Withdrawing Tokens

Withdrawing Tokens From DeversiFi


DeversiFi settles zero-knowledge cryptographic proofs of DeversiFi trading activity according to a fixed schedule every 3 hours  starting at 00:30 UTC.


*NOTE -- Due to unprecedented GAS prices, DeversiFi withdrawal batches will now be conducted every 12 hours at 4:30 PM and 4:30 AM UTC+1. This is only a temporary measure and traders on DeversiFi will soon enjoy instant withdrawal functionality. 


This means that the maximum duration that you may have to wait for a withdrawal once it is initiated is three hours. 


Withdrawals initiated before the countdown timer on the DeversiFi withdrawal widget will be processed in the next batch. A batch takes about 10 minutes to be settled once the countdown timer ends


For added security reasons, you are only able to withdraw tokens from your DeversiFi trading account back to the wallet that you deposited from. 


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.



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