The Gridex Protocol is a permissionless and noncustodial trading protocol consisting of persistent, non-upgradable smart contracts on the Ethereum blockchain. Unlike the current mainstream decentralized exchanges (DEXs) based on the automated market maker (AMM) model, Gridex is based on order books.
With the novel “grid maker order book” model, Gridex has significantly reduced the resource consumption of running an order book-based system. The model allows Gridex to deploy and run it on the Ethereum mainnet while making the gas cost comparable to that of AMMs.
That makes Gridex the first ever fully on-chain, fully functional order book DEX built on Ethereum.
Key Features
- Fully on-chain: The entire transaction process is executed on-chain, with no deposit or withdrawal process needed. Additionally, anyone can create any trading pair freely, without permission.
- “Maker orders” in the protocol have introduced a new infrastructure to the Ethereum ecosystem, allowing users to place orders of any size and price while having a zero-slippage, negative-fee trading experience.
- Lack of liquidity is now an issue of the past for order book DEXs. For example, if someone creates a DEX aggregating both Gridex and AMMs, it could have the most powerful liquidity ever.
- The protocol will be deployed on the Ethereum mainnet and Arbitrum, Optimism and Polygon.
What Are The Next Steps?
- The testnet launch and the airdrop will begin soon.
- Smart contracts are undergoing audits, which will be open-sourced before the official launch.
- Please follow the official Twitter for updates.