Decentralized exchange module for the Lisk network. Note that lisk-dex is a community project and is not affiliated with Lightcurve or Lisk Foundation.
To send an order to the DEX, a user needs to send a regular transfer transaction to the DEX's multisignature wallet address with one of the following commands in the transaction's data
field.
- Limit order:
${targetChain},limit,${bidOrAskPrice},${targetWalletAddress}
- Market order:
${targetChain},market,${targetWalletAddress}
- Close order:
${targetChain},close,${orderId}
- Credit:
credit
When making a limit or a market order, the DEX will use the amount of the underlying transaction to calculate the quantity of counterparty tokens to acquire.
When performing a close order, the amount is not relevant; in this case, any amount can be specified as part of the close transaction (less is better); in any case, whatever amount is specified (minus blockchain transaction fees) will be refunded to the user's wallet via an r3
refund transaction.
The credit action allows users to send tokens to the DEX wallet without triggering any operation.
These status codes and messages appear in transactions created by the DEX (as part of the transaction data
field):
Refunds
r1,${orderId}: Invalid order
r2,${orderId}: Expired order
r3,${orderId},${closeOrderId}: Closed order
r4,${orderId}: Unmatched market order part
r5,${orderId},${newWalletAddress}: DEX has moved
r6,${orderId}: DEX has been disabled
Trades
t1,${takerChain},${takerOrderId},${makerOrderCount}: Orders taken
t2,${makerChain},${makerOrderId},${takerOrderId}: Order made
Dividends
d1,${fromHeight},${toHeight}: Member dividend
- If the DEX does not recognize a command/order from a user (or it is invalid for whatever reason), it will send an
r1
refund transaction back to the user's wallet address which will return the full amount of the original transaction minus any blockchain transaction fees incurred by the DEX. - A DEX adheres to a fixed order expiry. If an order expires before being filled or closed, the DEX will send an
r2
refund transaction back to the user's wallet address which will return the unfilled portion of the original transaction minus any blockchain transaction fees incurred by the DEX. - If a pending limit order is closed by a user using a
close
action, the unfilled portion of the original order transaction amount (minus blockchain transaction fees) will be refunded back to the user's wallet address using anr3
refund transaction. A user may only close their own orders. - If a market order is made which cannot be completely filled by counterparty limit orders, then any unmatched part of the market order (minus blockchain transaction fees) will be refunded back to the user's wallet address as an
r4
refund transaction. - If the majority of DEX operators have agreed to move the DEX to a new multisig wallet address, the DEX will issue a full refund (minus blockchain transaction fees) for every pending order and also every new order which is sent to the DEX wallet address thereafter via
r5
transactions. The DEX should keep refunding all transactions that are sent to the old address for at least 6 months in order to give clients enough time to update their caches to point to the new address. - If the majority of DEX operators have agreed to shut down the DEX, the DEX will issue a full refund (minus blockchain transaction fees) for every pending order and also every new order which is sent to the DEX wallet address thereafter via
r6
transactions. The DEX should keep refunding transactions sent to the last active address for at least 6 months to give clients enough time to update their caches to point to a different DEX. In practice, a DEX should not shut down because it does not align with financial incentives and it requires a high degree of coordination between members but this refund type exists anyway to account for unusual scenarios and use cases. - In addition to basic blockchain fees, a DEX can charge an exchange fee as a percentage of the order value. All DEX members/nodes need to agree on the same percentage fee.
Special thanks to carolina delegate for being an early sponsor of this project.