Coinbase Decentralized Exchange Paradex Transitions to 0x V2 Protocol (ZRX)

October 10, 2018


Coinbase’s Paradex Is The Latest Ox V2 Entrant

We are aware that Coinbase has been on an acquisition spree of late. According to both critics and pundits, this largely stems from the need to stifle competition from other up and coming established universal exchanges such as Binance. One of its recently acquired subsidiaries is Paradex. Now, for those who are not familiar with Paradex, it is an Ox-based cryptocurrency trading platform that boasts of unique decentralization when compared to other existing trading platforms.

That aside, the latest news is that Coinbase’ paradex has just completed migration to onto Ox protocol’s V2.

What This Means

For starters, it is vital to note that Ox V2 contracts are essential parts of the blockchain infrastructure that are aimed at helping miners unlock a stream of even more pieces of the newly-crafted tokenized economy.

In other words, the adoption of Ox V2 will mean that,

  • Paradex will be in a better position to support new token standards and asset types
  • It will be finally possible to re-enable those tokens that were previously incompatible with v1 and the ensuing matching model.
  • It will be easier to author new smart contracts that are capable of taking advantage of Ox Contracts and in return influence a new wave of functionality.

Downtime/ Interruption

There are two important things that you need to know about this.

First, according to Paradex’s official Twitter account and website, users of this platform can expect at least 2 hours of interruption as the site’s engineers complete the migration.

Secondly, going by the fact that Ox V1 orders are by large incompatible with the bulk of V2 orders, it is by large expected that all orders charged on the current books will first be canceled before the transfer process continues. However, Paradex’s administrators have assured their users that the upcoming protocol upgrade will not necessarily alter the policy that encompassing geographical access.

What Users Have to Do

In order to successfully complete the moving process, all users are expected to rest their original token allowances since the Ox proxy will have changed by the end of the migration process.

What’s more, this migration is by large symbolizing the beginning of Paradex’s communion with Ox V2. It is, therefore, safe to say that it is a representation of the kind of extremely powerful building blocks that are being realized as we delve deeper into the blockchain technology realm.

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