Overview of the decentralized exchange Forkdelta
Forkdelta appeared as the fork of the Etherdelta exchange, after it was sold to unknown Chinese investors, who took a number of questionable decisions.
Drama of Etherdelta
On December 21, 2017, the Etherdelta DNS servers were hacked. Users were redirected to a fake site that gained access to private user keys. On December 23, the exchange resumed its normal work.
December 30 on the site Etherdelta the information about the ICO till January 13 appeared. Just on the New Year holidays, when there is almost no activity.
For most users, who learned about this ICO, this seemed like a continuation of the DNS hacking story: it seemed too strange and illogical to collect money on New Year’s holidays.
However, everything was real. The moderator of the Etherdelta community of Reddit made it clear on December 31, writing a comment:
The creator of Etherdelta sold the application to some Chinese guys right before the DNS hack.
I cannot tell whether it was intentional or random.
Most likely, the new owners paid a lot of money for the site and now want to return their investments by conducting a dubious ICO. The new team did not write a single line of code for Etherdelta
Meanwhile on the Etherdelta site a section â€œTeamâ€� was added with three unknown Asians, and their posts on Twitter page now contains grammatical errors. The first decision of the new owners of the exchange was toughening the conditions for listing new tokens: now to place a new token on the exchange, you need to buy new Etherdelta (EDT) tokens and put them on deposit. Moreover, the size of the deposit is determined by new owners as 1-3% of the total capitalization of the project at the time of listing.
The community did not adopt new rules and created a fork of the exchange, which was called Forkdelta. In fact, it is the same exchange that uses the old smart contract of Etherdelta. The commissions for all operations also are sent to the Etherdelta team.
Forkdelta team announced the development of a new smart contract on the 0x protocol, but after a while, one can say it ends here – now:
After all the stories with hacks and ICO, the exchange lost credibility of users and accumulated trading volumes. Apparently, the enthusiasm of the team has faded along with the volumes.
However, it is now possible to clearly see the advantages of decentralized exchanges: the smart contract, which is used by both exchanges, was not compromised and has still been working, while it was drama in the community. No matter which site you trade, Forkdelta or Etherdelta, you will use the same smart contract. Only the list of orders for buying and selling tokens will differ.
The interface is slightly different from Etherdelta:
There is no need to verify the user, you just have to create an account and save the private key:
How to trade on Forkdelta
Letâ€™s have a look how to trade on the exchange using the example of our FNTB token. To perform transactions you will need a link to the trading pair: https://forkdelta.github.io/#!/trade/FNTB-ETH
Often, links to trading pairs are not published, but only the addresses of the smart contract are specified. For example, the address of the FNTB smart contract is: 0xbD4B60a138b3fce3584EA01f50c0908c18f9677A
The easiest way is to find our token in the dropdown menu:
Everything is set for trading:
Trading is carried out in a common way. Orders are placed in the New Order. Orders can be tracked in the Order book, prices are displayed in the Price chart. By clicking on the â€œredâ€� order you can buy tokens:
Pros and cons of Forkdelta
Advantages and disadvantages are standard for a decentralized exchange. High security of transactions through a smart contract without the intervention of a third party is combined with low liquidity. You do not need to worry about blocking the funds of the exchange, there is no registration and verification. All trades are conducted only in pairs with the Ether.
What to choose – Etherdelta or Forkdelta? Choose the exchange where there are more orders and the ask and bid prices are more profitable. Remember that one exchange differs from the other only by orders. All the rest is a single smart contract, through which all the exchange of tokens is being conducted.