
Advantages of Flex over CEX (Centralized Exchanges)
• No KYC requirement
• Users have full control over their keys and seed phrases
• Developers do not influence user interaction with the contracts
Advantages of Flex over Swipe type DEX
• You can't see the market and its liquidity levels
• Full-fledged trading and speculation are difficult without an order book
• Mark🗣As a professional trader, I can say that an order book is definitely necessary
Question: If the exchange cannot block a user, does that mean dirty coins can be traded?
Answer: To list a coin, you need to adhere to a certain level of liquidity. In the future, we will likely use financial monitoring services.
Current status. There is currently a closed investment round to fund integrations and updates for the next 6 months. Integration with TON is on hold — we are closely monitoring. Overall, we are focused on developing the potential of the TVM network capabilities. It is expected that Venom's work will be related to CBDCs, and trading futures and other financial actives will be relevant. Flex could become an important platform for Venom.
Mark🗣 The launch of the Venom mainnet can have a very positive impact on the Everscale network as Everscale continues to be a technological foundation for Venom's development and growth
The next integration in terms of relevance will be with GOSH. Gex will be launched soon. The fact that GOSH will work as an L2 on Ethereum with Everscale technology under the hood gives Flex the potential to become the fastest and most scalable DEX in the Ethereum ecosystem.
Mark🗣 On the current market, technical limitations are not the most crucial aspect. The most important thing is to be closer to liquidity