As Web3.0 continues to evolve, the launch of Dfinity in May, 2021 has offered more possibilities in the entire ecosystem. The innovative network not only supports storage and computing but also provides the front-end and back-end operating environment, which is not available in development on other public chains, meanwhile ensuring the true decentralization from the underlying facilities. In addition, its anti-Gas-fee mechanism and MPC multi-party computation encryption protocol are leading innovations in the industry, better guaranteeing data and practicality. As illustrated above, we believe that it’s a good opportunity for Ceto to well participate in the IC ecosystem and become an important member in the trading sector, so we are determined to build the first decentralized order book trading platform on IC. Different from existed platforms built on other chains, all data of Ceto is kept on IC network, which is completely decentralized and can achieve a second-level feedback.

What it does

Fungible Token Tradings:Order Book—Limit, Market Order (upcoming) Fractionalization of Crypto Assets: Fractionalize the non-fungible token into several fungible tokens representing partial ownership of the original asset

In general, Ceto supports transactions through multiple wallets and a variety of standards, providing users with unlimited trading options; at the same time, it also presents the trading interface in the form of an order book, offering users a more intuitive display of data. Our ultimate goal is to create a decentralized, secure, transparent and unlimited trading platform for all users.

How we built it

We are a dynamic startup team and our core developers all have extensive project development experience and have been involved in the blockchain industry since early on. Ceto is our first Dex project on the IC platform.

We use motoko and rust in back-end development, JavaScript and React Architecture in front-end development.

Current Standard Supported: 1) Fungible Token Standard Supported: DIP 20, ICP Standard, IS20(under development), more to come in near future; 2) Order Book Trading: FCE/WICP, BON/WICP, ckBTC/WICP(upcoming), XTC/WICP, more to arrive in near future; 3) F-NFT: Fractionalization of NFT 4) NFT Standard Supported: C3 Standard, DIP 721, more to arrive in near future; 5) Wallet Supported: Internet Identity, Stoic, Plug, Infinity Wallet

Challenges we ran into

It takes us a long time to understand IC ecological features, such as chain-key technology, Internet Identity Authentication System, canister, NNS governance, motoko, etc. Other obstacles we encountered are as follows:

Atomicity Problem: IC network lacks some partial atomicity due to its own characteristics, and we ended up borrowing the Web2 solution to fix this sort of problems.

Storage Problem: Based on the characteristics of IC canister, the runtime memory is separated from the stable memory, we developed a rust version of the bucket package according to the system api, which can be more convenient to use the large-capacity stable memory in the canister.

Order Book Transactions Problems: Canister upgrade data security issues, canister user hierarchical management, log storage issues, etc.

Transaction Speed Issues: Due to the consensus mechanism of the IC network, the completion of a transaction may lead to several times of across-canister calls, each call will consume a certain amount of time which makes the overall transaction TPS lower.

Token Standard Problems: As a DEX on IC, we are a bit confused about the token standards in the ecosystem since the standards vary, eg., DIP20, IS20, etc. It wil be better to see a offcial standard on IC avoiding inconvenience.

Accomplishments that we're proud of

Ceto is the only order book trading platform that enables front-end and back-end deployed fully on chain among the the entire ecosystem.

FCE/WICP Trading Ever since the launch on Feb.21, 2022, Ceto has accumulated over $400,000 trading volume, 15+ partners, 20k+ community members and awarded 5k grant by Dfinity.

Our Team has been actively engaging in the development of IC ecosystem and reported a critical Cycle Balance Underflow Incident.

What we learned

1) Deployment and management of canisters on the IC network 2) Authentication mechanism, NNS, etc. 3) Development process of DeFi projects on IC network

What's next for Ceto

1) Enrich trading pairs 2) Access to ckBTC and ETH token 3) Listing other valuable tokens on IC: XTC, OGY, etc. 4) NFT fragmentation service 5) Staking service 6) Explore DAO governance

Overall, in a foreseeable future, Ceto will develop a wallet integration process to facilitate smooth integration to all new wallets, and also specify token listing procedure so that the listing can be done independently by the project without much involvement of Ceto team. More importantly, all codes will be open-source.

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