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RadarRelay

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Brandon Curtis edited this page Sep 3, 2017 · 17 revisions

What is the RadarRelay Exchange?

RadarRelay is a trustless exchange built on the Øx protocol.

RadarRelay will allow users to trade ERC-20 tokens (Ethereum network tokens like Augur, OmiseGo, Golem, &etc) without trusting eachother or RadarRelay.

Exchange Beta

The RadarRelay beta launched on September 1st, 2017 on Ethereum's Kovan Testnet.

  • please read the RadarRelay beta launch announcement
  • this beta is purely for testing purposes using Kovan Testnet tokens
  • the Testnet beta will allow users to experiment with RadarRelay and the devs to fix bugs
  • the RadarRelay beta will launch on Ethereum Mainnet for trading with real money
  • The RadarRelay Mainnet beta release does not yet have a launch date

Make sure you are using the Kovan Testnet in your wallet. In MetaMask, click on "Mainnet" in the top left-hand corner and use the dropdown to select "Kovan Testnet".

Acquiring Kovan Testnet Tokens

To try out RadarRelay in the beta, you can get Ethereum Kovan Testnet tokens at the Øx OTC site.

If the ETH "request" button doesn't seem to be working, there are other ways to get Kovan Testnet ETH. If you're a Linux or OSX user and you already have a GitHub account, this method will only take a second:

  1. you will need to sign up for a GitHub account to use this method.
  2. go here and create a gist: https://gist.github.com/
  3. leave everything blank except put your Ethereum wallet address as the text of the gist
  4. click 'create public gist'
  5. copy the URL of your resulting gist
  6. now, open up a terminal and run this: curl http://github-faucet.kovan.network/url --data "address=THE_URL_OF_YOUR_GIST"
  7. Your 1 ETH will be on its way! You can get another 1 ETH in 24 hours.

Windows users will have to install curl to use this method.

Fees for the Beta

The fee rates described below are for the BETA and may be changed for the official launch. Slightly higher fees for a beta make sense, because it can help keep the exchange volume to reasonable levels for testing purposes.

  • All users pay a gas cost to activate or deactivate a token for trading

Order Creator fees

  • creating an order: no fee
  • order expires at the time sent during order creation: no fee
  • order is filled: Maker fee, 0.45% paid in ZRX to RadarRelay
  • cancel an order early: gas cost

Order Filler fees

  • order is filled: Taker fee, 0.70% paid in ZRX to RadarRelay
  • order is filled: gas cost

Your wallet address will execute a transaction on the Ethereum blockchain, and you will use up a bit of Ether to pay gas costs, in the following instances:

  • user activates or deactivates a token for trading (calls function approve() for the token's contract)
  • order creator cancels an order early (calls function cancelOrder() of the Øx exchange contract)
  • order filler fills the order (calls function fillOrder() for the Øx exchange contract)

If you're using Metamask, it will set the gas price you're willing to pay to a default of ~22 gwei. If you're willing to wait a little longer for your transactions to go through, try reducing the gas price to 4 gwei and save yourself some ether.

The Maker and Taker fees are paid to RadarRelay in ZRX tokens. For now, you need to buy some ZRX tokens and put them in your wallet so that you can pay this fee. In the future, you will have the option of allowing the relay to acquire the ZRX tokens for you so that you don't have to buy and hold them yourself.

Technical Details

The Øx protocol is primarily powered by two Ethereum smart contracts. On the Kovan Testnet, these are:

Enabling Tokens for Trading

When you use RadarRelay, your address will also transact with the token smart contract for each token that you trade. A token's Kovan Testnet contract address is different from its Mainnet contract address.

On the Kovan Testnet, the token addresses (from the Etherscan Kovan token search) are:

In Metamask, you'll need to add these tokens using the "Add Token" button to get them to show up in the Metamask interface.

Activating a token for trading requires a transaction on the Ethereum blockchain.

What's actually going on in this transaction? RadarRelay published a page to describe the "token allowances" process in detail.

From the MakerDAO OasisDEX documentation:

For the (MakerOTC) Dapp to be able to access your token funds for buying and/or selling, you need to first grant it access to withdraw from your personal account by setting the allowance. This will specify the maximum that can be withdrawn, and will be reduced with each withdrawal. You can always update the allowance or disable it completely by setting it to 0. This might seem confusing initially, but this token access pattern is common practice for all EIP-20 tokens.

This mirrors the tooltip on the Øx OTC site:

Øx smart contracts require access to your token balances in order to execute trades. Toggling permissions sets an allowance for the smart contract so you can start trading that token.

Reversing Accidental Mainnet Transactions

As of 2017-09-02 the ETH-WETH wrap-unwrap buttons in RadarRelay have been disabled for Mainnet
so it's not possible to make this mistake now!  It's also not possible to use RadarRelay
to unwrap accidentally-wrapped WETH, but never fear, your (W)ETH is safe.

The RadarRelay beta is initially only available on the Kovan testnet. If you try to use RadarRelay with Ethereum Mainnet, it will let you know that this is invalid.

However, the interface will allow you to wrap your Mainnet Ethereum tokens into Wrapped ETH (WETH) (read more about WETH). Unfortunately the RadarRelay interface won't show you your Mainnet WETH balance, but don't worry - your tokens aren't lost.

If you inspect your address in etherscan.io, your ETH-WETH wrapping transactions interact with the WETH wrapping contract (0x2956356cd2a2bf3202f771f50d3d14a367b48070 on Mainnet). If you're using MetaMask, try adding 0x2956356cd2a2bf3202f771f50d3d14a367b48070 with the "add token" button; click on the "Sent" tab, then switch back to "Tokens" and see if your WETH appears.

Even though RadarRelay will not display your Mainnet WETH tokens, you can use the RadarRelay interface to unwrap your WETH back into ETH. In RadarRelay, go to your wallet, under your tokens click 'Unwrap', and type in the amount of WETH you are holding that you'd like to recover back to ETH. Approve the transaction in your wallet app, and you should get your ETH back shortly!

UPDATED: it used to be possible to use RadarRelay to unwrap WETH into ETH on Mainnet, but this no longer works. If you'd prefer to wait until RadarRelay launches on Mainnet, that is probably your easiest option. If you don't want to wait, you can unwrap Mainnet WETH to ETH using MyEtherWallet (MEW), which is compatible with MetaMask and many other wallet interfaces:

  • go to https://www.myetherwallet.com/#contracts
  • plug in the address of the WETH smart contract, 0x2956356cd2a2bf3202f771f50d3d14a367b48070
  • copy the confirmed contract ABI of EtherToken.sol from Etherscan
  • paste it into MEW under ABI / JSON Interface
  • click "Access" on MEW
  • select the withdraw function from the "Select A Function" dropdown
  • enter the amount of WETH that you would like to convert back to ETH, in Wei
  • select the wallet that contains your WETH
  • generate the transaction, then broadcast it to the network

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