Announcing Serai - a new DEX for Monero, Bitcoin, and Ethereum

MoneroMonero
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self.Monero1m ago
**After multiple months in development, I am happy to finally, and properly, announce** [**Serai**](https://github.com/serai-dex/serai)**!** Serai is a new DEX for Monero, and other coins, which will offer a liquidity pool trading experience. Serai nodes form a economically secured threshold multisig wallet, preventing theft, while offering large amounts of liquidity to anyone who wants to exchange coins, regardless of who they are, where they are, or how much they want to exchange, in a decentralized fashion. **Why yet another DEX?** Most DEXs targeting Monero have been maker-taker, requiring makers to run a node all the time, and takers while the swap is executed. Bisq, Haveno, and COMIT's work on atomic swaps all fall under this category. Farcaster's atomic swap implementation will as well. Multisig wallets absolve this requirement, letting users provide liquidity without running a node. They also let users sign a transaction to execute an exchange, and walk away, without having to be online while it confirms and executes. It's a much more accessible UX which the community has shown their preference for simply by the amount of volume this model attracts compared to classical designs. **Why not atomic swaps?** As much as I love atomic swaps, and believe in them for the cryptographic guarantees they offer, the unfortunate truth is that they have struggled to gain adoption. The requirements to run a node to participate prevent many people from doing so. Serai aims to provide an extremely accessible end-user experience, maximizing security while doing so. While I still support atomic swaps for large trades, and for those willing to run nodes, I have learned developers must accommodate their users to have their work used, not cryptographic ideals. That said, I historically worked on atomic swaps, offering the first implementation for Monero. At one point, I moved the DLEq proof, the cryptography at its core, to an independent library in order to promote widespread adoption. Unfortunately, that library had its fair share of legacy code, which is why it's been rewritten with new variants offering a litany of performance benefits. This was actually made possible by a Rust cryptography library I created for Serai, and Serai now hosts the new DLEq library, being committed to maintaining it. **What's happened so far** So far, we've built a *brand new Monero transaction library in Rust*, only relying on the Monero codebase for two functions. This has enabled a modern design, prioritizing simplicity and steering users away from edge cases. This isn't just meant to be for Serai, yet the Monero ecosystem as a whole. We've also built a FROST implementation in Rust, enabling highly performant threshold multisigs, which I briefly touched on during my recent talk at MoneroKon. This is has been fully integrated into the Monero library, offering threshold signature transactions. I've also worked on, and published, a new Monero address format specification alleviating concerns for a variety of parties dealing with payments (specifically, the burning bug). There are so far four separate parties likely to support it in various ways. And then, with regards to Serai itself, work has mainly been on the cryptography and Monero integration, as highlighted above, along with the chain processor, which feeds data from other chains into Serai. Work has recently started on the Serai chain itself. **What's next?** Beyond improving the Monero library, my personal work has currently shifted to the new blockchain which will coordinate and execute trades. This is planned to be based on Substrate, as I have spent 3 years writing a node from scratch once and do not care to do so again. I'm hoping to have it ready for initial testing network setups within a month or two. I have also taken my most recent two bug bounty submissions and received them to a development co, offering the project's initial funding. If you're interested in contributing, we are hiring accordingly. If you love Monero and Rust, there's a few tasks there, as there are if you have experience with Substrate. I also know my friends who have been volunteering with the Bitcoin/Ethereum integrations would appreciate help... There's a lot to do to make this what it can and should be. In the end, the comment becomes if you want to create the most usable decentralized and secure exchange for Monero, I'd love for you to be part of our community. We're currently organizing on [Discord](https://discord.gg/mpEUtJR3vz), and have a [placeholder site up](https://serai.exchange/). I've also registered a [Matrix room](https://matrix.to/#/#serai:matrix.org), if that'd be preferred, but have yet to bridge it around. Wherever you prefer, let me know, and I'm excited to see you! Discord: [https://discord.gg/mpEUtJR3vz](https://discord.gg/mpEUtJR3vz)