HackerNoon, the independent publishing technology platform, published the following release today. Text below.
DeGate is thrilled to announce a major update in our product roadmap: the upcoming launch of Cross-Chain Intent Trading, a secure and seamless way to trade tokens across blockchains, including all your favourite meme coins.
This feature, using proprietary technology developed by DeGate DAO, will enable traders to use their Ethereum-based USDC to trade all tokens on other chains — starting with Solana — while maintaining complete control over their assets. By combining ease of use with robust security, DeGate is setting a new standard for decentralized trading.
A New Era for Decentralized Trading
In today’s fragmented Web3 landscape, trading across chains often feels risky and cumbersome. Recent hacks of major trading bot platforms in November have forced users to think twice about using such platforms. Users are forced to navigate some or all of the following:
- Complex cross-chain processes reliant on third-party bridges.
- The burden of managing multiple wallets and gas tokens for each chain.
- Uncertainty due to transaction failures and security risks such as hacks on trading bots.
DeGate’s Cross-Chain Intent Trading addresses these problems head-on, creating a solution that is both efficient and fundamentally secure.
Security First: Your Funds, Your Control
Security is at the core of everything we build. DeGate ensures users retain control of their assets:
- Ownership of Assets: All assets are held in wallets fully owned and controlled by the user.
- Unified Key Management: DeGate enables users to derive direct addresses on target chains like Solana through their own Ethereum wallet. All direct addresses are fully controlled by the user’s wallet private key. This means users don’t need to manage additional private keys or seed phrases, reducing complexity without compromising security-> See diagram below for details: Using the PriKey (Private Key), users control their Direct Address (DA) on many different chains, such as EVM chains like Base, or non-EVM chains like Sui.-> This could enable trading of millions of tokens on hundreds of chains, through DeGate.
- Sign before Execution: All transactions are signed by the user before execution.
- Security backed by Ethereum: DeGate is backed by the security of Ethereum. As a leading layer 2 rollup, DeGate is ranked Stage 2 on L2Beat (achieved by only top 2 out of 52 rollups like Arbitrum, Optimism, ZKSync).
Effortless and Reliable Trading
Beyond security, Cross-Chain Intent Trading offers unmatched simplicity and efficiency:
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Trade on all leading Chains: Whether using an existing Ethereum wallet or creating a new one with an email login, users can trade tokens across chains without setting up new wallets or gas tokens, or switching chains at all when buying tokens on a new chain.-> Imagine a user with only a MetaMask wallet on Ethereum and no other on-chain wallets. With DeGate, they can now use their USDC to buy a token on Solana.-> This is done through the concept of Solvers. The solver performs the function of buying the token on Solana. Then, the token is securely delivered to a Solana address linked to the user’s wallet and fully controlled by their private key. This token, along with other assets, can then be managed directly in their DeGate account.
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Fast and Cost-Effective: Traders need to ensure that their trades go through. DeGate aims for transactions to complete as quickly as possible. The estimated time is less than a minute for any transaction.
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High Certainty: Our system ensures a reliable and smooth experience for every swap.
A Glimpse Into the Future
Launching first with Solana, the Cross-Chain Intent Trading feature will expand to other leading chains, with more chains to be added as soon as they are ready. The end goal is for all leading chains to be available on DeGate, as part of DeGate’s mission to deliver a comprehensive and decentralized financial platform.
By prioritizing security, simplicity, and scalability, DeGate is redefining decentralized trading as a unified and secure experience across chains.
What’s Next?
DeGate will launch a closed beta of the Cross-Chain Intent Trading function starting 20 November 2024. This is open to whitelist users only. This feature will be open to all on Mainnet very soon — keep an eye out for more updates. This is a call to opinion leaders, early adopters, and degens to join us in pioneering the next chapter of decentralized finance. If you are interested to be an early whitelist user or referral partner, please reach out on X.com, Telegram or contact@degate.com.
Trade Easy, Sleep Easy.
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Disclaimer: This press release is for informational purposes only and does not constitute an investment advice or an offer to invest or to provide management services. Please note that this information is subject to change without notice. Cryptocurrencies are speculative, complex, and involve high risks. This can mean high prices volatility and potential loss of your initial investment. You should consider your financial situation, investment purposes, and consult with a financial advisor before making any investment decisions. KISS PR and its distribution partners disclaim any liability for losses or damages resulting from the use of the press release and do not endorse or guarantee the accuracy, reliability, or completeness of the information stated in this press release. For further inquiries contact sheharyar@hackernoon.com.