Lykke will overhaul the exchange infrastructure of its encryption platform »CryptoNinjas
Lykke wallet, a Swiss-based Cryptocurrency trading platform, Announced today that it is currently taking an important step in the ongoing process of improving its services by migrating to a new switching architecture.
For months, the Lykke team has been steadily migrating the building blocks of its switching infrastructure to Sirius, a dedicated solution developed by a Swiss technology company Ruilian.
SwissChain is a Lykke talent spin-off company specializing in blockchain technology. It is one of the entities that provide enterprises with a full range of self-management hosting and management solutions services. Sirius is one of the company’s main products, which combines a blockchain engine with a hosting solution.
In addition to blockchain infrastructure and custody components, Sirius also supports functions such as smart contracts, mortgages, and settlements. In addition, it also allows the integration of various DeFi systems and protocols, such as access to DEX, dApp, etc.
Lykke Wallet Exchange has been on the market for more than five years. It is a fully functional trading environment that combines web terminals and mobile device applications. It is a trading place that creates conditions for the ultimate cost-effective transaction, with zero transaction costs and very low bid-ask spreads. In order to maintain these conditions, an entire system consisting of a blockchain engine, nodes, integration, and various additional components is necessary. The system provides an integrated transaction solution for cryptocurrency transactions and foreign exchange: it integrates a KYC verification system, a legal gateway, an API for automated transactions, the possibility of generating transaction history for tax purposes, etc. The underlying architecture allows the creation of transactions and private wallets, supports the necessary nodes to integrate new blockchains, and last but not least, maintains high security standards to protect users’ funds. All these systems must be maintained and constantly updated to meet the needs of mature markets and Lykke’s growing user base. Its seamless operation requires the continuous efforts of the entire development team. Therefore, even if nothing seems to happen, in fact, the entire professional team works full-time to ensure the seamless functionality of the system.
What does the current migration mean to Lykke and its users?
First of all, Sirius is a product tailored for blockchain-driven companies. It combines the necessary elements of blockchain infrastructure with other value-added projects.
In particular, it includes dedicated custody solutions developed for safe storage purposes. Lykke’s hot wallet will be migrated to custody to increase the level of security. This means that the transaction wallets of Lykke users will also be transferred to custody, bringing more security and peace of mind to everyone.
Importantly, Sirius also aims to achieve faster and easier blockchain integration. Building nodes for the new blockchain integration is now a standardized process based on a prefabricated architecture. With the migration, the integration of new crypto assets on Lykke is now a smoother process.
Finally, it is important to specify that the new Lykke system is highly scalable. As Lykke’s user base grows, regardless of the number of users performing transactions at the same time, the system must be able to maintain operability during peak trading periods and prime time.
What can users expect?
The migration process will not have a significant impact on users. The only action that needs to be taken is to pay attention to the notice regarding the new deposit address. As the blockchain migrates to Sirius, each user will be assigned a new corresponding deposit address.
New integrated blockchains including Tezos, Cardano, Polkadot and Dogecoin are already hosted in Sirius, and other blockchains will continue to migrate.
Another improvement on the way will introduce a whitelist of addresses for API traders. Users will be able to whitelist the withdrawal address to realize arbitrage or transfer with other exchanges.