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ยท 4 min read
J.

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Hello Hashgreen readers, welcome back to another week of Weekly Update!

Last week, we released an update targeting mobile device users and since then we've received some genuine feedback from reddit. Thank you again for always willing to give us constructive advice, and we will continue working on providing a better experience to the users of Hashgreen DEX. At the same time, we will keep developing and building more services for the community on Chia Blockchain.

This week we would like to introduce two essential components in DeFi, that is, order books and swaps, and share with you the difference and the pros and cons for each design.

What is an Order Book?โ€‹

definition

An order book refers to an electronic list of buy and sell orders for an asset organized by the price.

  • An order book is widely used in traditional trading markets such as the stock market. Generally, it shows a smooth and aggregated view of a specific financial instrument. It comprises two sides, bidding and asking, dedicated to buyers and sellers.

  • In cryptocurrency, trading platforms such as the centralized exchange (CEX) or the decentralized exchange (DEX) often incorporate order books to display a variety of crypto assets for users to trade. You probably have heard of Binance or Coinbase Pro. They are the top CEXs that people visit and conduct trades.

Understanding Order Booksโ€‹

  • Order books contain these main parts: bid and ask, price and amount, and order history.
Figure: Order book in Hashgreen DEX.

Bid and Ask

  • bid is an order in which buyers bid for a certain amount of shares at a particular price.
  • ask is an order in which sellers ask for a specific price for their shares.

Price and Amount

  • An order book records two sides of the orders:

    • bid side contains information such as all the bids, the amount they wish to purchase, and the price they are willing to pay.
    • ask side resembles the bid side.
  • At the top of the order book is where the highest bid and the lowest ask prices are shown.

Order History

  • Order History records all the transactions that have occurred in the past, including both the bid and the ask sides.
Figure: Hashgreen DEX incorporates trade history into the page.

What is a Swap?โ€‹

  • When you are trading on DEX, you are carrying out trades in order books. Transactions are only fulfilled by matching ask or bid orders that other people uploaded. "Swap", in cryptocurrency, refers to exchanging the cryptocurrency you have for the equivalent value of another crypto.

  • Swaps offer greater flexibility in designing and constructing the transaction process and more essentially the agreement between two parties to exchange assets for a set period. Examples of swaps in cryptocurrency that the majority of people would most likely use are Uniswap on Ethereum and PancakeSwap on BNB Chain.

Why is Swapping More Immediate?โ€‹

  • Swapping provides an even better experience for great flexibility, high transaction efficiency, fair price, and efficient price discovery. When you are buying something that must accept DAI, but you only have ETH, then it's a good time to swap.

  • Conceptually, trading and swapping are similar. However, trading with order books usually requires deeper understanding of the design and functionalities of trading and order books, whereas swapping can be as simple as possible for users to execute.

Trading vs. Swappingโ€‹

trading on DEXswapping on AMM
average waiting timeslowerquicker
transaction speedtiedtied
priceinferiorfair
price discoveryless efficientmore efficient

ยท 4 min read
J.

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Hello to all the readers, who have stayed with Hashgreen along the way!

My name is James, the newly hired community lead of Hashgreen. I will take charge of the Weekly Update series and carry on providing information for future product updates. Harry will still publish tech blogs from time to time, leading you through finer details of Blockchain technology related to Chia and Hashgreen.

Over the month, the Chia community seems to have been less active than before, yet with the recent release of Chia Blockchain 1.3.4. As for us, we have made a few updates on Hashgreen DEX.

What's Been Doneโ€‹

  • Over the past few weeks, our DEX development team has implemented multi-offer upload into the web interface to make the process of transactions quicker and easier! Users can now upload multiple offer files simply by clicking the upload button or dragging and dropping offer files directly into the page.
Figure: You can now upload more than one offer file!
  • A new design of open orders and order history (now called my orders) is released. It's easier now for you to check the status of your orders and even make adjustments to it with a few clicks. Details of the trade information will be shown in the display board. The two dropdown menus at the top allow you to filter certain types of offers that you wish to see. You can also cancel your offer using the cancel button in the action column. Or you can cancel multiple offers by selecting them at once.
Figure: Click all markets or all status to manage your orders.
  • Our team has updated a new interface for the order book, in which we re-oriented the menu of the offers. Offers asking or bidding a certain coin will be aligned with each other. You are able to expand or close the panels, to either compare the asking and bidding price or leave the order book with only one of the offers presented.
Figure: You can zoom in to see specific types of offers.
  • We have released an update for the header! We add a control button where old headers are put together with the user ID button that was temporarily removed. Light/dark scheme switch and language options are moved to the header as well.
Figure: User ID allows you to sync between different devices.
Figure: Here is the button to copy your user ID.
Figure: To merge records, press import once you enter your user ID.
  • We've continued to iterate with new features in the DEX, some of which are dedicated to the feedback from our Discord community.

What's Rollingโ€‹

  • AMM is still under slow but steady development. Enabling AMMs on the Chia Blockchain turns out to be a really hard problem! If you'd ask us when you will have HashgreenSwap to test out on the testnet, we expect it to be here in another two quarters! In the meantime, we are starting to think about the tokenomics for the Hashgreen Token, to not only allow the profits to circulate back to the community but also create an active and healthy scheme that lasts long.

  • In order to ameliorate the user experience, the UI/UX team will continue to remodel the web interface. We are working hard on the new landing page besides a few more integrations!