NEAR Exchange

Decentralized Exchange built on NEAR Blockchain

Inspiration

With the blockchain becomes massive adoption, DeFi is booming, the premissoionless, non-custodial decentralized exchange is the next wave of innovation happen.

What it does

NEAR Exchange is an on-chain orderbook based exchange that lets user trade fungible tokens (NEP-141) . User can place Market&Limit order on the exchange to trade the asset. The platform is entirely decentralized and is open source, you can be rest assured that your transactions are safe and trustless.

How we built it

We wanted to build an on-chain orderbook exchange that supports a wide range of assets trading. Hence, we designed the Exchange smart contract

The Exchange smart contract itself is responsible for deposit&withdraw assets , and matching different buy&sell orders with Matching Engine. The Matching Engine maintains a valid orderbook it is generally responsible for determining if a set of two or more orders "match" and settle the orders.

Challenges we ran into

As this was the first time developing on NEAR blockchain and having no prior experience on Rust, we had to spend some initial time learning the platform and SDK.Learn how to use the NEAR rust SDK and near-js-api.

Accomplishments that we're proud of

I am proud that in this Hackathon with intense efforts, I am able to build a functioning DApp on NEAR. This project will surely contribute as a good blockchain resource for developers new to this technology.

What we learned

How blockchain ecosystems work and can be integrated with a Web3 frontend software application
Many futuristic use cases of blockchain technologies to work in the future
Benefits, challenges, demand, and supply in ideating and building a Web3 - Decentralised Application Software, libraries, and tools for building a Web3 Decentralised Application

What's next for NEAR Exchange

Prepare a strategic roadmap of the project which will include development and marketing efforts.
User experience refinement to support a robust user experience. Improve smart contract for better integration.
Decide on a monetization strategy. We recognize that being open to supporting multiple blockchains is important for eventual growth. Therefore, we want to include the possibility of expanding support to different chains.