This article is a development report of a Dex223 decentralized exchange.
We’re building an exchange to speed up adoption of the ERC-223 token standard. ERC-223 was created to solve a security problem in the older ERC-20 standard. Security issue of ERC-20 caused $200M losses on Ethereum in 2023.
Take a look at other Dex223 development reports.
The main focus of the Dex223 team in July was bug fixing. We've deployed the prototype few months ago and integrated most of the core features (basic trading, adding tokens, liquidity, token lists & auto-listing contracts). We've received a lot of bug reports and 80% of the bugs are already fixed. The next iteration would be margin trading deployment followed by another iteration of debugging.
Most of the bugs that we were working on were reported in three ways:
- Identified by Dex223 team members
- Reported by our community & public testers via telegram channel
- Reported by our community & public testers via bot or feedbacks form
Here is a spreadsheet which contains bug reports from Dex223 team and telegram channels:
https://docs.google.com/spreadsheets/d/1ye-AyI3MRhteKSJfs3-IqbDXdYAMwqz4966yRZOcKak/edit?usp=sharing
Bugs reported via the feedbacks form / bot will be merged in the spreadsheet in the next debugging iteration (with the margin trading testing phase) and published there.
Thank you everyone who participated in the public testing, special regards to tg users @GinoongMata, @Kaviyarasi1 and the owner of 0x6189Af7d6957Df9303bA9de1f868dE16eC92b0C8 address for participating! We will have a public bug bounty closer to the launch so stay tuned and follow us for the updates.
The previous version of the Router.sol contract fully supported ERC-20 token swaps but couldn't support ERC-223 swaps with specific deadline
and slippage tolerance
parameters.
A new version of the Router supports passing these parameters with ERC-223 as well. This doesn't solve the problem of ERC-223 swaps with deadline
sent directly to the Pool (you can swap ERC-223 tokens via the pool to save gas, which was not possible with ERC-20) so a major update of the Pool logic is still necessary.
We've deployed new test tokens listed on our test-DEX recently. Now those tokens are added to "free auto-listing contract" and can be enabled/disabled correctly in the UI.
We've received a number of reports from users stating that trading with most of the tokens doesn't work - this "issues" was related to the fact that liquidity pools were only deployed for initial test tokens and not all the new ones had liquidity in all pairs. Now we initialized the liquidity pools for most of the pairs and provided liquidity so that a user can select any random pair of test tokens and there will be a liquidity pool for them.
A form to obtain test tokens was added to the test-app.dex223.io page. Now anyone can obtain tokens automatically without a need to interact with the bot.
Auto-listing UI is completed. This includes both the frontend part and the Subgraph which tracks events emitted by auto-listing contracts.
We've changed the original implementation and now auto-listing contracts consist of two parts:
- Registry
- Auto-listing entities
Registry is responsible for emitting events. Those events are tracked by Subgraph and they provide the data for our UI to display anything. Auto-listing entities are any contracts that communicate with the Registry. In fact they "ask" registry to emit a certain event under specific conditions. This allows auto-listing entities to implement any arbitrary logic for listing new tokens.
The auto-listing UI will be integrated in the next release of the Dex223 testnet prototype.
We are currently working on expanding on other chains. We are facing some compatibility challenges with EOS support as the ecosystems are not 100% compatible.
Also, we've launched a Block Producer on EOS and got to a paid standby position! EOS will most likely be the next EVM chain that we will support. You can find our BP info here:
https://eosauthority.com/account/bp4dex223dao?network=eos
https://eos.antelope.tools/block-producers/bp4dex223dao
I've initiated the discussion regarding highlighting the security problem of ERC-20 standard which caused $80,000,000 loss and security problems with EIPs in general. Honestly the discussion began in 2023 but proposals were proposed and nothing actually changed. In 2023 there were $60M lost due to ERC-20 issue, in 2024 another $20M were lost so I've reiterated on this in Ethereum community.
Here is the first call I took part in back in June: ethcatherders/EIPIP#340
Here is the record of the call: https://www.youtube.com/watch?v=PKkJNqcozhw&t=731
It was followed up with another discussion here: ethcatherders/EIPIP#346
And it resulted in a call for input among EIP editors which can be found here: ethcatherders/EIPIP#349
Aside of proposing changes to the EIP process we are also proposing to add a warning to ERC-20 standard on ethereum.org page. As per my request a "Known issues" section of ERC-20 was initialized in 2024. Now we are proposing to fill it with recommended solutions and highlight the severity of the issue
- Portfolio added
- Token listing UIs added
- Mobile/tablet mockups added
We are closing the private sale pending the deal we are sealing. Details will be published in the Financial Transparency thread of Dex223 on github when the token and funds transfers will be finished.