The New Star of IC Chain DEX Helix Markets: A Multi-Chain Trading Platform Without Cross-Chain

The DFINITY Foundation recently established a new short-term vision for the Internet Computer (referred to as IC), aiming to integrate directly with other public chains using Chain-key signature technology, and to launch a series of ckTokens led by ckBTC and ckETH, positioning IC as the "multi-chain asset hub" in the crypto industry. Users can natively use or exchange assets from different chains on the IC chain.

Key features of this vision include:

• Directly integrate assets from other chains using Chain-key signature technology without cross-chain.
• Issue the ckTokens series of stablecoins to address the high transaction fees and slow speeds of mainstream public chains.
• ckTokens are issued based on smart contracts and NNS, achieving complete decentralization.

Recently, the multi-chain DEX Helix Markets based on the IC chain launched its public testnet, showcasing the practical application scenario of the "multi-chain asset center" for users.

Helix Markets currently supports test coin trading on three chains: Bitcoin, Ethereum, and IC. Users need to deposit assets into the platform to trade. Unlike other similar products, the trading process on Helix Markets does not involve cross-chain operations and does not use wrapped tokens.

Helix Markets leverages Chain-key signature technology to facilitate communication between two chains, allowing assets from other chains to be natively integrated into the IC chain. This technology enables the smart contracts on the IC chain, called Canisters, to create public chain addresses that rely on ECDSA, thus holding real tokens. Additionally, Canisters can make HTTP calls, directly communicating with the outside world without the need for an oracle.

To ensure the safety of user funds, Helix Markets automatically generates a set of addresses for each user that support the asset's blockchain. For example, when a user deposits ETH, it is actually deposited into a new Ethereum address created by Canister. This allows users to have full control over their funds.

It is worth noting that Helix Markets cannot control users' private keys. This is because the Chain-key signature technology fragments the private key and distributes it to each node in the subnet where the Canister resides. If the Canister needs to initiate a transaction using the user's address, it must obtain the signatures of 2/3 of the nodes in the subnet. This further enhances the platform's security.

Helix Markets brings some interesting new DeFi plays to the IC chain ecosystem:

1. Introduce stablecoins such as USDT and USDC, supporting trading pairs like ICP/USDC.
2. Trade other network tokens on the IC chain, such as BTC/USDC, ETH/USDC, etc.
3. Provide listing opportunities for new IC chain ecological projects
4. Utilize the "reverse Gas" mechanism of the IC chain to provide users with a transaction experience that does not require Gas fees.

Although Helix Markets currently has no plans to issue tokens, its public beta version is still worth experiencing for IC enthusiasts. The platform offers a variety of test coins and ample liquidity, with fast trading speeds.

During use, users need to pay attention to the difference between "asset wallet" and "trading wallet". The "asset wallet" is an on-chain address, while the "trading wallet" is an off-chain order book. Only when assets are transferred from the "trading wallet" back to the "asset wallet" will they be settled on-chain. The official plan is to move the order book on-chain in 2024 to achieve a fully decentralized trading model.

Overall, Helix Markets demonstrates the potential of the IC chain's "multi-chain asset center" vision. It provides users with a secure and convenient multi-chain trading platform without relying on cross-chain bridges or stablecoins. Over time, we will see whether this innovative model can bring broader recognition and application to the IC chain.