Saturn Protocol Alpha Release v2 (Enceladus)

saturn-protocol
ethereum-classic

#1

Saturn Protocol Alpha Release v2 (Enceladus)

Blockchain: Ethereum Classic
Codename: Enceladus
Enceladus is the sixth largest moon of Saturn, named after the traditional opponent of Athena during the war between giants and gods. Buried under a volcano, the giant Enceladus was thought to be the cause of earthquakes and eruptions.

As we announced in our recent blog update, we have performed a smart contract upgrade to enable support for trading ERC20 tokens & implement a new fees structure. If you missed the article you can find it here:

This is the second version of our exchange’s smart contract and will most likely be what is used to launch onto Ethereum as we are very happy with our progress so far. Now we will shift our focus onto polishing up the exchange’s UI.

What do I need to to do?

Nothing really! Just make sure you clear your cache! The exchange will start using the new smart contract for all new buy or sell orders you create, however, every order that was created on Mimas will still be visible & tradable in the orderbook also. You will be able to spot an order on the new contract when you open it by checking the order details:

Enceladus

Please continue to give us feedback and if you spot anything odd, let us know:

New Features:

  • You can now list and trade valid ERC20 tokens, such as GST1 or GST2. You will notice they have already been listed as we needed to perform some testing.
  • We have also introduced trading fees for both directions: buying & selling. New fee structure is more simple to understand: 0% maker fee, 0.25% taker fee.

Why the new fees structure?

  • Taking fees in both buy and sell orders reduces viability of wash trading on the exchange.
  • Collecting more trading fees allows us to distribute more profits to our SATURN token holders.
  • Implementing fees for selling allows our loyalty program to be more active and distribute more SATURN tokens via trade mining.

Happy trading!


#2

One thing I did notice is there was a fee when I cancelled an order which is cool, but we should make sure people are aware of that.


#3

Yes, each time any amount of cryptocurrency is sent or exchanged, the currency goes through a blockchain. This process requires a small fee called a network fee. In your case, you had to pay gas for Ethereum Classic miners to successfully confirm your transaction. Even though you did not make a trade & therefore there was no trading fee incurred, to set up your buy order your ETC will have been sent to our exchanges smart contract so you still had to make a transaction. This is why you had to sign a notification with Saturn Wallet when creating the order & then a similar process when you cancelled your order to get your ETC back.

You could look at the network fee(gas) like a commission the blockchain takes to keep running.


#4