Share this article
Decentralized Exchange Bluefin’s New Version Goes Live on Sui Network
The platform’s v2 allows sub-second trades and trading without a crypto wallet, the company said.
Oct 3, 2023, 2:53 p.m.
Make us preferred on Google
Decentralized orderbook exchange Bluefin’s upgraded version called “v2” went live on the Sui network, the company Tuesday said in a press release.
The platform’s new iteration adds features such as sub-second, optimistic trades, spot and cross-margin capabilities and a privacy function to trade without a crypto wallet.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The first version of the platform – Bluefin v1, which lets users trade perpetual swaps on Ethereum scaling network Arbitrum – will remain active, the company said.
“Over the course of this year, we’ve rewritten our codebase and rebuilt the exchange on a new underlying technology,” Bluefin said in the press release. “With the next version of the exchange, we want to build a decentralized platform that can match the features and trading experience of centralized exchanges.”
Bluefin’s development comes at a time when crypto trading volumes have dropped significantly as the grueling bear market drags on. DEX volumes averaged at around $10 billion per week recently compared to topping over $60 billion last November, according to DefiLlama data.
Decentralized exchanges (DEXs) came to the forefront last year after a handful of centralized platforms including Sam Bankman-Fried’s FTX blew up in a spectacular fashion. Still, most of the trading volume is still concentrated on centralized platforms due to usually cheaper transactions and speedier execution.
Bluefin’s v2 claims to improve the speed with so-called “optimistic trade confirmations,” settling the trade on the platform’s user interface in advance before finalizing it on the blockchain The platform’s redesigned off-chain orderbook layer can start sending optimistic confirmations of trades in around 30 milliseconds back to users, then ensuring the trade with the on-chain smart contracts in around 480 milliseconds, the press release explained.
“With Sui’s parallel execution, the availability of the network is not constrained by other applications and users. As a result, the success rate of transactions submitted on-chain is extremely high,” the press release said.
Bluefin raised funds from investors such as Polychain Capital and large trading firms like Susquehanna, Wintermute, GSR and Wintermute, according to the platform’s website.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
HYPE token's 50% surge is a story of crypto-traditional market convergence, treasury firm says
HYPE has surged 50%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.
What to know:
- Hyperliquid's HYPE token has surged more than 50% to $34.57 this week, far outpacing bitcoin, ether and the broader crypto market, as trading activity on the platform accelerates.
- The token rally represents the merging of traditional assets with the crypto world, according to Hyperion DeFi, which is a HYPE treasury company.
- Originally a crypto perpetuals exchange, Hyperliquid has expanded into tokenized trading of equity indices, individual stocks, commodities and major fiat pairs via its HIP-3 upgrade.
Top Stories
