July 18, 2024

Bluefin launches Bluefin v2 – builds a decentralized trading platform

Bluefin to support a wallet-less trading experience while remaining non-custodial (CNW GroupBluefin)
Bluefin to support a wallet-less trading experience while remaining non-custodial (CNW GroupBluefin)

Bluefin recently announced Bluefin v2, the next step of its decentralized, orderbook-based exchange. Bluefin v1 supports the trading of perpetual swaps and is currently powered by Arbitrum, a layer 2 blockchain leveraging the security of Ethereum. While we will continue to operate and maintain Bluefin v1, with v2 we aim to build a decentralized platform that can match the features and trading experience of centralized exchanges, for both professional and first-time traders. This includes supporting new features such as spot trading as well as overcoming the performance limitations and high gas fees on existing Layer 2s.

Key Takeaways

  • Timeline: Bluefin v2 will be released in a beta state in September followed by several features that include instant trade confirmations, sub-second finality, fully-decentralized spot markets, cross-margin, and trading without wallets. These will be rolled out over the next six months.
  • Performance: ~30ms optimistic trade confirmations, ~550ms finality, 5,400+ peak TPS
  • Eliminating Wallets: We’re working to emulate the Web2 trading experience while retaining the decentralization benefits of an on-chain trading protocol
  • Cost of Execution: The spread on Bluefin v1 is currently <0.001% and with reduced latencies and gas fees below $0.005 on v2, users will benefit from even lower trade execution costs.

Bluefin v2

Bluefin has rewritten its codebase and built on a new underlying technology. Bluefin v2 is built on Sui, which enables horizontally scalable performance and a wallet-less trading experience that competes with the user experience of a centralized exchange. Bluefin v2 comes with:

  1. Optimistic trades streamed sub-second and eliminating the need for wallets.
  2. Spot trading using Sui’s on-chain order book further enhances Bluefin’s decentralization, transparency, and security.
  3. A new margining engine with cross-margining capabilities.
  4. An underlying layer 1 that has seen a peak throughput of over 5400 TPS on mainnet and a peak throughput ranging from 10,871 TPS to 297,000 TPS while benchmarking in a series of tests

Performance

Bluefin’s goal is to ensure that users experience sub-second trades, finalized on-chain, and reflected instantly on their UI. These are two key performance components of Bluefin v2: optimistic trade confirmations and on-chain finality.

With Sui’s parallel execution, the availability of the network is not constrained by other applications and users. As a result, the success rate of transactions submitted on-chain is extremely high. Building on this guarantee, Bluefin has redesigned the off-chain order book layer to send optimistic confirmations of trades in ~30ms back to users and ensure eventual consistency with the on-chain smart contracts in ~480ms on average based on benchmarking in a production environment.

Eliminating Wallets While Remaining Non-Custodial Bluefin is working on eliminating the need for users to bring their own wallets by making on-chain interactions invisible to users. Abstracting away private key management and the need for wallets altogether, while remaining non-custodial, is a key milestone for decentralized finance.  There are three phases here: i) natively-supported social login using zkLogin, ii) easy fiat on-ramp and transfers from other exchanges and blockchains, and, iii) eliminating wallets altogether.

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