Unified orderbook exchangeAccording to a press statement issued by the business on Tuesday, the improved version of Bluefin, known as “v2,” is now operational on the Sui network.The platform’s most recent version now includes features including sub-second, optimistic trades, spot and cross-margin capabilities, and a privacy feature that allow trading without a crypto wallet.
The company announced that the platform’s initial release, Bluefin v1, which allows users to trade perpetual swaps on Ethereum scaling network Arbitrum, will continue to be in use.
“Over the course of this year, we’ve rewritten our codebase and rebuilt the exchange on a new underlying technology,” Bluefin said in the press release. “With the next version of the exchange, we want to build a decentralized platform that can match the features and trading experience of centralized exchanges.”
The launch of Bluefin coincides with a sharp decline in cryptocurrency trading volumes as the long-lasting bear market continues.According to DefiLlama data, DEX volumes lately averaged roughly $10 billion per week, down from over $60 billion in November.
Decentralized exchanges (DEXs) gained popularity last year as a result of the dramatic failure of a few centralized platforms, like Sam Bankman-Fried’s FTX.Still, because centralized platforms typically offer cheaper transactions and faster execution, the majority of trade volume is still concentrated there.With so-called “optimistic trade confirmations,” which settle the trade on the platform’s user interface before finalizing it on the blockchain, Bluefin’s v2 claims to increase speed.According to a news release, the platform’s newly developed off-chain orderbook layer may begin communicating optimistic confirmations of trades to customers in around 30 milliseconds and then guarantee the trade with the on-chain smart contracts in about 480 milliseconds.
“With Sui’s parallel execution, the availability of the network is not constrained by other applications and users. As a result, the success rate of transactions submitted on-chain is extremely high,” the press release said.
According to the platform’s website, Bluefin received funding from significant trading companies like Susquehanna, Wintermute, GSR, and Wintermute as well as investors like Polychain Capital.