Ethfinex Trustless, the hybrid Ethereum exchange platform launched by Bitfinex in mid-2018, is evolving into DeversiFi, an improved decentralized exchange where traders can execute orders of any size directly from the security of their private wallet, whilst accessing the liquidity of large existing exchanges.
“Ethfinex Trustless has successfully scaled to the point where users can expect the same performance as that of existing large exchanges, but with additional benefits in terms of security, privacy, and control. We see DeversiFi as a necessary next step forward towards our goal of empowering traders through fast convenient and self-managed decentralized financial technology.”
– Will Harborne, CEO of DeversiFi
DeversiFi will be launching new products and features, as well as investing in decentralized exchange technology, to better serve the needs of the rapidly growing DeFi (Decentralized Finance) community.
Traders of Ethfinex Centralized will be able to trade on DeversiFi by withdrawing their tokens to a privately owned wallet.
Users who do not wish to withdraw their funds from Ethfinex Centralized will automatically be moved to Bitfinex once Ethfinex Centralized closes its doors come September 2019.
DeversiFi will be leveraging one of the first decentralized margin lending protocols, bZx Fulcrum, to provide high-speed decentralized margin trading. It allows traders to lend directly within the DeversiFi interface.
Other highlight features include on-chain settlement, high liquidity, high-speed execution, minimized hack risk, private trading without Know-Your-Customer (KYC) processes and fast deposits and withdrawals.
“We believe in working towards a fair and accountable economic system that is open to everyone, and see DeversiFi enabling a new era of digital asset trading which empowers users by putting power back into their hands with trustless trading solutions,” said Harborne.
Ethfinex’s ERC20 exchange token Nectar (NEC) is also being overhauled to put it at the center of the DeversiFi platform, as the technology, community needs, and governance processes have matured since the token’s inception in 2017. Further details will be made available at the upcoming Governance Games event on August 21st, 2019 in Berlin.
“It is incredible what the Ethfinex team has been able to achieve in such a short time. There is no decentralized exchange in the market that offers the same liquidity as existing large exchanges. We think that DeversiFi is on the right path to facilitating the transition to a decentralized financial world and look forward to seeing their offering develop over the coming months.”
– Paolo Ardoino, CTO of Bitfinex