DDEX
Basics
- "DDEX is the first decentralized exchange built on Hydro Protocol technology, offering instant, real-time order matching with secure on-chain settlement.'
Tech
Oracle Method being used
"Oracle Method
Uses on-chain price oracles to determine real-time USD prices. These price oracles are different for each market (example: the ETH-DAI market will use the MakerDAO ETH-USD price oracle), chosen based on stability. They have several safety mechanisms built into the price determination process to guard against oracle failures: both on a contract level and algorithmically.
USDC references Coinbase prices, with safety checks, outlier detection, and expiration time built into their onchain proxy.
There are sanity bounds placed on the price of DAI, currently set to 0.95 and 1.05
Contract Addresses
- DAI: 0xe6f148448b61339a59eF6aB9ab7378E9200FA745
Source
- https://medium.com/hydro-protocol/ddex-faq-margin-trading-bd4b32beb9f
- https://medium.com/ddex/reflecting-on-ddex-in-the-age-of-flash-loans-ee55410e0974
- https://samczsun.com/taking-undercollateralized-loans-for-fun-and-for-profit"
Governance
- From DeFi Watch (9-3-2020):
"DDEX's protocol is upgradeable via an admin key with a 3-day timelock and 2-of-3 multisig. The admin key is capable of making changes to critical parts of the smart contract ecosystem."
Audits
Admin Key OpSec Risk Assessment
- The following information comes from a spreadsheet (4-2-2020) created by Chris Blec.
"Current Admin Key Config- Time Lock: 3 Days
Current Admin Key Config- Multisig: 2-of-3
Claimed Admin Key OpSec: None
Verified Admin Key OpSec: Unverifiable
Is security of deposited funds dependent on opsec of admin key?: Yes
Admin Key Address: Link
Documentation on Admin Key Powers: None Found
Additional Info (if any)?"
- Scored a 40% on DeFi Safety (5-1-2021); "Since the V2 contract addresses are unknown (first question), the audit score goes to 0. Peckshield Preformed an audit on the 21st of August, 2019. DDex was launched March 11, 2019 according to their GitHub."
- With the comment (6-1-2021): "Should be 79% but they have not published the V2 smart contract addresses. We asked the devs, and we waited since Dec 14. We will update, when they publish."
DeFi Score
- ConsenSys Codefi released (9-2019) a scoring website for DeFi projects. As of 4-11-2019 it has also analysed DDEX:
"DDEX provides a code audit report but has not performed formal verification. While DDEX has just launched in the last month, they have low to moderate liquidity and a moderate to high collateral index score."
Partnerships
- Part of the WBTC community (still as of 8-2019)
- Has a partnership (as of 9-2019) with Dforce and its USDx project
