Poloniex’s ZERO Trading fee launch and support to the Ethereum Hard Fork

By Raghav Sawhney

Poloniex launched its new trading system on 1st August 2022 which includes a lot of technical changes and updates in its interface providing users a faster, stable and reliable trading system.  The platform is now offering over 100,000 TPS, both the order matching and transaction speed are now increased over 30 times compared to its legacy system. 

The platform has an updated interface, which includes the new addition of post-only mode to its Limit order section. By enabling the post-only mode, an order placed gets added to the order book as a Maker and does not get filled immediately, and it would be cancelled if there’s a matching contra-order in the market.

Two new order types, market order and stop-market order are also added to the trading system. Whereas the Stop market helps to trade by adding a stop price, the Market order helps to execute the order immediately at the market price. 

Poloniex is always known for its security and with the NTS it takes the speed and stability to the next level. Simultaneously, Poloniex has also launched a “ZERO TRADING FEE” campaign in order to celebrate its NTS launch. In this launch, 24 USDD pairs are already available with the ZERO trading fee, which also includes major cryptocurrencies like BTC, ETH, TRX etc., Going forward, zero trading fee is said to be applied for every trading pair available on the platform. This could be quite an interesting thing to attract all sorts of traders to use poloniex platform.

Ethereum Hard fork

Alongside with updates and rapid expansion, Poloniex is also supporting the ethereum merge and hard fork. Back then Poloniex was the first exchange to list Ethereum and Ethereum Classic. In September 2022, Ethereum is scheduled to start ETH2.0’s merge upgrade. The platform is ready to give full support to Eth’s upgrade and its potential hard fork. Ethereum Holders on the platform will get 1:1 ratio of forked assets after the upgrade. 

In the Ethereum community, developers say: moving over from the proof of work(POW) system of ethereum would make the transactions faster, cheaper and environmentally friendly as well. This also means it won’t reward the Ethereum miners for mining Ethereum and supplying resources to Blockchain.

This led some developers in the community to propose a fork which keeps the proof of work system alive and continues to operate. It helps the miners to continue to support the POW system even if Ethereum undergoes the merge.

Before the official ETH 2.0 upgrade, ETH holders on poloniex platform can swap their ETH into both “potential forked” tokens, ETHS and ETHW, at a 1:1 ratio. Poloniex will launch the corresponding markets, with details explained here.

About the platform

Poloniex was founded in January 2014, it is an exchange well known for its security. Poloniex has recently completed its 8 years of service in this space. It is one of the oldest exchanges which has great trust amongst the crypto community. Poloniex was acquired by H.E. Justin sun in 2019 since then the platform had been seeing great developments . Today, Poloniex has 450+ market pairs and a range of other digital assets. The platform supports spot, future trading with its fast and easy to use interface having a user base across the world. 

Raghav Sawhney

Raghav is a significant contributer who uses his knowledge, skills and experience towards development & growth of the organisation in an efficient and effective manner.

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