RadarRelay
RadarRelay is a trustless exchange built on the Øx protocol.
RadarRelay will allow users to trade ERC-20 tokens (Ethereum network tokens like Augur, OmiseGo, Golem, &etc) without trusting eachother or RadarRelay.
The RadarRelay beta launched on September 1st, 2017 on Ethereum's Kovan Testnet.
- please read the RadarRelay beta launch announcement
- this beta is purely for testing purposes using Kovan Testnet tokens
- the Kovan Testnet beta will allow users to experiment with RadarRelay and the devs to fix bugs
- get Kovan Testnet tokens for trading at the Øx OTC site
- the RadarRelay beta will launch on Ethereum Mainnet for trading with real money
- The RadarRelay Mainnet beta release does not yet have a launch date
Make sure you are using the Kovan Testnet in your wallet. In MetaMask, click on "Mainnet" in the top left-hand corner and use the dropdown to select "Kovan Testnet".
The fee rates described below are for the BETA and may be changed for the official launch. Slightly higher fees for a beta make sense, because it can help keep the exchange volume to reasonable levels for testing purposes.
- creating an order is free
- order creator pays the Maker fee (0.45%) in ZRX when the transaction goes through (paid to RadarRelay)
- order creator pays no fee if the order expires at the time sent during order creation
- order creator pays the gas cost of calling the cancelOrder() function if they cancel early
- filling an order pays the Taker fee (0.70%) in ZRX when the transaction goes through (paid to RadarRelay)
Your wallet address will execute a transaction on the Ethereum blockchain, and you will use up a bit of Ether to pay gas costs, in the following instances:
- user activates or deactivates a token for trading
- order creator cancels an order early (calls function
cancelOrder())
If you're using Metamask, it will set the gas price you're willing to pay to a default of ~22 gwei. If you're willing to wait a little longer for your transactions to go through, try reducing the gas price to 4 gwei and save yourself some ether.
The Øx protocol is primarily powered by two Ethereum smart contracts. On the Kovan Testnet, these are:
- Øx exchange: 0x90Fe2Af704B34E0224bF2299C838E04d4Dcf1364
- ZRX token: 0x6Ff6C0Ff1d68b964901F986d4C9FA3ac68346570
When you use RadarRelay, your address will also transact with the token smart contract for each token that you trade. A token's Kovan Testnet contract address is different from its Mainnet contract address.
On the Kovan Testnet, the token addresses (from the EtherScan Kovan token search are:
- Wrapped Eth WETH 0x05d090b51c40b020eab3bfcb6a2dff130df22e9c
- MakerDAO MKR 0x1dad4783cf3fe3085c1426157ab175a6119a04ba
- Øx Project ZRX 0x6ff6c0ff1d68b964901f986d4c9fa3ac68346570
- Augur REP 0xb18845c260f680d5b9d84649638813e342e4f8c9
- DigixDAO DGD 0xeee3870657e4716670f185df08652dd848fe8f7e
- Melon MLN 0x323b5d4c32345ced77393b3530b1eed0f346429d
- Golem GNT 0xef7fff64389b814a946f3e92105513705ca6b990
In Metamask, you'll need to add these tokens using the "Add Token" button to get them to show up in the Metamask interface.
Activating a token for trading requires a transaction on the Ethereum blockchain.
What's actually going on in this transaction?
From the MakerDAO OasisDEX documentation:
For the (MakerOTC) Dapp to be able to access your token funds for buying and/or selling, you need to first grant it access to withdraw from your personal account by setting the allowance. This will specify the maximum that can be withdrawn, and will be reduced with each withdrawal. You can always update the allowance or disable it completely by setting it to 0. This might seem confusing initially, but this token access pattern is common practice for all EIP-20 tokens.
This mirrors the tooltip on the Øx OTC site:
Øx smart contracts require access to your token balances in order to execute trades. Toggling permissions sets an allowance for the smart contract so you can start trading that token.
The RadarRelay beta is initially only available on the Kovan testnet. If you try to use RadarRelay with Ethereum Mainnet, it will let you know that this is invalid.
However, the interface will allow you to wrap your Mainnet Ethereum tokens into Wrapped ETH (WETH) (read more about WETH). Unfortunately the RadarRelay interface won't show you your Mainnet WETH balance, but don't worry - your tokens aren't lost.
If you inspect your address in etherscan.io, your ETH-WETH wrapping transactions interact with the WETH wrapping contract (0x2956356cd2a2bf3202f771f50d3d14a367b48070 on Mainnet). If you're using MetaMask, try adding 0x2956356cd2a2bf3202f771f50d3d14a367b48070 with the "add token" button; click on the "Sent" tab, then switch back to "Tokens" and see if your WETH appears.
Even though RadarRelay will not display your Mainnet WETH tokens, you can use the RadarRelay interface to unwrap your WETH back into ETH. In RadarRelay, go to your wallet, under your tokens click 'Unwrap', and type in the amount of WETH you are holding that you'd like to recover back to ETH. Approve the transaction in your wallet app, and you should get your ETH back shortly!
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