DeGate V1 Legacy
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DeGate is an app-specific ZK Rollup that enables a trustless, fast and low-fee decentralized order book exchange, helping users to trade easy and sleep easy. DeGate smart contracts are forked from Loopring V3.
$56.90 K
6.34%
Badges
About
DeGate is an app-specific ZK Rollup that enables a trustless, fast and low-fee decentralized order book exchange, helping users to trade easy and sleep easy. DeGate smart contracts are forked from Loopring V3.
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Funds can be stolen if
Users can be censored if
MEV can be extracted if
State validation
ZK proofs (SN)zkSNARKS are zero knowledge proofs that ensure state correctness, but require trusted setup.
Exit window
∞Users can exit funds at any time because contracts are not upgradeable.
Sequencer failure
Force via L1Users can force the sequencer to include a withdrawal transaction by submitting a request through L1 with a 0.01 ETH fee. If the sequencer is down for more than 15d, users can use the exit hatch to withdraw their funds. The sequencer can censor individual deposits, but in such case after 15d users can get their funds back.
Proposer failure
Use escape hatchUsers are able to trustlessly exit by submitting a Merkle proof of funds.
![DeGate V1 Legacy](/icons/degate2.png)
- A complete and functional proof system is deployed.
- Users are able to exit without the help of the permissioned operators.
- Users have at least 30d to exit as the system cannot be upgraded.
Validity proofs ensure state correctness
Each update to the system state must be accompanied by a ZK proof that ensures that the new state was derived by correctly applying a series of valid user transactions to the previous state. These proofs are then verified on Ethereum by a smart contract.
Zero knowledge SNARK cryptography is used
Despite their production use zkSNARKs are still new and experimental cryptography. Cryptography has made a lot of advancements in the recent years but all cryptographic solutions rely on time to prove their security. In addition zkSNARKs require a trusted setup to operate.
Funds can be stolen if the cryptography is broken or implemented incorrectly.
All data required for proofs is published on chain
All the data that is used to construct the system state is published on chain in the form of cheap calldata. This ensures that it will always be available when needed.
The system has a centralized operator
The operator is the only entity that can propose blocks. A live and trustworthy operator is vital to the health of the system.
MEV can be extracted if the operator exploits their centralized position and frontruns user transactions.
Users can force exit the system
Force exit allows the users to escape censorship by withdrawing their funds. The system allows users to force the withdrawal of funds by submitting a request directly to the contract on-chain. The request must be served within a defined time period. If this does not happen, the system will halt regular operation and permit trustless withdrawal of funds.
Users can be censored if the operator refuses to include their transactions. However, there exists a mechanism to independently exit the system.
Regular exit
Forced exit
If the user experiences censorship from the operator with regular exit they can submit their withdrawal requests directly on L1. The system is then obliged to service this request. Once the force operation is submitted and if the request is serviced, the operation follows the flow of a regular exit.
Emergency exit
If the 15d deadline passes and the forced exit is still ignored the user can put the system into Withdrawal Mode, disallowing further state updates. In that case everybody can withdraw by submitting a merkle proof of their funds with their L1 transaction.
The system uses the following set of permissioned addresses:
This address is the owner of the following contracts: LoopringIOExchangeOwner, LoopringV3, DefaultDepositContract. Can add or remove block submitters. Can change the forced withdrawal fee up to 0.25 ETH. Can change a way that balance is calculated per contract during the deposit, allowing the support of non-standard tokens.
This address is the owner of the BlockVerifier contract.
The system consists of the following smart contracts on the host chain (Ethereum):
Main ExchangeV3 contract.
ERC 20 token basic deposit contract. Handles user deposits and withdrawals. This contract can store any token.
Contract for setting exchange fee parameters.
zkSNARK Verifier based on ethsnarks library.