Lightning Network cross-chain platform Stakenet begins to deploy BTC on DEX

By March 23, 2020DApps
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Lightning Network cross-chain platform Stakenet begins to deploy BTC on DEX
Published by March 23, 2020

The team of Stakenet, a blockchain ecosystem combining the Lightning Network, masternodes, and a flexible DApp network, announced this past week the release of version of its DEX protocol.

With the release, more critical core features are now working and stable as the DEX gears toward its public release. During the last few months, the Stakenet Lightning Network-enabled DEX has been on full display with Stakenet community testers.

The testing has been successful in resolving key pain points that currently active DEX technologies possess such as:

  • Speed – Instant trading.
  • Usability– Opening wallet deposits/withdrawals, and trading with the same user experience as a centralized exchange.
  • Privacy – The degree of privacy innate to off-chain LN routing and swapping is much higher compared to on-chain.
  • Liquidity – LN channel limitations (utilizing Stakenet’s DEX HUB architecture)

Check out below the final requirements before Stakenet can officially release the DEX product to the general public:

  • Opening of BTC pairs – Stakenet has been using XSN/LTC for testing (due to faster speeds and lower channel fees). The core Stakenet team is now confident in the stability of the wallet and swaps; as such, BTC trading pairs are being prepared and deployed.
  • MM/ ARB Bots – Bots are being prepared and launched. Those in the test groups will be seeing low limit orders filling the books as they get rolled out. Expect MM bots on launch and ARB bots soon to follow.
  • 1st round of liquidity injections – Limit raises (starting small progressing larger). The first round is underway. Stakenet has developed balance/fee monitoring with proper security and now “feels confident enough to begin limit raises and liquidity injections”
  • Require only one coin per pair to trade – With the architecture finalized, Stakenet is now working to deploy a feature where only one asset is needed. This as a necessary requirement; and possibly a final barrier to mass adoption to bring the general public from centralized to decentralized exchanges.

“As our DEX HUB and fee architecture allow many different forms of players to participate and benefit, we’ll be showcasing not just the public but institutional investors, firms and partners big and small who we can onboard and join our new and emerging DEX network.”
– The Stakenet team

Stakenet combines Lightning Network and Masternodes into a global blockchain for decentralized applications. XSN is the native cryptocurrency of Stakenet and powers its decentralized applications.

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