Author: Darren Kleine, blockworks Translation: Shanooba, LianGuai
According to Alwin Peng, co-founder of Vertex, Arbitrum is the current hotspot.
This decentralized trading platform has migrated to the Ethereum-based layer-two network, Arbitrum, saying goodbye to the Cosmos application chain environment earlier this year. When asked about the migration decision, he straightforwardly said, “From the perspective of a team trying to build a product with actual users, it seems unlikely that Cosmos will succeed.” He pointed out that “all top-tier blockchains” run on the Ethereum Virtual Machine (EVM), and the majority of Total Value Locked (TVL) resides in the Ethereum ecosystem. Building on Arbitrum has a “good chance of creating valuable products,” and when the Vertex protocol transitioned to Ethereum, Arbitrum happened to be the best-performing EVM chain at the time and also had TVL. Vertex decentralized exchange is “capital efficient” and easy to use, and users can trade on Vertex “just like on a centralized exchange.” Vertex “looks like a centralized exchange and feels like a centralized exchange, but it is decentralized.”
Although users custody their assets, the exchange has centralized certain aspects of its offerings to ensure fast transaction performance. It can optimistically process all transactions and orders on its own servers without waiting for light signals to propagate between different nodes and for all nodes to reach consensus.
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We value the fast speed of centralized servers.
Cross-chain message passing for multi-chain transactions
Darius Tabatabai, co-founder of Vertex, said that the team hopes to provide assets on multiple chains in the future. Logically, you want all liquidity and transactions to happen in one place. You want all capital on each account to be centralized in one place for capital efficiency. Therefore, Tabatabai ruled out the Uniswap-style model, explaining, “You’re not just forking the code and placing different versions of it on 20 different chains.” Instead, he plans to use cross-chain messaging services. He explained in detail that Wormhole interoperability technology can introduce assets, deposit them into different chains, and then transfer them to Arbitrum, where user accounts will interact with Arbitrum protocol instances.
As long as they want to exit, they will return to their own chain. He admitted that this is a considerable engineering effort, but he believes that Alwin Peng may be the candidate to complete this work because he has previously been involved in the work of “Wormhole” and has been related to it in his previous role.
Tabatabai said, “We have not yet formulated specific plans, but we are very confident that we can do something decent in this field.”
Peng explained how to maintain performance in a cross-chain environment: most of the content signed by users will not eventually appear on the chain but will directly enter our matching engine. He used the example of a user trading from the Optimism chain to Vertex to illustrate the “ideal user experience.” Users will send transactions on Optimism for deposits and then transfer them to Arbitrum through bridging on the backend. Users will not feel the presence of bridging at all in the user experience. It may take about two minutes for assets to switch to Arbitrum, and then normal trading can be conducted, just like on a centralized exchange.
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