Dexbin

Inspiration

Most people buy their first cryptocurrencies through an exchange or a custodial wallet. But to get a deep dive into the crypto world, it is important to understand the difference between an exchange and a self-custodial wallet.

Exchanges play a very important role in crypto, because they facilitate on-ramp with fiat money. You can transfer dollars or euros and use them to buy bitcoin or Ether with a few clicks, but we must remember that exchanges are centralized solutions.

The true Bitcoin philosophy is decentralization. And to get real decentralization, we need a self-custodial wallet.

The as Satoshi Nakamoto decided to title the Bitcoin whitepaper as follows:

Bitcoin was designed as a fully decentralized payment system and that is what makes it so valuable. Thanks to cryptocurrencies, we can transfer value anywhere in the world without the need for an intermediary to validate our transactions. While exchanges and centralized wallets add a lot of value to the ecosystem, self-custodial wallets are much better suited to the bitcoin philosophy.

But nowadays decentralized exchanges are not good as centralised exchanges. We solved the problems like high fees, store orderbooks data. Dexbin is a comprehensive decentralized exchange that has all the capabilities of a centralized exchange.

What it does

Dexbin has all the features of a centralized exchange, although it is decentralized. 1- You can deposit and trade with all tokens. 2- All data are stored on-chain. 3- Dexbin has an on-chain order book without fees to submit or cancel orders and It's super fast. 4- It has all markets such as futures, margin and spot. 5- You can use a dex without any need for authentication and only with your wallet and enjoy the speed and facilities.

How we built it

Our research lasted more than four months, and We checked 47 solutions to find the best one. To run an exchange platform without a third party that includes the particular traders' needs!. We had to use a set of smart contracts on the different blockchains and link them using Chainlink.

To make a feeless order book, We found one of the missed pieces of creating a decentralized application needs. There is no temporary data that is just valid in a specific timeframe in blockchains. Keeping garbage data, like done orders, in order books has a lot of costs for blockchains and network nodes. For this feature, we created our blockchain on the top of Avalanche P Chain, and we named it Bin Chain or B chain, as garbage data. We could use temporary data sets for dapps like order book data, caching data for speed up processing, or analyzing data sets for AI.

The next solved challenge is to make no fee temporary data blockchain. We set the rules for validator nodes to validate a predefined amount of the temp data, and simultaneously they could validate trades data. They get fees from trades data and validate temporary data without fees.

Dexbin smart contracts of Dexbin are divided into two parts: The server smart contracts and the Clients' smart contracts. The server contracts are hosted on the Avalanche blockchain, and the clients' contracts are hosted on the other blockchains. Server contracts do all calculations and store data under Avalanche P Chain, X Chain, C Chain, and B Chain. Client contracts were created to support all the other blockchains tokens within our exchange and reach fee prices as lowest as possible. Client smart contracts are connected to the Server Smart Contracts by using Chainlink.

Challenges we ran into

1- High cost of usage of blockchain for store and keep order-book data 2- Create an order-book whose data is valid only for a certain time in the blockchain 3- Connecting all blockchains to have single data store and centralized market maker

1. Wallet to use in the DEX platforms are so technical and not easy to use for newbie people

Accomplishments that we're proud of

1- Dexbin is complete and fast decentralized market with all the facilities of centralized exchange. 2- Create a order-book with no fee and fully decentralized 3- In Dexbin everybody could buy and sell any tokens in different blockchains. 4- Dexbin created an architecture for dapps to connect set of smart contracts in the blockchains to make a single processing data

What we learned

We learned a lot from hackton training videos, about all decentralized systems like Chainlink, Avalanche and how they can improve smart contracts.

What's next for Dexbin

We will add stonishing features in every month and extend our supporting coins and networks to relevant protocols and ecosystems. We keep fulfilling our promises. You can see the following features and Dexbin roadmap on our website.

Built With

• avalanche
• blockchain
• cello
• chainlink
• ether.js
• golang
• grpc
• node.js
• react
• solidity
• typescript
• web3