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Dex223 development report (November 2024)

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.

pD223 tokens were distributed on Ethereum mainnet

Those who purchased pD223 tokens during the pre-sale on Callisto chain received their real D223 tokens on Ethereum chain now. The tokens were distributed according to this snapshot: EthereumCommonwealth/Roadmap#76

If you have purchased tokens on Callisto chain but didn't receive it on ETH - please submit a report of the problem in the comment thread of the snapshot github issue.

Here is the official announcement.

Contract deployments on Ethereum mainnet

Token Converter is now live on Ethereum mainnet as well as the first ERC-223 wrapper for the ERC-20 USDT token. ERC-7417 is still in review status and can be observed here https://eips.ethereum.org/EIPS/eip-7417

The Converter passed a security audit. Security issue was reported, then it was fixed. Then during the EIP review a third party contributor discovered another security issue. It is also fixed and now the Converter is finally ready to production implementation.

Dex223 core contracts are under security audit now. We expect the audit to be completed in December so that we could proceed to a follow up audit by an auditing company.

UI updates

During November the UI development was mostly focused around bug fixes as we are preparing for the DEX release. A full list of bugs can be found in this document:

https://docs.google.com/spreadsheets/d/1aTyGN5gAohFcEnuUga_MBOU6K2JGCivETaSqoPQ37IM/edit?usp=sharing

Additionally we've received a report that on Windows the scrollbars are displaying in a white "default" Windows style. Those were reworked and should display in a dark Dex223-theme now.

Speedup transactions were integrated in DEX223 test app in October, now we have added cancellation transactions. Cancellation transactions would allow a user to remove their actual transaction from the mempool by replacing it with an empty transaction (thus cancelling the action that the initial transaction would perform).

ERC-20 Losses Calculator was updated: https://dexaran.github.io/erc20-losses

We also expect to launch a stable version with EOS EVM support in December.

Development Figma with UI templates is available here: https://www.figma.com/design/hfwLMZ9QuqGB0Eql7X6HWB/%F0%9F%94%84-DEX223-Exchange---All-mockups---New-design-(Copy)?node-id=2460-62488&t=x0lajRvPOqLmlnib-1

Blog page release at Dex223.io

We are working on a blog page which must be released in December. We will move our articles, FAQ and other informational sources there so that to have full control over our media.

A user lost $26,000,000 because of the ERC-20 problem that we are fighting

During November one user lost ezETH tokens that costed about $26,000,000 at that moment (actually the transaction happened 145 days ago but the user confirmed that the tokens are lost just in November). Here is the twitter thread regarding this issue: https://x.com/Dexaran/status/1855994784273580249

Hackernoon published an article about that problem as well: https://hackernoon.com/trader-loses-$26m-in-ezeth-tokens-media-blames-user-hacker-calls-out-erc-20-flaws

There were many publications that claimed that this was "a user mistake" but this is not correct. This is a problem of a smart-contract which is unable to HANDLE user mistakes. We believe that a global financial system can not be designed in a way that such an easily-identifiable mistake results in such a disastrous consequences. This case illustrates the problem we are fighting to solve with this project.

Recently at Devcon7 in SEA the issues of ERC-20 standard were raised once again. Ethereum Foundation members refused to comment on that problem. Devcon7 organizers tried to censor questions regarding the lost tokens by removing them from the live questions pool. That was visible on the recording. You can find an article describing the outcome of the Devcon7 here: https://eossupport.io/news/67404435b7696e7d36f145bf

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