Stakenet Releases Upgrade to DEX Protocol
This week, the Lightning Network just got bigger thanks to the innovative minds at Stakenet. The team celebrated the release of version 0.2.3.0 of its DEX protocol. The upgrade adds more essential functionality to the platform. Additionally, it provides more stability as well. The news comes as Stakenet prepares the protocol for its public release.
Stakenet version 0.2.3.0
The new version 0.2.3.0 includes a host of helpful features. These features include a DEX HUB and fee architecture better suited to handle the demands of both public and institutional investors. Stakenet users have been testing the protocol for months. Now, developers are calling the testing period a success. Specifically, they were able to identify and correct multiple areas of concern within the protocol.
Stakenet's upgrade improved the speed of the entire platform. Now transactions complete instantly. Also, developers created a more enjoyable UX this go around. Specifically, they made opening wallets, making deposits/withdrawals, and trading very similar to how centralized exchanges operate. In this way, new users can easily navigate the new protocol.
Notably, Stakenet made upgrades to its privacy capabilities. Now, transactions can utilize off-chain LN routing and swapping to gain added anonymity. Developers also created liquidity by adjusting the necessary LN channel limitations. Importantly, Stakenet’s DEX HUB architecture was used to accomplish this task.
Still More Adjustments
Stakenet stated that there are still some areas of concern the company intends to rectify prior to the public release. For one, the platform needs to convert over to BTC pairs for public usage. Right now, Stakenet uses XSN/LTC for testing. These cryptos were used during the testing stage because they provide faster transaction speeds and lower channel fees compared to BTC. Developers also want to be 100% confident in the stability of the wallet and swaps before actual BTC trading pairs are deployed.
Stakenet intends to integrate bots into the protocol in the coming weeks. Currently, these bots are being prepared for launch. Interestingly, the firm intends to only allow bots to utilize low limit orders to fill the books at first. Bots will be able to handle larger orders once the platform gains momentum.
The company started its first round of liquid injections into the platform this week. The company seeks to slowly inject capital into the exchange via funding rounds. Additionally, the platform now has its fee structure and monitoring systems activated. Lastly, developers want to integrate “one coin” features such as fiat pairing. Develops stated that this strategy is necessary to bring the general public from centralized to decentralized exchanges.
The US-based decentralized platform Stakenet entered the market in 2018 with the goal to provide a complete ecosystem to investors. Currently, the Stakenet ecosystem is comprised of three teams, XSN Core, XSN Hardware and XSN Cloud. Together, these development teams combine the Lightning Network, masternodes, and a flexible DApp network to simplify the entire blockchain experience.
Stakenet Gets Bright
This latest release from Stakenet could give the Lightning Network a strong push in the coming weeks. Decentralized exchanges continue to be a hot topic within the crypto sector as more regulations and attacks on their centralized counterparts come to light. For now, Stakenet will provide a much-needed boost to the Lightning Network ecosystem.