Bluefin Decentralized Exchange Unveils Major Upgrade - Bluefin v2

Bluefin, a decentralized exchange (DEX) that allows users to trade perpetual swaps on the Ethereum Arbitrum scaling network, has undergone a major transformation. The latest version, Bluefin v2, released on October 3, 2023, brings a host of new features and enhancements to the platform.

In a press release, Bluefin stated that the original version of the platform, Bluefin v1, will remain active alongside the new version. The update represents a significant overhaul of the platform's codebase and functionality. Bluefin's goal with this upgrade is to create a decentralized platform that can rival the features and trading experience of centralized exchanges.

The development of Bluefin v2 comes at a time when trading volumes on the platform have seen a significant decline due to the broader market conditions in the cryptocurrency space. According to DefiLlama data, trading volumes on decentralized exchanges (DEXs) have averaged around $10 billion per week, compared to over $60 billion in November of the previous year.

The rise of DEXs gained momentum in 2022, partly driven by the bankruptcy of FTX's Sam Bankman-Fried. However, the majority of trading volume still remains concentrated on centralized exchanges, and this trend has continued to persist throughout 2023 across the industry.

Developers of Bluefin v2 claim to have improved transaction speed through the use of a technology called "Optimistic transaction confirmations." This innovation enables transactions to be executed on the network in approximately 480 milliseconds. The press release emphasizes that thanks to parallel execution on the Sui Network, network availability is not restricted by applications or users, resulting in an exceptionally high success rate for transfers.