October 3, 2022

Lykke set to overhaul its crypto platform’s exchange infrastructure

3 min read

Lykke Wallet, a Swiss-based crypto exchange platform, revealed today it is presently carrying out a crucial step in the constant process to enhance its service with the migration to a brand-new exchange architecture.

For several months, the Lykke group has been steadily moving the foundation of its exchange facilities to Sirius, a devoted option developed by a Swiss tech company SwissChain.

SwissChain is a Lykke skill spin-off focused on blockchain innovation. It is among numerous entities that offers companies a complete series of services for self-managed custody and management options. Sirius is one of the essential offerings of the business, it integrates a blockchain engine with a custody service.

Aside from blockchain infrastructure and custody parts, Sirius supports functionalities such as wise agreements, staking, and settlement to name a few. Moreover, it likewise allows for the integration of numerous DeFi systems and protocols, such as accessing DEXs, dApps, and more.

This system migration will be an ongoing procedure and currently has no ETA. The Lykke Wallet exchange has actually been on the marketplace for more than five years, it’s a fully functional trading environment that combines a web terminal and mobile phone applications. It is a trading location that produces conditions for eventually cost-efficient deals with the trading charges being zero and the buy-sell spreads low. To preserve these conditions, an entire system made up of a blockchain engine, nodes, integrations, and numerous add-ons is required. This system uses an all-in-one trading solution for cryptocurrency trading and forex: it integrates a KYC-verification system, a fiat entrance, an API for automated trading, a possibility to generate trading history for tax purposes, etc. The underlying architecture enables the production of trading and private wallets, supports the needed nodes to incorporate brand-new blockchains, and, last, but not least, keeps high-security standards to safeguard the users’ funds. All this system needs to be maintained and constantly upgraded to satisfy the requirements of the developing market and the growing user base of Lykke. Its seamless performance requires a constant effort of an entire advancement group. So even when it appears like nothing is truly occurring, in truth, a whole team of professionals works full-time to guarantee the system’s smooth functionality.
– – The Lykke Team

What does the existing migration imply to Lykke and its users?

First off, Sirius is an item customized to the needs of blockchain-powered companies. It combines the required components of blockchain infrastructure with other value-add items.

In particular, it consists of a devoted custody service developed particularly for safe storage functions. Lykke’s hot wallet will be moved to custody to improve the security level. This suggests that Lykke users’ trading wallets will be transferred to custody too, bringing more security and comfort to all.

Notably, Sirius is also created to enable faster and simpler blockchain combinations. Building a node for a brand-new blockchain integration is now a standardized process based on a prefabricated architecture. With the migration, the integration of brand-new crypto assets on Lykke is now a smoother process.

Lastly, it is necessary to define that the brand-new Lykke system is highly scalable. As the Lykke user base grows, the system must be able to preserve operability throughout trading peaks and prime hours regardless of the variety of users all at once executing their transactions.

What users can anticipate?

The procedure of migration will not affect users in a major method. The only action that will be required is paying attention to the alerts about brand-new deposit addresses. As a blockchain is migrated to Sirius, each user will be designated a new corresponding deposit address.

Newly integrated blockchains consisting of Tezos, Cardano, Polkadot, and Dogecoin, are already hosted in Sirius and other blockchains will continue to be moved.

Another improvement on the way will present the whitelisting of addresses for API traders. Users will have the ability to whitelist withdrawal addresses to allow arbitrage or transfers to and from other exchanges.

The post Lykke set to overhaul its crypto platform’s exchange infrastructure appeared initially on CryptoNinjas.