Question 1

DVF DeversiFi Launch Market (DLM) Walkthrough Guide

Accepted Answer

DVF DeversiFi Launch Market (DLM) Walkthrough Guide

The DVF token will be launching via a DeversiFi Launch Market (DVF) on the 8th July 3pm UTC+1.

This guide is a collection of useful materials to help you understand the DLM, how the DVF DLM will work and what you need to do in order to participate

What is a DeversiFi Launch Market (DLM)
How will the DVF DLM work
How do I participate in the DVF DLM

What is a DeversiFi Launch Market?

Before you even think about participating in the DVF DLM, it is essential that you understand what a DLM is and how it works.

A DeversiFi Launch Market (DLM) is a token fair launch mechanism which combines elements of a reverse auction with continues liquidity in order to establish the market price of a token by involving all participants.

The starting price of a DLM starts high and slowly decays, therefore removing the problem of fastest-finger-first and front running.

As a DLM is hosted on the DeversiFi Layer 2, participants do not pay gas and can participate in privacy, whilst still maintaining full control of their funds, meaning token project can reach a much wider audience who might be put off participating due to high Ethereum gas costs on Layer 1

A complete guide to DLMs can be found here

What is the DVF DLM?

The DVF token is the Governance token of the DeversiFi pr

Question 2

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 3

Why your first deposit costs more in gas

Accepted Answer

DeversiFi uses a Layer 2 scaling solution. Before an address can use it, it needs to be registered with our smart contract. This registration step is combined with your first deposit and hence adds a bit more gas to it.

Question 4

DeversiFi: Withdrawing Tokens

Accepted Answer

Withdrawing Tokens From DeversiFi

You have three options to withdraw your tokens from DeversiFi:

Regular withdrawals to the Ethereum mainnet (a two step process where you pay & control the gas fee at the end of the process from your on-chain wallet)
Fast withdrawals to the Ethereum mainnet
Fast withdrawals to the Polygon network

Scroll down this article for more details about each withdrawal option

${youtube}DeversiFi Withdrawals Walkthrough

Withdrawals will default to the fast withdrawals on Ethereum if fast withdrawals are eligible for that token. You can change from fast to regular by clicking on the 'advanced' link in the withdrawal widget

Option 1 - Regular Withdrawals Ethereum

Regular withdraws are available for all tokens on DeversiFi is a two step process

1) Initiate the withdraw and then wait 8-17 hours 2) Make the final on-chain transaction to send the tokens back to your Ethereum mainnet wallet

Pending - Until your withdraw is ready for you to send back to your on-chain/Layer-1 wallet, the withdraw will display as 'Pending' in your Portfolio section

Ready To send - When your withdrawal is ready to send back to your on-chain wallet you will see a popup notification on the Portfolio screen

Cancel - You can cancel the withdrawal in the Portfolio section until the point where it has been processed and is ready to send back to your on-chain wallet

Fee - There is no fee charged by DeversiFi, but you pay th

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

Question 6

DeversiFi: What is the purpose of the Data Availability Committee?

Accepted Answer

What is the purpose of the Data Availability Committee?

Why is the Data Availability Committee needed?

Privacy is key to trading. In addition to being slow, existing decentralised exchanges make all trades visible, however professional traders want to protect their trading activity and proprietary trading strategies from competitors and public view. Privacy will be a key requirement for decentralised exchanges to gain traction with this audience moving forward.

In order to achieve privacy, DeversiFi trader’s balance data will be moved off-chain, rather than storing it on the blockchain. There are several other privacy achieving methods that are currently being researched by StarkWare that could be implemented in the future, without requiring data to be stored only off-chain by a committee. However, the current approach was chosen as a pragmatic solution following conversations with large customers and will be improved in the future.

What is the Data Availability Committee’s Role?

The Data Availability Committee has three main functions:

Protect user trading privacy by allowing balance updates and trades to be hidden from other users.
Check the balances state and if valid sign to allow the merkel root of the state to be updated on-chain.
Publish all balances data if DeversiFi and or StarkWare were ever to go offline or withhold data.

The initial DAC committee is comprised of a small number of members, that

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