Q: DeversiFi: Withdrawing Tokens

<h4 id="withdrawingtokensfromdeversifi">Withdrawing Tokens From DeversiFi</h4> ${youtube}<a href="3qsTU1OU0oo">Withdrawing tokens from DeversiFi</a> You have two options to withdraw your tokens from DeversiFi back to Layer 1 Regular Withdrawals DeversiFi settles zero-knowledge cryptographic proofs of DeversiFi trading activity once per day. The maximum time that you will need to wait for a Regular withdrawal is 24 hours. Until your withdraw is ready for you to send back to your on-chain/Layer-1 wallet, the withdraw will display as 'Pending' You pay no fee for a Regular withdrawal apart from gas for the final on-chain transaction to get your funds back to your Layer 1 wallet Fast Withdrawals DeversiFi supports a fast withdrawal system for certain tokens. You pay twice the regular gas cost, but your funds can be made available on layer one within a few blocks and at any address you specify Fast withdrawal tokens supported at this time: <ul> <li>USDt</li> <li>ETH</li> <li>wBTC</li> <li>AAVE</li> </ul> <h4 id="background">Background</h4> DeversiFi uses a type of cryptography called STARKs to prove and verify trading activity on DeversiFi in a trustless manner. This means that trading on DeversiFi is self-custodial. DeversiFi cannot take possession of customer funds and in the unlikely scenario where DeversiFi were to go offline, traders can activate an ‘escape hatch’ via the <a href="https://support.deversifi.com/en/article/deversifi-what-is-the-purpose-of-the-data-availability-committee-mqslt3/">Data Availability Committee</a> to retrieve their funds. Trades are signed

Question 1

DeversiFi: Learn how OTC trading works

Accepted Answer

Learn how OTC trading works

The new OTC feature now available on DeversiFi unlocks a whole new way to trade tokens while giving you additional flexibility when working with the exchange.

Orders created via DeversiFi OTC have the advantage of not being shared on the regular exchange orderbook. DeversiFi OTC generates a unique “taker” URL that can be shared with your trading partner, allowing them to become the exclusive taker of your trade.

The feature allows you to swap any ERC-20 compliant token, including those which are not currently listed on DeversiFi with fees being as low as 0.02 %.

We’ve kept the process simple:

Select the token you would like to deposit and its amount.
Specify which token you would like to receive and its amount as well.
Token then gets locked into the trade and a unique URL gets generated.
Share this URL with your trade partner.
Once your trading partner accepts the trade, the order gets settled and you receive the tokens you’ve specified when setting up the trade, while your partner receives the token you’ve locked in.

You can cancel the order and unlock your tokens anytime before the order gets executed

DeversiFi OTC is a valuable tool for those looking to swap larger amounts of tokens in a single trade. Executing such a trade on a regular exchange could cause a big swing in the ticker price, potentially costing the user a significant amount of money, not to mention the possibility

Question 2

DeversiFi: Withdrawing Tokens

Accepted Answer

Withdrawing Tokens From DeversiFi

${youtube}Withdrawing tokens from DeversiFi

You have two options to withdraw your tokens from DeversiFi back to Layer 1

Regular Withdrawals

DeversiFi settles zero-knowledge cryptographic proofs of DeversiFi trading activity once per day. The maximum time that you will need to wait for a Regular withdrawal is 24 hours.

Until your withdraw is ready for you to send back to your on-chain/Layer-1 wallet, the withdraw will display as 'Pending' You pay no fee for a Regular withdrawal apart from gas for the final on-chain transaction to get your funds back to your Layer 1 wallet

Fast Withdrawals

DeversiFi supports a fast withdrawal system for certain tokens. You pay twice the regular gas cost, but your funds can be made available on layer one within a few blocks and at any address you specify

Fast withdrawal tokens supported at this time:

USDt
ETH
wBTC
AAVE

Background

DeversiFi uses a type of cryptography called STARKs to prove and verify trading activity on DeversiFi in a trustless manner. This means that trading on DeversiFi is self-custodial. DeversiFi cannot take possession of customer funds and in the unlikely scenario where DeversiFi were to go offline, traders can activate an ‘escape hatch’ via the Data Availability Committee to retrieve their funds.

Trades are signed

Question 3

DeversiFi Trading Key Storage

Accepted Answer

DeversiFi Trading Key (DTK)

As STARKs use a different signature scheme to the Ethereum blockchain, a STARK keypair needs to be generated, which allows for the interaction with the StarkWare high speed settlement system.Every time a DeversiFi trader submits an order to the exchange, or makes a deposit/withdrawal they are cryptographically signing a message using their Ethereum wallet private key that instructs their DeversiFi trading key on the required action. This is a process that is common to all self-custodial layer-2 exchanges that use zero-knowledge cryptography (STARKs, SNARKs etc).

