Question 1

rhino.fi: How does rhino.fi differ to Kyber or Uniswap?

Accepted Answer

How does rhino.fi differ to Kyber or Uniswap?

rhino.fi (previously known as DeversiFi) operates differently than purely on-chain exchanges.

Protocols such as Kyber and Uniswap operate solely on the Ethereum blockchain. Order books are broadcast on-chain and traders can take an order by submitting a transaction. The tokens are swapped atomically (meaning both sending and receiving must happen at the same time).

This fully on-chain system has certain benefits:

It cannot be shut down or censored.
It is permissionless - anyone with an Ethereum wallet can participate.
It is simple to use - trades only require one transaction.
Any ERC20 token can be added to the system.

However, new Ethereum blocks are mined only once every 10-20 seconds and only a finite amount of transactions can be included in each block. This has certain consequences:

The speed of execution is significantly slowed down.
There is no guarantee that your trade transactions will be picked up.
When paying gas fees (the network fee you pay to have your trade included in the block) you compete with every other user of the blockchain. Competition can become very high in periods of congestion.
Because the order book is slow to update, the spread needs to be significantly wide to protect the market-makers from sudden price fluctuations.
Liquidity is provided by automatic market-making algorithms, hence the fees charged need to be significantly high to pro

Question 2

Why your first deposit costs more in gas

Accepted Answer

rhino.fi uses a Layer 2 scaling solution. Before an address can use it, it needs to be registered with our smart contract. This registration step is combined with your first deposit and hence adds a bit more gas to the transaction.

Question 3

rhino.fi: Withdrawing Tokens

Accepted Answer

Withdrawing Tokens From rhino.fi.

You have three options to withdraw your tokens from rhino.fi:

Regular withdrawals to the Ethereum mainnet (a two-step process where you pay & control the gas fee at the end of the process from your on-chain wallet).
Fast withdrawals to the Ethereum mainnet.
Fast withdrawals to the Polygon network .

Scroll down this article for more details about each withdrawal option.

${youtube}rhino.fi Withdrawals Walkthrough

Withdrawals will default to the fast withdrawals on Ethereum if fast withdrawals are eligible for that token. You can change from fast to regular by clicking on the 'Advanced' link in the withdrawal widget.

Option 1 - Regular Withdrawals Ethereum

Regular withdrawals are available for all tokens on rhino.fi. This requires a two-step process.

1) Initiate the withdrawal and then wait 8-17 hours. 2) Make the final on-chain transaction to send the tokens back to your Ethereum mainnet wallet.

Pending - Until your withdrawal is ready for you to send back to your on-chain/Layer-1 wallet, the withdrawal will display as 'Pending' in your Portfolio section.

Ready To send - When your withdrawal is ready to send back to your on-chain wallet, you will see a popup notification on the Portfolio screen.

Cancel - You can cancel the withdrawal in the Portfolio section until the point where it has been processed and is ready to send back to your on-chain wallet.

Fee - There is no fee charged

Question 4

rhino.fi: What is the purpose of the Data Availability Committee?

Accepted Answer

What is the purpose of the Data Availability Committee?

Why is the Data Availability Committee needed?

Privacy is key to trading. In addition to being slow, existing decentralised exchanges make all trades visible, even though professional traders want to protect their trading activity, and proprietary trading strategies, from competitors and public view. Privacy will be a key requirement for decentralised exchanges to gain traction with this audience moving forward.

In order to achieve privacy, rhino.fi traders' balance data will be moved off-chain, rather than being stored on the blockchain. StarkWare, the provider of rhino.fi's scalability engine, is currently exploring other privacy-achieving methods that could be implemented in the future, without the need for data to be stored purely off-chain by a committee. However, the current approach was chosen as a pragmatic solution following conversations with large customers, and will be improved in the future.

What is the Data Availability Committee’s Role?

The Data Availability Committee has three main functions:

Protect user trading privacy by allowing balance updates and trades to be hidden from other users.
Check the state of balances and, if valid, sign to allow the merkel root of the state to be updated on-chain.
Publish all balances data if rhino.fi and or StarkWare were ever to go offline, or withhold data.

The initial DAC committee is comprised of

Question 5

Unlocking Legacy Tokens

Accepted Answer

Unlocking Legacy Tokens

Legacy Wrappers

From time to time, due to a variety of factors from site protection to upgrades, we need to update our contracts. While extremely rare, this would mean users may have funds in legacy contracts.

To access legacy balances for further trading, users are required to unlock them from these legacy wrappers and re-lock them in the live version.

The process involves interacting with the legacy wrapper via Etherscan in order to unlock your tokens:

**Please note that it is possible to interact with the legacy wrappers via other sites like myetherwallet, but this tutorial will focus on the unlocking method via Etherscan.

Requirements:

A browser with MetaMask installed (if using a hardware wallet, you'd need to first install Metamask, and then connect your hardware wallet to MetaMask).
Link to the legacy wrapper contract. Please find below the links to each of the contracts:

LEGACY CONTRACT 1

Question 6

rhino.fi: Learn how OTC trading works

Accepted Answer

Learn how OTC trading works

After discussing with the community, we’ve decided to launch rhino.fi OTC feature to make your trading experience more seamless and flexible than ever. The new feature, now available on rhino.fi, unlocks a whole new way to trade tokens, reducing the potential for slippage while giving you additional flexibility when working with the exchange.

Orders created via rhino.fi OTC are not shared on the regular exchange order book. Instead, rhino.fi OTC generates a unique “taker” URL that can be shared with your trading partner, allowing them to become the exclusive taker of your trade.

The feature allows you to swap any ERC-20-compliant token, including those that are not currently listed on rhino.fi, with fees as low as 0.02%.

We’ve kept the process simple:

Select the token you would like to deposit and its amount.
Specify which token you would like to receive and its amount.
The token then gets locked into the trade and a unique URL gets generated.
Share this URL with your trading partner.
Once your trading partner accepts the trade, the order gets settled and you receive the tokens you’ve specified when setting up the trade, while your partner receives the token you’ve locked in.

You can cancel the order and unlock your tokens any time before the order gets executed.

rhino.fi OTC is a valuable tool for those looking to swap larger amounts of tokens in a single trade. Executing such a trade on a reg

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