Maker System
Makers assist senders with the interoperability and adaptability of their asset transactions in an efficient manner. Continuously providing liquidity in all market conditions, they optimise Ethereum Layer 2 transactions for stability.
A multifunctional decentralised mechanism, empowering both market makers and senders to flexibilize their digital assets safely and efficiently. We enable makers to earn competitive profits by setting up Maker Nodes, while safeguarding sender’s assets via the Arbitration mechanism.
Makers can set up a maker node by themselves and provide liquidity.
Anyone can create a maker node via the maker dashboard.
Route
- Step 1: Go to the MakerNode page in Orbiter Dashboard.
- Step 2: Maker needs to select the layer 2 network in which they wish to provide liquidity. Please note that a maker can choose multiple destination networks for transaction validation and liquidity provision.
- Step 3: Set the transaction limit, withholding fee and trading fee per transaction according to the maker's preferences.
Limit: Refers to the maximum amount allowed for a transaction. Please note that the minimum transaction value is 0.005 Ether. Withholding Fee: A one-time charge to cover the cost of gas for transfers to the destination network. Fees may vary according to the destination network. Trading Fee: Makers can choose a percentage of the trading value they wish to get from the per-transaction amount.
Maker Dashboard
We recommend that makers keep 110-180 Eth in their EOA address as liquidity in order to respond to transaction needs. In addition to the liquidity that makers provide in their EOA address, makers also need to deposit excess margin in the MDC contract. Makers are able to adjust the excess margin amount by modifying the limit of every transaction pair. Makers will receive the total amount of excess margin deposited when the node is removed.
An appealing system where senders are able to trace or file complaints about their transaction disorders when they do not receive their assets within a reasonable time range.
Senders start the arbitration when they don't receive the transaction on the destination network within a reasonable time frame. Senders upload transaction proof to validate the validity of the translation. Makers may submit evidence that the transfer has occurred or is occurring on the destination network. If makers offer the required proof of the transaction history to the sender, they will not lose anything. Otherwise, the sender will receive a full refund plus a portion of the maker's excess margin on this transaction.
Please see the steps below.
Three contacts are deployed in the network to validate the transaction and arbitration.
- MDC Contract (Maker Deposit Contract): Holds excess margin makers deposits and handles the send-back compensation for Senders.
- EBC Contract (Event Binding Contract): to verify the correspondence between the source and the target transactions.
- SPV Contract (Simplified Payment Verification): used to confirm the existence and authenticity of a transaction.
The flowchart below elaborates in detail how the three contracts function in an arbitration.
Makers will be able to access the ongoing arbitration cases and history via Maker Arbitration.
Although our Maker System is now running on the testnet and only available to members of our Whitelist, we will expand our reach and finally meet everyone very soon!
Last modified 3mo ago