Withdrawing Tokens

Withdrawing Tokens From DeversiFi


DeversiFi settles zero-knowledge cryptographic proofs of DeversiFi trading activity every 90 minutes. This means that the maximum duration that you may have to wait for a withdrawal once it is initiated is 90 minutes. 


The withdraw countdown timer takes the average of the past five batch times in order to estimate the time that the next batch is submitted to the Ethereum Blockchain. This is a guide only, and the algorithm used to estimate the next batch time will be improved over the coming months. 


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.


Withdrawing Tokens

To withdraw your tokens from DeversiFi you need to follow the following two simple steps:


1) Signal your intent to withdraw tokens at the next batch

2) Make a transaction to withdraw your tokens after the next batch has been settled on the Ethereum blockchain



1) Click the Initiate Withdraw Button at the bottom of the balances widget




2) Select the amount of the token(s) that you would like to withdraw




3) Wait for the next batch to be settled on-chain


A countdown timer next to your withdrawals will show you the estimated time until the next batch is submitted to the Ethereum blockchain

Once the batch has been submitted to the blockchain, the withdrawal box will show as ‘any time soon’ as the DeversiFi batched transaction is waiting to be mined




4) Withdraw your tokens back to your private wallet


Once the batch has been settled on-chain, you can withdraw your tokens back to your private wallet.

The 'withdrawal ready' button will turn Green when your withdrawal is ready to be sent back to your private Ethereum wallet.

Each separate token involves a separate withdrawal transaction (costing gas), but if you have initiated multiple withdrawals of the same token, then those multiple withdrawals will be grouped into one transaction





Troubleshooting:

1) Estimated withdrawal time


You can also check the estimated time to next withdrawals via API or via this link. The units are EPOC time


2)  Can I cancel a withdrawal after I have initiated?


At this time it is not possible to cancel a withdrawal once initiated


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