Ithil is proud to share with you WizarDex, an orderbook DEX for the Arbitrum community.
Initially, WizarDex was developed to be an integral part of Ithil. However, Ithil Labs decided to launch it as a standalone platform that is publicly available and doesn’t charge any fees.
We wanted to demonstrate our appreciation for the incredible support that the Arbitrum community has shown us over the last few months. Today, we fulfil that intention by adding a cornerstone piece of DeFi infrastructure to the ecosystem.
Why WizarDex?
We are currently getting ready to launch Ithil v2 Testnet, our main product. If you’re not familiar with Ithil, it’s a next-generation web3 protocol that serves as a financial interoperability layer for the entire space.
Part of Ithil’s services will be the ability to (leverage-)farm incentive tokens, for example by LP’ing in Balancer or Curve pools. Claiming and compounding the rewards for these services requires swaps of multiple tokens. Unfortunately, existing solutions have one of two undesirable outcomes:
- Fragmentation of the required swaps across multiple different DEXs. This causes unnecessarily high fees and hurts profitability.
- Embedding a DEX aggregator that requires an off-chain API to work. This exposes the strategy to centralisation and the corresponding risks.
Neither of these solutions was acceptable to our team, so we decided to build a better solution ourselves: WizarDex.
WizarDex Features
WizarDex has a number of key features that make it unique.
Fully on-chain orderbook
WizarDex’s orderbook is fully on-chain; there are absolutely no off-chain matching or computation involved.
True public good forever
WizarDex is a true public good project: no fees, no token, no governance, immutable code. Free to use forever.
Order priority system
Market participants who wish to acquire priority execution for their orders can do so by adding some ETH to boost their order. This provides liquidity to the DEX, reducing slippage. Orders will be moved up the queue proportionally to the amount of ETH.
Take-Profit order type
The current version of WizarDex supports take-profit orders, which makes it very interesting for traders and investors who wish to automatically buy and sell at set levels without any exposure to centralized risks. Future upgrades may include support for stop-loss orders as well.
Fully-fledged interface
It’s important to have all information available in one place. That’s why WizarDex has a comprehensive interface, sporting most of the features you’d find on a centralized exchange:
- Orderbook and depth
- Built-in TradingView
- Order placement
- Open Orders and Order History
- Market trades overview
WizarDex Testnet
As of today, March 4th 2023, WizarDex is available on Sepolia testnet.
As a community project, it’s available to anyone and everyone that would like to try. We will run the testnet for one week to give users a chance to play around with the product and ensure that everything is working smoothly.
You can access it here: https://dex.ithil.fi/
Please bear in mind that WizarDex is a free project, so we haven’t had it audited. It has been thoroughly tested and formally verified, however, with the testnet providing an additional period of stress-testing and potential bug-catching.
When we deploy to Arbitrum next week, users should feel confident in the DEX’s security and reliability. Additionally, the potential attack surface is almost non-existent as WizarDex doesn’t have a TVL metric to attract hackers.
During the testnet phase, we will organize competitions dedicated to the community. The best testers will earn USDC, NFTs, and community roles.
To submit feedback, discuss with fellow Wizards and earn precious rewards, make sure to join our Discord Community.
Sepolia connection and tokens
If you don’t know how to connect to Sepolia testnet, we recommend that you use Chainlist’s excellent service.
If you’re in need of testnet tokens, there are two options available. You can use Sepolia faucets or the token bot in Ithil’s Discord.
> Faucets for Sepolia ETH are available here:
> The faucet bot in our Discord is available here: https://discord.gg/ithil-853685089187397662 (#faucet channel)
Here you can get the testnet ERC20 tokens (DAI, WETH and WBTC) needed to place orders in the dex pools. The bot works in DM too, no need to dox your wallet if you don’t want to.
