Good news everyone!
If you paid attention to our previous announcement of the RuDEX gateway for PPY tokens then you noticed that we said that we plan to launch gateways for other Graphene based chains.
After the first month of operating our PPY gateway confirmed our theory about demand for alternate gateways to the DEX with architecture and features differing from those already present. Besides, PPY proved that assets can and should have high liquidity on Bitshares DEX. For example, right now ~98% of all PPY daily volume (average volume about $0,5 mil) occurs on Bitshares DEX. The experience we’ve had with PPY gateway helped us move closer to our goal.
The Russian speaking community is our main priority, and since a convenient gateway for Golos/GBG is in high demand, we’ve decided to make a gateway for Golos our next, to satisfy them.
Trading Golos/GBG on RuDEX has several advantages over trading them on centralized exchanges. Here are the main ones:
- An ability to trade against completely decentralized assets (bitRUBLE, bitUSD, BTS, etc)
- 0% trading fee for Golos/GBG
- Active development and support for the gateway and rudex.org entry point by the members and delegates of the Golos platform
- Russian interfaces and support
- Russian Telegram based trollbox
- Ease of on/off ramping into fiat (gateways for bitRUBLE with fees as low as 0%)
- Only you control and can access your account and funds
- The Bitshares based exchange can’t close be blocked (with desktop applications for all popular OSes allowing you to connect even if the site is blocked)
During design of the gateway we were aiming to ensure the following parameters:
- Transparency and ease of audit
- Strict correlation between amount of tokens in the wallet and on the DEX
- Minimization of the fees
- Ease of use
One of the goals during the gateway creation was an ability to publicly audit it.
According to our last point the amount of Golos/GBG on DEX will be the same as the amount of Golos/GBG that the gateway has on Golos blockchain. The gateway is set up so that the amount on the DEX can be smaller than on our wallet, but it can’t be higher. So you can always be sure that money never appears on the DEX out of nowhere. Here is how it is implemented on the Bitshares side:
- when you deposit your tokens to the Bitshares network, the required amount is issued
- when you withdraw the tokens, the required amount is burned
That way the amount of UIA tokens (RUDEX.GOLOS/RUDEX.GBG) is de-facto equal to the amount on our wallets. For Golos it is @rudex wallet.
In the future our gateways would have a stand alone section for auditing them on rudex.org. But for now you can use the following services:
- GOLOS@cryptofresh and GBG@cryptofresh — for auditing the assets on Bitshares DEX
- golos.io/@rudex wallet for our wallet on Golos
Our goal was not only to create a convenient instrument for people to use (we’re working on making it completely open source), but also move towards more decentralization, since more gateways the DEX has, the less centralization around any one of of them.
One of the features of our gateway that makes it different from the existing ones, is that as a Graphene ambassador, we’re setting 0% market fees for chains based on this technology. We can afford that from the witness payments that we receive. If you like what we’re doing please vote for us!
A small guide to working with our gateway
To deposit GOLOS/GBG to DEX
To withdraw Golos/GBG from DEX
In the near future similar gateways would be launched for other Graphene based chains. When the gateways are ready we’ll send a pull request upstream to make our gateway available in all other wallets and web interfaces of Bitshares.
In time we’ll also create gateways for the coins that we consider the market is going to be interested in, but for non-graphene chains those markets will have some minimal market fees.
Support our BLOCKCHAINED witness in Golos blockchain. Your votes give us an incentive for continuous development of the network!