spot trading on exchanges isnt on-chain and never was for any coin, exchange just keeps a database perps even more so, since you are trading a derivative all on-chain dexes are frozen obv
Dumb question - if the Solana blockchain has been down for hours how has the market for SOL continued to function? Have exchanges been swapping IOUs all day? Who loses money when the blockchain restarts and all the transactions true up?
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Theres a point where the database has to interact with the chain at some point though right?
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Exchanges don't settle on-chain and market makers can use other chains to transfer wrapped tokens or bring in collateral to hedge on futures. You might have an issue when the chain restarts with onchain leverage, though prices haven't moved that much.
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Trading within an exchange doesn't actually happen on chain. The exchange keeps a centralized ledger of who deposited what and what they bought/sold. But the exchange's wallet only transacts when someone deposits or withdraws.
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@ThomasdePhuoc I never thought of that one before -
If all trading was on-chain you wouldn’t pay bips for trades (you would pay much more)
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