Bluefin, a decentralized orderbook-based exchange, has announced the launch of its latest version, Bluefin v2. The platform, which currently supports perpetual swaps, has processed over $1 billion in trading volume to date. With the introduction of Bluefin v2, the company aims to create a decentralized platform that rivals the features and trading experience of centralized exchanges, catering to both professional and first-time traders.
Bluefin v2 is built on Sui, a new underlying technology that offers horizontally scalable performance and a wallet-less trading experience. The goal is to provide users with sub-second trades that are finalized on-chain and instantly reflected on their user interface. Two key performance components of Bluefin v2 are optimistic trade confirmations and on-chain finality. By leveraging Sui’s parallel execution, the network’s availability is not hindered by other applications and users, resulting in a high success rate for on-chain transactions. The off-chain orderbook layer has been redesigned to send optimistic trade confirmations to users in approximately 30 milliseconds and ensure eventual consistency with on-chain smart contracts in around 480 milliseconds on average.
One notable feature of Bluefin v2 is the elimination of wallets while maintaining a non-custodial approach. The company aims to make on-chain interactions invisible to users, abstracting away the need for private key management and wallets. This milestone in decentralized finance will be achieved in three phases: natively-supported social login using zkLogin, easy fiat on-ramp and transfers from other exchanges and blockchains, and ultimately eliminating wallets altogether.
Bluefin plans to release the v2 features gradually over the next six months, with an early version of the protocol becoming available later this month. Meanwhile, the current version of the exchange is live on trade.bluefin.io.
This latest development from Bluefin highlights the continuous progress being made in the decentralized finance sector. As the company strives to provide a decentralized platform that rivals centralized exchanges, traders can expect improved performance and a user-friendly experience.
More detail via Benzinga here… ( Image via Benzinga )