📈 Trading platform upgrade: focusing on L2 (Community choice)
Hi everyone,
For the last few days, I was exploring our options to migrate the upgraded trading platform to an L2 scaling solution.
I thought it would be impossible to do in the near future or that it would take months, but I was wrong.
I have reached the Polygon team, and they introduced me to an important Chainlink team member.
In its current form, the trading platform is using only one chainlink node to make price feed requests, because each request costs 0.1 LINK ($3 approx), and trading fees have to at least compensate for them.
He made me realize it would be a very bad idea to deploy our upgraded trading platform using only 1 node, because our price feed would depend on a single entity and would be subject to manipulations / exposed to hacks.
Even though we would use the most reputed node, I don’t feel comfortable anymore giving this much power to a single entity, considering our goal is to make a decentralized trading platform.
If we were to use 4 nodes on eth mainnet for example (to have a decentralized and trustless price feed), it would cost $3x4x2 = $24 for each trade (open and close).
Trading fees sent to the gov fund, used to fund these requests, represent 0.5%. Therefore, it would require a $4,800 minimum position size to be sustainable long-term, which would put big limitations on our trading platform.
After discussing this on our telegram with the GFARM2 community, almost everyone has agreed it’s better to delay our launch to deploy on L2 instead of the ethereum mainnet.
This is excellent news because to reach mass adoption, we always knew we would absolutely need to migrate to L2.
The top priority is now to bridge the GFARM2 token and NFTs to the Polygon mainnet, and deploy our trading platform there.
I estimate it will take more or less 20 days. I will keep you updated with every step of the process, as always.
Thank you all for the support, this community amazes me every day.
Séb.
