Withdrawing Tokens

Withdrawing Tokens From DeversiFi

DeversiFi settles zero-knowledge cryptographic proofs of DeversiFi trading activity once per day The maximum time that you will need to wait for a 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'

Shortly, a new 'fast withdrawal' system will be operational where you will be able to withdraw your ETH, USDt and wBTC funds immediately from DeversiFi

The countdown timer on app.deversifi.com will shortly be removed

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 and submitted off-chain, allowing traders’ off-chain balances to be updated instantaneously after each trade. When enough time has passed, a proof of the new DeversiFi state balance is submitted for settlement on the Ethereum blockchain and is verified by the Data Availability Committee as well as the StawkWare smart contract.

This batching process has some distinct advantages. As trading activity is not limited to the underlying Ethereum blockchain capacity, DeversiFi can trustlessly process over 9000 trades per second whilst at the same time passing gas savings onto traders in the form of lower trading fees. Trading fees range on DeversiFi between 0% - 0.2% and DeversiFi traders pay no gas for placing, executing or cancelling orders. This is in contrast to on-chain self-custodial exchanges, where fees are in the range of 0.3%-0.5% with traders also competing to pay gas costs in order to execute trades.
Was this article helpful?
Cancel
Thank you!