Dear DeGate Community,
We are beyond excited to announce the much-anticipated DeGate Mainnet Beta Launch. Our focus on users has driven us to develop a platform that enables users to “Trade Easy, Sleep Easy.” After month upon month of hard work, Mainnet Beta officially launches today. For the first week starting today, only DeGate NFT holders will be able to access DeGate Mainnet Beta. Thereafter, DeGate DEX protocol will be open to the public, subject to safe deposit limits.
Mainnet Beta: the Final step before Full Public Launch
Although we have long been in Testnet on Ethereum, with tens of thousands of wallets having tried the unique self-custodial limit order capabilities of DeGate at no risk, we have been hard at work to perfect the product, especially ensuring security for all users. Our maximum focus on Trustlessness and Security is to ensure that users can have a smooth trading experience without the risks of a centralised exchange.
Our recent US$1.11 million Bug Bounty Security Program, “No Admin Key” policy to ensure the code once deployed, and “Exodus Mode” capability that ensures your funds are safe even if the DeGate Operator is not active for whatever reason shows just how much we care about users’ funds. We have also completed full audits, with more details to be found here: https://docs.degate.com/what-is-degate/security-and-audits
We’ve come so far to reach the point where we are proud to present our Mainnet Beta to the community. Should there be no critical errors in the code, this version of DeGate DEX will be launched as the Mainnet within months. DeGate Mainnet Beta is dedicated to inviting early users to stress-test DeGate DEX and be among the first users to use the protocol on Ethereum mainnet.
Main Features of Mainnet Beta:
- Major features of DeGate including limit order trading and grid trading will be available upon launch. A particular focus will be on the ETH/USDC trading pair
- The deposits to DeGate smart contract will be capped to a total amount (Total Value Locked or TVL) of US$3m during the Mainnet Beta period, no more users will be accepted after this limit is reached. As a mark of commitment to users, DeGate DAO will guarantee losses up to this amount of US$3m should any losses be caused by the product
- The above is subject to the condition that individual deposits will be guaranteed by DeGate DAO at up to US$5000 should any product-only issues arise that lead to loss of funds for individual users
- What this means is that users who want to test DeGate can do so with security by putting in US$5000 or less during the Mainnet Beta period
- To commemorate DeGate Mainnet Beta launch and appreciate DeGate early supporters, DeGate has conducted the Early Adopter NFT Pass campaign. The NFT holders will be able to access DeGate Mainnet Beta upon launch, with access open to the general public one week after
Trade Easy, Sleep Easy
As a firm believer in the Ethereum ethos of Decentralisation, DeGate is built on the bedrock of Ethereum values. DeGate’s guiding principles of “permissionless, trustless and decentralized” permeate the product and community. DeGate decentralized exchange allows you to trade with a similar experience to a centralized exchange, except that you are in full custody of your funds.
Trade Easy: As a DEX built on our own app specific Zero-Knowledge Rollup, and with proprietary Efficient Gas Saving Technology, trading on DeGate DEX is similar in speed and cost to trading on your favourite Centralised orderbook exchange, without the risks of a malicious central actor. The team’s independently developed Batch Spot Trade smartly bundles multiple transactions to improve trading efficiency and significantly reduce gas costs. Thanks to this, DeGate can provide very low fees for taker and no fees for makers. The unique decentralized grid trading feature also allows users to easily provide liquidity, similar to the Automated Market Maker (AMM) system familiar to most users, but with a potentially higher rate of return.
Sleep Easy: A focus on Trustlessness and Security means that DeGate is designed to offer a truly decentralized trading experience, with no single point of failure or control. The completion of our ZK-Trusted Setup Ceremony with leading members of the Ethereum Ecosystem and the implementation of multiple security audits demonstrate our commitment to providing a secure and transparent trading environment. Our US$1.11 million Bug Bounty collaboration with market leader Immunefi, on par with the very best projects in Ethereum, further underscores how serious we are about users’ funds.
Community, Ethereum, and Global Outreach: DeGate empowers its community with a decentralized governance model, allowing users to actively participate in shaping the platform’s future. We continuously strive to expand the DeGate ecosystem through collaborations with top-tier projects and organizations in the DeFi space. Our dedication to fostering a global community has led us to participate in numerous events worldwide, connecting with industry leaders and crypto enthusiasts alike.
During Mainnet Beta, the focus will again be on stress testing DeGate in a controlled environment with a maximum “safe limit TVL” to ensure maximum security for users’ funds. No further funds will be accepted after this limit.
A Brief Recap of Our Journey
The poet T.S. Eliot said it best when he wrote: “We shall not cease from exploration. And the end of all our exploring will be to arrive where we started and know the place for the first time.” From the beginnings of our first white paper, we have wanted to create something of value for the community, something that people would want and need to use. We are standing on the shoulders of other members of the welcoming Ethereum community, who have paved the way for a new kind of DEX. We have built on their work with an unwavering dedication to user experience, low fees, and security. This exploration has led to what we believe is a robust product that will stand the test of time. The time has now come.
Here are just a few of the milestones in our Journey,
- Release of the DeGate Whitepaper, arguing that a decentralized orderbook DEX was technically feasible with Zero-Knowledge technology, and would fill a critical need for the Ethereum community
- Initial Balancer LBP offering, and Social Network based token offering
- A community service Asset Bridge linking Ethereum and Arbitrum, with no fees taken by DeGate
- Launch of Testnet with over 60k connected wallets
- Engaging with the global crypto community at events like ETH Denver (link), DevConnect Amsterdam (link), Paris and Amsterdam Blockchain Weeks (link), and more
- Regular updates on our progress, achievements, and future plans through monthly update articles and the @DeGateDEX Twitter account, Discord, Telegram and other communities
- Completion of the ZK-Trusted Setup Ceremony, ensuring the highest level of security for our users (link)
- Launch of a $1.11M Bug Bounty Program on Immunefi, further demonstrating our commitment to platform security and robustness (link)
- Hosting of the Early Adopter NFT Pass Campaign to reward our loyal and dedicated community members (link)
And much, much more. But this is just the beginning. We look forward to a long and fruitful future as we grow and evolve with the community, always committed to making something people want to use.
A word of thanks, and an eye on the Future
At the time of our Mainnet Beta Launch, we want to express our deepest gratitude to our community for your unwavering support and faith in our project. Your belief in our vision has fueled our commitment to delivering a next-generation DEX experience that embodies our key message, “Trade easy, Sleep easy.” We look forward to welcoming you to the DeGate platform, where you can enjoy a secure, efficient, and user-friendly decentralized trading environment that prioritizes your needs and peace of mind. Together, let’s support the growth of a healthy, decentralized Ethereum Community with an Ethereum Native Orderbook DEX, and create a brighter future for all.
Finally, we encourage you to enter the future today by using our Mainnet Beta to Trade easy, Sleep easy.
Access DeGate Mainnet Beta here- https://app.degate.com/