DFINITY founder Dominic Williams (@dominic_w) has announced a new milestone for MULTI/DEX, an exchange being built on the Internet Computer ($ICP). A live play-mode simulation of what the DFI
DFINITY founder Dominic Williams (@dominic_w) has announced a new milestone for MULTI/DEX, an exchange being built on the Internet Computer ($ICP). A live play-mode simulation of what the DFINITY Foundation describes as the first 100% on-chain, open-source central limit order book exchange is now active. The full launch has not yet happened, but the project is moving closer to release.
MULTI/DEX runs its matching engine, automated market makers (AMMs), margin trading, asset vaults and even the user interface within autonomous smart contracts on the Internet Computer. According to the Internet Computer project's own ecosystem page, the order books, market maker and margin accounts live in replicated smart-contract memory, while an asset canister delivers the website to the user's browser.
Reporting by BeInCrypto indicates the exchange combines a central limit order book with a market-making AMM. It lists Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and ICP against an ICPUSD quote asset, and supports spot orders as well as margin positions with up to 10x leverage, according to BeInCrypto. The same report says all balances in play mode are dummy assets, so no real money is at risk.
Williams has also described the design as a response to the bridging problem in decentralized finance. Live Bitcoin News reported that, according to Williams, users can deposit tokens directly from external chains and withdraw them the same way. Cross-chain bridges remain one of the biggest security risks in decentralized finance, the outlet noted.
The exchange is governed by the Internet Computer's Network Nervous System (NNS). DFINITY's own documentation describes the NNS as a tokenized open governance system responsible for managing the Internet Computer. ICP holders stake tokens to create voting neurons, and adopted proposals are executed automatically.
For MULTI/DEX, the NNS also has a role in deciding its future. BeInCrypto reported that the trial period is intended to inform whether the community hands the platform to the NNS for ownerless execution, and that NNS proposal 142,743 created a second subnet with confidential computing to host the exchange.
The latest announcement does not set a launch date. For now, the play-mode simulation lets users test the exchange with simulated funds while the community evaluates the code and governance path.
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