When you register your Ethereum address with DeversiFi for the first time (the registration transaction) a DeversiFi trading key is generated behind the scenes in a trustless manner and is associated with your Ethereum address. You can think of your DeversiFi trading key as similar to an API key on a centralised exchange.

From January 2021 onwards it it no longer necessary for you to make a local copy backup of your DeversiFi trading key. DeversiFi now encrypts your DTK using your Ethereum signature and stores it encrypted on DeversiFi servers. This means that you do not need to worry about keeping backups of your DTK and can simply connect to the Exchange using Metamask or Ledger as normal.

Question 4

DeversiFi: How does DeversiFi differ to Kyber or Uniswap?

Accepted Answer

How does DeversiFi differ to Kyber or Uniswap?

DeversiFi operates differently than purely on-chain exchanges.

Protocols such as Kyber and Uniswap operate completely on the Ethereum blockchain. Order books are broadcast on chain and traders can take an order by submitting a transaction. The tokens are swapped atomically (meaning both sending and receiving must happen at the same time). This fully on chain system has certain benefits:

It cannot be shut down or censored
It is permissionless - anyone with an Ethereum wallet can participate
It is simple to use - trades only require 1 transaction
Any ERC20 token can be added to the system

However, new Ethereum blocks are mined only once every 10-20 seconds and only a finite amount of transactions can be included in each block. This has a few consequences:

The speed of execution is significantly slowed down
There is no guarantee that your trade transactions will be picked up
The gas (network fee) you pay to have you trade included in the block competes with every other user of the blockchain and can become very high in congested times
Because of the slow updating of the order book, the spread needs to be significantly wide to protect the market makers from sudden price fluctuations
Liquidity is provided by automatic market making algorithms hence the fees charged need to be significantly high to provide a positive yield to the users that have pooled their funds

Question 5

DeversiFi: Unlocking Legacy Tokens

Accepted Answer

Unlocking Legacy Tokens

Legacy Wrappers

From time to time, due to a variety of factors from site protection to upgrades, we need to update our contracts. While extremely rare, this would mean users may have funds in legacy contracts.

To access legacy balances for further trading, users are required to unlock them from these legacy wrappers and re-lock them in the live version.

The process involves interacting with the legacy wrapper via Etherscan in order to unlock your tokens:

**Please note that it is possible to interact with the legacy wrappers via other site like myetherwallet, but this tutorial will focus on the unlocking method via Etherscan

Requirements:

A browser with Metamask installed. (If using a Hardware wallet, you'd need to first install Metamask, and then Connect your hardware wallet to Metamask)
Link to the legacy wrapper contract. Please find below the links to each of the contracts:

LEGACY CONTRACT 1

MKRW - 0x38ae374ecf4db50b0ff37125b591a04997106a32
ETHW - 0xaA7427D8f17D87a28F5e1ba3aDBB270bAdbe1011
BATW - 0xe82cfc4713598dc7244368cf5aca1b102a04ce33
NIOW - [0x680bf2eebf0ad9b183ac2ff88d16f5a4e41480e9](https

Question 6

DeversiFi: Connect Using MetaMask

Accepted Answer

Connect Using MetaMask

Please note that you can connect to DeversiFi using the Metamask extension for Chrome, Brave or Firefox, but not the following ways:

Ledger va Metamask ❌
The in-built Metamask wallet for Brave ❌

Please either connect directly using the Metamask browser extension, or connect directly via Ledger ✅

Connecting using MetaMask is one of the easiest methods to get started on DeversiFi. This is due to its ease of use and security meaning your private key is never exposed to websites you connect with. After setting up the MetaMask extension in your browser, you need to connect your MetaMask account to your DeversiFi exchange wallet before you can deposit tokens to DeversiFi.

What is Metamask?

Metamask is an Ethereum-based wallet that runs from within your web browser, allowing you to store and manage your wallet keys directly from your own device without having to entrust a third-party provider.

After installing the MetaMask extension from either your browser store (e.g. Chrome store) or the official MetaMask website www.metamask.io you will see their icon appear in your browser’s extensions bar.

To get started, simply click this icon and follow the step by step instructions to set up a new MetaMask identity (wallet) or use your existing MetaMask wallet.

At this stage it is paramount to ensure you have adequately written down or otherwise recorded your Metamask secret recovery seed-phrase and stored it somewher

Frequently Read Articles

Browse All Categories