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OMG DEX Update

OMG DEX Update

As mentioned in Plasma Update #3, we held a workshop at the start of September. This workshop was an opportunity for us to reassess how our proposed designs serve the core values of the project and consider how to balance short-term priorities in order to best provide for the long-term viability of the network. We intend as always to deliver on the original OMG vision of a fully decentralized, permissionless, scalable network for uncensorable payments and exchange. Today we’d like to share an update on the progress of the OMG DEX design, and offer some insight into the reasoning behind our approach.

The roadmap blog published earlier this year mentioned two phases for the decentralized exchange (DEX): the first phase with centralized order matching and on-chain settlement, the second phase moving order matching onto the Plasma chain as well. The design document expands on these required phases, the design, and the reasoning behind the priorities set for each phase of development.

We also want to be transparent about the limitations of the current design. We spent a good deal of time carefully considering the implications of different proposed implementations in the design of the OMG DEX for important factors such as transparency, scalability, privacy, fairness, liquidity and responsiveness. We have laid out what we believe is the best path to achieve the long-term goal of decentralization while also supporting development of a liquid, well operating market in the short term.

Overview

In the OMG DEX design and in this post, the term “venue” has a similar meaning to “exchange”. A venue is a place where orders (to trade digital assets) are arranged and executed — in other words, a place where a market is provided. Examples of venues include existing centralized crypto exchanges, decentralized exchanges, and traditional stock exchanges.

In its initial phases, the OMG DEX will serve as the base layer for a collectio...

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