TEX is a commit-chain based decentralized exchange, built on top of the NOCUST commit-chain by the Liquidity Network team.
TEX works so that final trades periodically get broadcasted on-chain in bulks, but transactions have instant finality within the commit-chain.
Orders are kept similarly to off-chain order book exchanges, but the order host (the operator) is unable to front-run orders due to the novel concept of 'moonwalk orders'.
Moonwalk orders use time-lock puzzles, ZKPs and Merkle tree ranges, which make it impossible for the operator to decrypt the order before it becomes suspicious and the operator’s actions can be challenged.
- Faster order management than on-chain solutions
- Faster trade settlement than other solutions
- Does not require any blockchain transaction fees
- Orders can’t be front run by the operator like other relayer based models
- Inherits the potential weaknesses of the underlying layer 2 solution
Liquidity Network as exchange protocol
TEX is built on Liquidity Network's client library, which is a commit-chain layer 2 scaling solution for Ethereum based on academic research and papers.
Similar to 0x, anyone is free to build an exchange on top of Liquidity Network.