Ethfinex.com will be closing down permanently on 12 October 2019, a blog announcement says. This is because the trading platform is shifting into a decentralized, high speed exchange known as Deversifi.
The new exchange is still being developed with the aim of making it a token trading destination with innovative solutions that give users full control of their assets.
Apart from its high speed and decentralized nature, the new exchange will allow users to execute orders of any size directly from their cryptocurrency wallets.
The aim is to ensure the security of funds rather than having such funds on a centralized trading platform such as Ethfinex.
The team says is an improvement from the existing decentralized exchanges which sacrifice speed for security and control.
The project has been worked on underground for the past two years and will be coming with features including Margin, Lending, and new Fee features.
Ethfinex volumes to merge with Bitfinex
With the news of shutting down Ethfinex, it is only normal for users to ask questions concerning their funds. The Ethfinex team has decided to merge its volumes with those of sister cryptocurrency exchange Bitfinex.
This is to ensure that the switch to Deversifi does not affect any trader’s funds. The merging will be taking place over the next 30 days from today to make the transition very smooth.
The exercise also gives traders the option of continuing with Bitfinex after Ethfinex finally closes down at the end of October.
Traders are not expected to do anything as the transition will be fully internal and no role is to be played by users. They will be able to access their balances using their normal information when Ethfinex shuts down.
For those who want to migrate to Deversifi
While users are to do nothing to merge with Bitfinex, they will have to do something if they wish to migrate their trades to the new Deversifi.
Such users will have to migrate their token balances using Squarelink, a wallet which Ethfinex integrated with recently.
Through a micro-site, users can easily set up a Squarelink wallet by following the instructions.
They will then be able to log into their Ethfinex wallet and withdraw funds to the wallet. Finally, they will connect the wallet to Deversifi to start trading on the new platform.
The new Deversifi is a dream come true for Ethfinex which has been working on realizing DeFi goals for its users.
With the final migration, another centralized platform has launched into DeFi and several others are doing the same. This points to a promising future for DeFi as the main financial system in years to come.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.