Today, cryptocurrencies are mostly traded on centralized exchanges, which can handle very large bid volumes very quickly at low costs. However, the trader risks the total loss of his deposited tokens in case of a hacker attack or fraud of the operator.
Alternatively, decentralized exchanges are becoming increasingly popular. These consist of smart contracts that are available on different blockchains. The trader thus always retains sovereignty over his tokens. Unfortunately, decentralization comes at a painful price: fees increase rapidly as demand grows, and clearing takes at least a few seconds.
PolkaDEX combines the best of both worlds: Fast trade execution thanks to an off-chain matching engine combined with trusted execution to manage balances. This ensures that the exchange operator (or a hacker) cannot dispose of the credits at any time without a matching bid from the owner.
PolkaDEX and SCS are working together on this solution using SubstraTEE, the open source framework developed by SCS to develop publicly auditable solutions with trusted execution.