What is WOLF EXCHANGE?
Wolf Exchange is an Ethereum (ERC20) based decentralized smart contract exchange (DEX) that supports real-time trading and high transaction volume. WOLFEX is the most advanced Ethereum DEX, supporting limit and market orders, gas-free cancels, and the ability to fill many trades at once through WOLFCHAIN.
How does WOLFEX work?
WOLFEX consists of a smart contract, a trading engine, and a transaction processing arbiter. The smart contract is responsible for storing all assets and executing trade settlement, and all trades must be authorized by the user’s private keys.
Authorized transactions are passed to the arbiter which manages the queue of pending transactions, dispatching them in sequence to ensure that each trade is mined in the correct order and that the smart contract balances stay in synch with the exchange balances. By controlling the transaction sequence, WOLFEX provides the speed and user experience of centralized exchanges combined with the security of decentralized exchanges.
How does the trading experience on WOLFEX compare to other Ethereum based decentralized exchanges?
WOLFEX hand picks the available tokens to purchase. Many exchanges bulk list anyone. WOLFEX has experienced traders finding the best tokens for you to invest in. The goal is to have every token that is on WOLFEX to be certified a winner!
What are the fees to trade on WOLFEX?
What is a maker and taker?
Market makers place new orders on the books and wait for another user to match them. They can be buys or sells. Market takers find existing orders on the books and fill them, thus taking orders off of the books.
I made a trade as a market taker, why was I charged more than 0.2%?
Market takers are responsible for covering the gas fees associated with each trade. Given our design, the exchange must pay this gas fee, priced in ether, when dispatching the trade to the network and then deduct it from the balance of the market taker. When exchanging tokens for ether the amount of eth deducted matches that of the gas fee. When exchanging ether for tokens, WOLFEX deducts the equivalent amount of tokens based on the price of the asset in ETH. This price is calculated using the average of the last 10 trades.
Ethereum gas prices have been increasing and often this fee is higher than the WOLFEX exchange fee of 0.2%. These high gas prices have led us to institute order minimums in an attempt to reduce costs for our users (see question below on trade minimums).
What are gas fees?
All transactions on the Ethereum network cost gas, a fee that is paid to miners in order to process the transaction. Trades on WOLFEX cost ~140k gas. Gas costs are about 1.5x higher than EtherDelta and slightly higher than 0x, but on WOLFEX there is no risk of competing for the same order and wasting this gas fee. Traders receive their chosen order regardless of how long the transaction takes to settle, so as the exchange grows WOLFEX can continue to use a normal gas price.
Who pays the gas fees?
Users are responsible for covering all gas fees required to use the exchange. Deposit gas fees are paid directly by the user. On all other transactions and withdrawals, WOLFEX pays the gas fee to the network and deducts this fee from the user’s transaction. This includes both gas fees for trades, paid for by the taker, and gas fees for withdrawals, paid for by the customer. For trades and withdrawals the fee is taken out of the asset being traded/withdrawn. When withdrawing tokens the fee amount is calculated using the Token/ETH exchange rate from the last 10 trades.
Why are there minimum trade orders on WOLFEX?
WOLFEX has instituted a minimum order of 0.15 ETH (equivalent) for makers, and 0.05 ETH (equivalent) for takers.
Why is there a 0.04 ETH minimum withdrawal amount for all tokens?
Due to gas fees and how gas costs are applied to withdraws there is a 0.04 ETH minimum withdrawal for any given token. If you have less than 0.04 ETH deposited for a given token, please deposit more until you have at least 0.04 ETH equivalent and then withdraw the full amount.
How much gas is needed to perform a trade?
Each trade costs ~140k gas. Gas costs are about 1.5x higher than EtherDelta and slightly higher than 0x, but on WOLFEX there is no risk of competing for the same order and wasting gas. Traders will receive their chosen order regardless of how long the transaction takes to settle, so as the exchange grows they can continue to use a normal gas price.
Who pays the gas fees?
Users are responsible for covering all gas fees required to use the exchange. Deposit gas fees are paid directly by the user. On all other transactions and withdrawals, WOLFEX pays the gas fee to the network and deducts this fee from the user’s transaction.
Are my funds safe on WOLFEX?
Yes. All Transactions are done through MetaMask which is impossible to hack.
How do you safeguard my private key?
When a user unlocks their wallet, their private key is stored encrypted in browser memory and cannot be accessed. Private keys are only accessed locally to sign transactions on behalf of a user and are never transmitted outside the device. On sign out, the private key is erased from memory and cannot be accessed.