First(ish) look: pDEX v3

[alias]

So there’s been general overviews and more technical posts about the new Incognito Exchange, but here’s a more colorful preview of what’s coming soon.

You can place decentralized limit orders

Set your price, live your life, etc. (Limit orders are also commission-free, which I guess is a fancy way of saying zero fees).

You can still just swap ofc

But now you also have price charts! (squiggly button top right, work in progress)

You can see how your assets are performing

Tap ‘Add Coin’ to shield… what do you guys think? Is that more intuitive than the current ‘Shield’, or maybe ‘Deposit’ ? (there will probably be a tooltip for new users explaining that you need to send coins to get privacy for them).

You’ll be able to join pools and earn multi-currency rewards.

Finally, a more decentralized way to contribute liquidity and earn rewards. You’ll get trading fees (in the currencies of whichever pair you contribute), as well as liquidity mining rewards (paid in PRV). We’ll be posting a list of initial reward-earning pairs soon.

And follow what’s happening in the Incognito privacy markets.

Sort by volume, star your favorites.

Ok but wen?

All this ^ is still on track for Jan 2022. But! We’ll be releasing the first version around the end of the year, so everyone has something to play with over the holidays. I’ll post again with more details about that next week.

As always, feedback welcome!

[SPAddict25]

I’d say go for “deposit” rather than add coin. Deposit is pretty clear what it means.

Finally!!! Dark mode looks SICKKKKKKKKK.

[Freyr]

Hi there,
will it be possible to provide to custom LPs (i.e. liquidity pools consisting of two coins other than PRV)? Let’s say I have pXMR and pETH, so can I provide to a XMR <=> ETH pool or do I have to get PRV to provide twice to PRV <=> pETH and PRV <=> pXMR ???

Skål Freyr

P.S.: Dark Mode Rockzz!!
P.P.S.: I’d go for “deposit” rather than “add” … this makes it much clearer

[Socrates]

“Add Coin” in the current incognito app means only add a coin to the list of coins visible on screen without depositing. To use that phrase for depositing funds will be changing the current user habits and associations which is possible, but bound to cause some confusion in the beginning. “Deposit” is probably the better choice and presumably users will still be able to add or delete coins from their visible lists on screen somehow, meaning the “add coin to visible list” or delete coin from a visible list (still by swiping to the left?) or some such equivalent icons will still be needed which are all different from the idea of “depositing”.

Afterthought: I didn’t mention the implied difference between “deposit” and the current “shield” phrase. “Shield” certainly emphasizes the privacy property more and sounds less like a bank. But if the new user interface is going to abstract away from the users the differences between “shield addresses” and the internal regular privacy preserving addresses of the incognito network, then there is no necessary reason to keep “shield” terminology. However, if users will still have to use and keep external shield addresses separate in their minds from the internal incognito addresses, there might be reasons for preserving the “shield” phrase (like when they use onchain explorers to track and trace transactions vs. incognito internal explorers). Possibly “deposit & shield” (when sending into incognito network from outside) and its opposite “withdraw & unshield” (when sending out of incognito network and so users know and hear what they are losing when they leave the network, namely the privacy preserving “shielded” property)? This has the advantage of preserving and emphasizing the whole point of incognito which is PRIVACY. There are reasons for continuing to explicitly affirm this in the minds of all users more than just the phrase “deposit” which likens this special privacy preserving wallet too much to other non-privacy preserving wallets. Abstracting functions away from end user is fine; but abstracting the affirmed values away from the end user is not wise.

For all transactions inside/internally among incognito addresses, then I assume only “send” and “receive” could be used.

[SPAddict25]

Really good point on making sure there’s something distinct for the shielding aspect and reinforcing the notion of privacy.

[KingOfCrypto]

This is a very reasonable explanation! There are terminologies that needed to be preserved as far as this concept of PRIVACY is concerned!

[alias]

thanks @KingOfCrypto @SPAddict25 @Socrates and @Freyr!

i reckon shield is more in keeping with what incognito actually does, but may psychologically add an ‘extra step’ for new users simply looking for a place to trade privately. deposit I suppose would be more in line with other exchanges - less friction as it draws attention away from the process, but in doing so, may not emphasize the value proposition.

just thinking out loud, it may come down to which of these thought processes we want to evoke: 1) trading on pDEX is private, just deposit coins to start trading, or 2) shield your coins to enter the incognito network where you are private, then you can trade on pDEX.

it seems to be between those 2 terms, so let me create a poll to gauge general sentiment.

• Deposit (and withdraw)
• Shield (and unshield)

looking forward to seeing what everyone thinks!

[Freyr]

Well I do understand both arguments and went with “shield and unshield” for exactly that reason, that this distinguishes Incognito from other wallets and dex apps. Since the limited space in a UI might not allow both, maybe the deposit and withdraw aspect of it finds place in a tooltip/help/info icon. Only of course if this does not overload the UI.

Luv what the team is doing so far.
Keep up the good work.

Skål Freyr

P.S.: maybe someone could elaborate on my other question, will it be possible in pDEX v3 to provide liquidity for custom TradingPairs (e.g. XMR <=> BTC) ?
Thanks

[alias]

@Freyr

P.S.: maybe someone could elaborate on my other question, will it be possible in pDEX v3 to provide liquidity for custom TradingPairs (e.g. XMR <=> BTC) ?

sorry - missed your earlier question. yes - you’ll be able to contribute liquidity to any pair you like, e.g. XMR/USDT – to earn trading fees in those currencies.

for liquidity mining (paid in PRV), we’ll publish an initial list of qualifying pools soon. This list will also include non PRV pairs. if you contribute a whitelisted pair, you’ll earn both trading fees and mining rewards.

[Freyr]

this is great news

thx @alias

[KingOfCrypto]

Sincerely, it’s not easy to introduce new things because it use to be a tedious job to get people understand but after they’ve gotten it, it becomes part of their life.

Take for instance: when I first got here, I am wondering about the word "shielding’ at first but through the video tutorial I watched on incognito pDex, I got to understand what the word meant.

It’s a matter of time, new users will soon be used to it.

Shielding and Unshielding are terms known on Incognito Wallet and Blockchain! Very interesting terms!

We can still put @Freyr words into consideration if it won’t have any negative effect on UI Design:

@Freyr

Since the limited space in a UI might not allow both, maybe the deposit and withdraw aspect of it finds place in a tooltip/help/info icon. Only of course if this does not overload the UI.

Kudos, to all @Incognito Team Members!

[abduraman]

Hey @alias,

I hope the app shows the trade path before the trade. Maybe in “Advanced” part.

Btw, what will the maximum length of trade paths be? 5?

Thanks.

[duc]

Hi @abduraman, yes, you’re right, the length of trade paths is limited to 5.