eckoDEX: The first Decentralized Exchange on Kadena
Notice
As of 28th February 2023 - Kaddex/KaddexDAO/X-Wallet undertook a rebranding into a new vision and mission into eckoDEX/eckoDAO/eckoWALLET
Building gasless DeFi on Kadena, the ecko journey and future.
A group of individuals with shared goals joined forces in early 2021 to embark on a project to build the first Decentralised Exchange (DEX) within the Kadena ecosystem.
The idea was simple, yet complex to achieve. To ensure a truly open and transparent marketplace, eckoDEX needed to overcome the existing issues of standard DEXs in their lack of usability, high gas costs and protocols’ vulnerability.
The eckoDEX team put together an ambitious 2021 and 2022 roadmap. As the team grew in numbers and skills, acquiring technical know-how and leveraging Kadena’s relatively new technology, the website V1 was launched and ultimately refined into the release of eckoDEX Beta.
However, in the process, it became clear that the initial vision was expanding well beyond the first version of eckoDEX as a gas-free DEX platform providing:
- Real accessibility in terms of costs and simplicity.
- Setting up a Decentralised Autonomous Organisation (DAO) to transparently manage the true decentralisation process for both the website and swap platform.
- Sustainable and longevous liquidity mining programs.
This positions eckoDEX as an enabler to scale Kadena technology towards future adoptions and to provide tools and technologies that propel DeFi forward, unitedly as an ecosystem.
Long-term goals require rock-solid foundations, safeguarded by paramount security soundness. These have been the premises of eckoDEX 2023.
eckoWALLET: The first non-custodial Wallet on Kadena
The team developed a proprietary wallet, called eckoWALLET that now allows users to securely store and manage their digital assets without relying on a third-party custodian. This means that users have full control over their assets and are responsible for keeping track of their private keys. The wallet is easy to use and provides users with a convenient way to manage their funds, including the ability to send and receive transactions and track their balances. With this service, users can feel confident that their assets are safe and secure and can easily access and manage them whenever they need to, all from one single secure platform: “not your keys, not your crypto”.
Our recent updates have made it easier for users to navigate the app/extension and access their digital assets. Additionally, the updates have added two-factor authentication (2FA) to the wallet and improved biometrics, providing an extra security layer. Finally, the updates have also introduced in-app swap functionality with eckoDEX, allowing users to easily exchange their digital assets within the app. These updates are now available on the Apple and Google Play stores and are designed to provide users with a seamless and secure experience within the Kadena ecosystem.
These smaller milestones are essential in understanding the concept behind the whole eckoDEX ecosystem in scaling to mass adoption. The team understands the importance of developing a native wallet and making sure that processes are more agile and facilitate the best user experience. eckoWALLET does not provide revenues for eckoDEX. However, its function was perceived as essential towards improving the ecosystem and this tool is now separate from the eckoDEX workflow with its own dedicated team.
Building safe DeFi — The importance of code auditing
The suite of protocols managed by eckoDAO and its leading swap technology needed to be stable, reliable, and bulletproof. Audit for full assurance was non-negotiable, regardless of costs and time. The community's interests and the project's long-term longevity are central to the team’s priorities and workflow.
The team hired the best-in-class audit firm, NCC to verify eckoDEX’s full compliance with all the latest industry requirements. The audit was conducted by a team of experienced professionals who used a combination of automated tools and manual review to identify any potential vulnerabilities or weaknesses in the code. As a result of this audit, any issues that were identified were addressed and resolved, ensuring that the DEX is secure and reliable for users.
The successful audit finally led to the full launch of eckoDEX in August 2022 and took us to where it currently stands now, with more than 19,000 website users on average each month. In 2023, the DEX will undergo another audit with CertiK with the release of several exciting new features, further improving the security and functionality of the platform.
In Q1 2023 eckoWALLET undertook an audit with CertiK. Although there are no smart contracts in the wallet codebase, it is important to ensure that the application code is thoroughly reviewed and tested to ensure safety, security, and mitigation of application risk. This process is designed to help ensure that the Chrome extension and wallet applications are fortified for users and that their assets are guarded.
eckoDEX DAO: The first Decentralised Autonomous Organization on Kadena
The eckoDEX protocol came into existence to become a community-owned tool, the token holders are meant to control. Along the same lines, they will be the only true owners of the DAO portal, in a fair and transparent fashion, that fosters balance and real decentralization.
In Q4 2022 eckoDEX undertook a demerger to continue the decentralization of the organisation structure. The DEX/Portal tech development will be supported by KUSH Labs. While the eckoWALLET tech development will be led by Architech LLC. These development firms will have no decision-making power and will act on the choices made by the DAO.
The DAO association contract work is guided by the community vision as directed by the DAO governance protocol. All information regarding the development process will be transparently shared. This helps ensure that the development of the ecosystem is guided efficiently by the community rather than a single entity, promoting decentralization and greater participation from all stakeholders. It also allows for greater transparency and accountability in the development process, as the community can more easily track and evaluate the progress of the team. Overall, the establishment of clear building processes is an important step in fostering a more decentralized and community-driven ecosystem.
We believe that projects adopting this decentralized approach will create a more equitable and fair system, as it ensures that all voices are heard and that all members have a stake in the success of the protocol. Additionally, our governance system is designed to be adaptable and responsive to the needs of our users, allowing for the smooth operation and evolution of the DAO ecosystem.
This is eckoDEX’s ultimate vision. However, it is not a static goal. Full decentralization is a living process that will evolve and grow in itself. By understanding its core concepts, the potential and possibilities are limitless to its user.
Building through the bear market and for the long-term
eckoDEX has outreached its original objectives and goals, developing into far more than a DEX, with eckoWALLET serving as a free tool for the overall fast-growing Kadena Ecosystem. Nonetheless, today the eckoDAO association is prepared for long-term tech development.
A roadmap for the first half of 2023 has already been set and approved, while the program for the second half of the year will be shared with the community as early as possible. This engages a proactive feedback loop that should act as the initial DAO engine, moving choices and decision-making within the ecosystem and community.
To do so and as already explained, DAO products will mainly consist of 3 work-streams:
- eckoDEX the “DEX” is developed and maintained by “Kush Labs”.
- eckoWALLET is developed and maintained by “Architech LLC”.
- DAO Portal development is supported and projected by CFDB LLC legal team, industry leader tech advisors, and the two aforementioned development companies.
The DAO portal provides a set of modular tools that can be customised and configured to suit the needs of any Kadena project. These tools also include voting mechanisms and governance structures, to name a few.
The team is still working on both innovating tech development and organisational set-up. While the DAO portal is still in the development phase, one key innovation is that it allows users to easily create and manage a DAO without having extensive knowledge of blockchain technology or smart contract programming. The user-friendly interface and modular design make it easy for anyone to set up and operate a DAO, regardless of their technical expertise. This makes the DAO portal a powerful tool for enabling decentralised collaboration and decision-making within a variety of projects and organisations.
Our recent partnership with Kadefi is focused on improving the user experience of our products through the implementation of their DEX scan tooling. We are excited to work with strategic partners like Kadefi in 2023 to continue improving the ecosystem and making it even more user-friendly. This partnership represents a major step forward in our efforts to provide the best possible experience for our users.
In less than 2 years, eckoDEX has come a long way in terms of resources, skills, experience and living products. However, the road to full decentralization has only just begun.