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Dec 15, 2017
Jan 14, 2019

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DutchX - Smart Contracts

The DutchX is a fully decentralized trading protocol ("the Protocol"), which allows anyone to add any token pair. The only requirement is for tokens to be ERC20 compliant.

It uses the Dutch auction principle to prevent the problems prevalent at other exchanges (e.g. front running) to facilitate the development of a fairer Web3 ecosystem for everyone.

Please note that depending on how you use this Program, you may be required to satisfy additional local law requirements, which may include but are not limited to instating KYC/AML procedures and gaining legal authorisations from applicable regulators.


Checkout the DutchX Documentation.

Audit report

Contract addresses

Check out the addresses for the deployed contracts in rinkeby and mainnet in :


For developer we recommend to read the documentation and guides in DutchX Documentation.

Setup and show the networks

# Install dependencies
yarn install

# Compile and restore the network addresses
yarn restore

# Show current network addresses
yarn networks

Execute migrations into a local ganache-cli

# Make sure ganache cli is installed globally
npm install -g ganache-cli

# Run ganache
yarn rpc

# Execute the migrations
yarn migrate

Set the Ether price and Feed expire date for development

Some migrations allow you to specify some parameter so you can change some values at deploy time:

  • ETH_USD_PRICE: Allows to set the price of the ETH-USD oracle feed. Just for local ganache-cli. It's 500 USD/ETH by default.
  • FEED_EXPIRE_PERIOD_DAYS: Allows to set the expiration date for the feed. It's 365 days by default

Set a different threshold for adding a new token and starting a new auction

The migration that setup the DutchX contract is parametrized, so you can change the default value of the thresholds:

  • THRESHOLD_NEW_TOKEN_PAIR_USD: Minimum USD worth of a token that the contract requires in order to add a new token pair in the DutchX. It's 10.000 USD by default.
  • THRESHOLD_AUCTION_START_USD: Liquidity in USD required for the auction to start. It's 1.000 USD by default.

Run all tests

yarn test -s

The flag -s runs the tests in a silence mode. Additionally the flag -g can be added to plot the gas costs per test.

Generate a new version

# In a release branch (i.e. release/vX.Y.X)
# Migrate the version to the testnets, at least rinkeby, and possibly mainnet
# You can optionally change the gas price using the GAS_PRICE_GWEI env variable
yarn restore
MNEMONIC=$MNEMONIC_DX yarn migrate --network rinkeby

# Extract the network file
yarn networks-extract

# Verify the contract in Etherscan
# Folow the steps in "Verify contract"

# Commit the network file
git add network.json
git commit -m 'Update the networks file'

# Generate version using Semantic Version:
# For example, for a minor version
npm version minor
git push && git push --tags

# Deploy npm package
npm publish --access=public

# Merge tag into develop, to deploy it to production, also merge it into master
git checkout develop
git merge vX.Y.X

Verify contract on Etherscan

Flatten the smart contract:

npx truffle-flattener contracts/DutchExchangeProxy.sol > build/DutchExchangeProxy-EtherScan.sol
npx truffle-flattener contracts/DutchExchange.sol > build/DutchExchange-EtherScan.sol
npx truffle-flattener contracts/TokenFRT.sol > build/TokenFRT-EtherScan.sol
npx truffle-flattener contracts/Oracle/PriceOracleInterface.sol > build/PriceOracleInterface-EtherScan.sol

Go to Etherscan validation page:

  • Go to Verify Contract Code (version 2.0)
  • Fill the information:
    • Use the flattened contract
    • Set the exact compiler version used for the compilation i.e. v0.4.24+commit.e67f0147
    • Optimization: Yes
    • For the proxy, you'll need the ABI encoded params, you can get them by running the following script (specify the right network).
      • yarn get-abi-encoded-params --network rinkeby
  • Press validate


This Program (as defined by the GNU Lesser General Public License) is made available on an as-is basis open source under the GNU Lesser General Public License and by doing so, no personal data is collected, used, stored, disclosed or secured by the creators. Depending on how you use this Program, you may be required to provide and apply an appropriate privacy policy to comply with law.

An API gathers publicly available data from the Ethereum blockchain on the usage of this Program.

Please note that where you use the Program to auction off a token and no one participates on the bid side of the auction within a 24 hour period, the token to be sold will be valued at zero. Therefore, we recommend that you also ensure liquidity for the bid-side.