According to CoinDesk, decentralized orderbook exchange Bluefin has launched its upgraded version, Bluefin v2, on the Sui network. The new iteration includes features such as sub-second optimistic trades, spot and cross-margin capabilities, and a privacy function that allows trading without a crypto wallet. The first version of the platform, Bluefin v1, which enables users to trade perpetual swaps on the Ethereum scaling network Arbitrum, will remain active.
Bluefin stated in a press release that they have rewritten their codebase and rebuilt the exchange on new underlying technology throughout the year. Their goal with the next version is to create a decentralized platform that can match the features and trading experience of centralized exchanges. This development comes as crypto trading volumes have significantly decreased due to the ongoing bear market. Decentralized exchanges (DEXs) gained prominence last year after several centralized platforms experienced issues, but most trading volume remains concentrated on centralized platforms due to typically lower transaction costs and faster execution.
Bluefin's v2 aims to improve speed with optimistic trade confirmations, settling trades on the platform's user interface before finalizing them on the blockchain. The redesigned off-chain orderbook layer can send optimistic confirmations of trades back to users in about 30 milliseconds and ensure the trade with on-chain smart contracts in around 480 milliseconds. The press release also highlighted the high success rate of transactions submitted on-chain due to Sui's parallel execution. Bluefin has received funding from investors such as Polychain Capital and large trading firms like Susquehanna, Wintermute, GSR, and Wintermute, as stated on the platform's website.
