Good Morning Friends,
I’m going to start by addressing the elephant in the room. We had planned to launch our public test net this week (12/04/22), and unfortunately, this had had to be postponed.
We have had no problems, no bugs and no major issues, things have just taken longer to get done than we anticipated.
It is just the result of lots of very minor things that have culminated in the postponement. For this we are sorry, we are just as frustrated as you.
However, the end result will be a much better DEX for all users. We take security and DEX performance incredibly seriously. We don’t want our DEX to be just another DEX, indistinguishable from all the rest and when we do launch, we want it to be right from the get-go.
Frustrating and annoying; yes.
Avoidable; not without giving up our core values above.
Worth it; Ultimately…YES!
Right, now that’s out of the way, let’s have some more positive news.
FREEZE! It’s all about the Audit!
Now we have completely finished all of our on-chain code (the most important bit), we have now “Frozen” the code.
This has nothing to do with the Disney film, so just “Let it go”.
Sorry (couldn’t help it).
Freezing our code refers to the fact that we won’t change anything until Tweag and Well-Typed have audited the on-chain code (Tweag with their external audit, Well-Typed with our internal one).
Things are very much moving forward.
While we have been constantly progressing with all parts of the DEX (on-chain, off-chain and front end) we haven’t quite got everything completely integrated yet (hence the delay of the public test net).
The DEX is working properly in code form and, while we wanted to release a fully working demo this week, this isn’t going to be the case.
However, we have planned something very interesting for you all, something we haven’t seen from any DEX yet.
We will be releasing our demo in two stages.
Stage 1: This week we will be publishing a behind the scenes, command-line demo. In essence, you will be seeing our DEX work without any clothes (the UI) on. The naked body of on- and off-chain code; executed directly.
Stage 2: A fully clothed, fully functional DEX demo will be released shortly after. This will precede the launch of the public test net.
I know what you’re all shouting…WHEN???
We will keep you completely updated regularly, at the very least, weekly.
CDX Token Swap
For many of you holding our CDX token, you will already know that we will be allowing you to swap the original CDX token for a new updated one on a 1:1 basis.
This coming week we will be working on a mechanism for this to take place.
The reason for this can be found in this post.
In short, like many projects, we released the first version of the CDX token before there was a standard format for Cardano native tokens and what metadata should be attached to each token.
Version 2 CDX will have all the correct metadata attached and will appear in all wallets as a fungible token (rather than a non-fungible token as it does in some wallets).
Whilst this week’s newsletter isn’t completely full of great news, I’m sure you’ll agree that things are still moving forward at an ever-increasing pace.
We really are entering the final stretch now, stick with us, you won’t be disappointed!
Paul and the Cardax Team