New order book contract deployments

Saturn Network’s UI has been designed to interact with all of our deployed order book contracts seamlessly, this allows us to make protocol upgrades without causing any major disruption to trading because orders on previous order book contracts remain active and tradable. You can view what we refer to as the active order book contracts on our System Status page.

Why have you recently deployed new Saturn Protocol contracts?

On 07/02 we deployed an upgraded order book contract on Ethereum and Ethereum Classic. The reasoning behind this was highlighted on our latest blog article, which you can read through below. We will also go into further details when our order book code is published open source, which will happen soon.

The order book contract powering Saturn Protocol on Ethereum received a further upgrade on 08/02 which makes it better equipped to deal deflationary tokens where tokens get burned or sent to random wallet addresses every transaction. This was causing a problem with amounts on the exchange as imagine you create an order to sell 2000 tokens but then Saturn Protocol only receives 1800 tokens for the order.

We have also added in support for malformed tokens, these are tokens that have not followed the ERC20 specs correctly for their transferFrom or transfer method. As a result the token is not technically ERC20 which is why we have called them malformed and really their development teams should fix their buggy code. If any project is reading this post and unsure about their token’s code: reach out to Team Saturn for smart contract auditing.

That being said, we have ensured Saturn Protocol can deal with these broken tokens because we have received cases of traders being able to create an order and then finding their tokens being locked in our smart contract forever due to the token’s broken code. No matter that it is the token’s code which is at fault, the ones who suffer are investors, and we will always take steps to protect cryptocurrency investor’s funds.

Why do I need to ERC20 Approve again?

An ERC20 Approve transaction is wallet, token and order book contract dependent. As a trader you are approving interactions between your wallet address and Saturn Protocol’s order book contract for the token you are trading. We try to keep the ERC20 Approve transactions to a minimum, and when required we ask traders to approve the token’s total supply so that they will never have to do it again on the active order book contract. Remember this is not a fee going to Saturn Network and the transaction will show as ZERO value on your wallet notification, the transaction does need to be confirmed on the network, so like any transaction submitted you need to pay Gas (Ethereum network fees).

Our general stance on Approve is that ERC20 is outdated and developers should be using an ERC223 standard which does not require any approve transaction. ERC223 is the standard we recommend, and why our Saturn DAO Tokens follow it.

If you are unhappy about ERC20 Approve transactions, well this is how the blockchain works, we can’t change that. You can of course recommend the project to upgrade to an ERC223 standard, feel free to let them know Team Saturn can provide services for any custom token development queries or blockchain development requirements.

Why do you not highlight every new order book deployment?

We do not always recommend traders to cancel and recreate their orders simply because sometimes the protocol upgrades are very minor and do not justify the need to do so. Cancelling orders and re-creating costs the trader in network fees, plus he/she needs to ERC20 Approve again if the token is an ERC20 token. We highlight new order book contracts when we recommend it should be done to take advantage of the new contract’s upgrades. New orders are always created on the active order book contract, which means that with time, trading migrates naturally to the new contract.

Will this happen again?

Undoubtedly. We are following our published roadmap and if we need to deploy an upgrade to Saturn Protocol to be compatible with new features to complete our roadmap, well then this will happen. That being said, you will not see us deploying new contracts every week and I suspect there will not be many major Saturn Protocol changes until Saturn DAO smart contracts are ready to be deployed.

Feel free to ask any queries or provide any feedback.

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Thanks for the update, Sam!

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