A long-term partnership between NEAR and Spin (ex. RiskSwap) multichain derivatives DEX was formed in October 2021. Two months after the Spin team started working on the order book trade execution model for NEAR’s spot DEX, NEAR is happy to share the early results.
This early version of the spot DEX is now live on NEAR Protocol’s testnet. Each user is welcome to have a closer look at the order book functionality v1 and share their feedback to Spin’s official communities. In the upcoming weeks, the Spin team will improve the testnet version’s functionality by adding more features.
The order book trade execution model allows Spin to provide a CEX-competitive user experience to NEAR traders. This model requires established liquidity that permits an instantaneous execution of a trade, and prevents frontrunning and sandwiching attacks, as the “ask” and “bid” will follow a deterministic model of generating orders.
Although Order Books are widely associated with centralization and governance, Spin is different — it introduces a non-custodial base for ordering. Unsupervised and invulnerable to tampering, Spin’s deterministic algorithms allow for eliminating pitfalls in trading and help enable fully automatic, intermediary matching orders algorithms between users.
Spin’s spot DEX will form the backbone for their future implementation of on-chain derivatives trading on NEAR. For derivatives markets that never give traders access to illiquid assets, the order book solution combined with stablecoin staking pools is a perfect combination of security and speed.
Crucially, the current version of the Spin spot DEX on NEAR is the first order book implementation that supports on-chain order matching and NEAR wallet connection. This early testnet release includes the basic features essential for order book trading:
- Order book
- Matching engine (with balance change in case matching happens)
- Market and limit orders
Before the DEX goes to mainnet, Spin plans to improve the functionality by implementing trade history, API for market makers, maker/taker fees, and finalizing agreements with the best market-makers.
To have a closer look at Spin’s first order book DEX functionality on NEAR, visit near.spin.fi.
Spin is a multichain DEX that makes decentralized crypto futures and options trading more efficient by providing traders with advanced risk management and strategy-building tools, as well as a superior Central Limit Order Book execution model combined with a liquidity pool. The first two chains Spin will run on are NEAR Protocol and Solana.
For NEAR Protocol, Spin will become the first derivatives DEX running on top of their blockchain as well as one of the earliest to offer order book based spot trading.
Join Spin’s community:
Twitter — https://twitter.com/spin_fi
Discord — https://discord.gg/82kxbUpAPH
Telegram — https://t.me/spin_fi & https://t.me/spin_fi_chat
NEAR Protocol is a smart contract capable, public Proof-of-Stake (PoS) blockchain that was conceptualized as a community-run cloud computing platform. Built by the NEAR Collective, NEAR was designed to host decentralized applications(dApps) and strives to improve developer experience compared to Ethereum (13 times faster block time, 70 times faster finality, and 1,000+ times cheaper than Ethereum) and other leading smart contract-enabled blockchains like EOS and Polkadot.
Join NEAR Protocol’s community:
Telegram: https://t.me/cryptonear
Discord: https://discord.com/invite/UY9Xf2k
Twitter: @NEAR_Blockchain & @NEARProtocol
