The New Star of Non-Cross-Chain Multi-Chain Trading: Helix Markets Review

Recently, the multi-chain decentralized exchange Helix Markets on the Internet Computer (IC) chain launched its public beta version, showcasing a new scenario for users to exchange multi-chain assets without the need for a cross-chain bridge.

Helix Markets currently supports test coin trading for Bitcoin, Ethereum, and the IC chain. Users need to first deposit assets onto the platform to trade. While this may sound similar to other similar products, the uniqueness of Helix Markets lies in the fact that the trading process does not involve cross-chain operations, nor does it use wrapped tokens or stablecoins.

This kind of non-cross-chain transaction benefits from Chain-key signature technology, which enables the smart contract canisters on the IC chain to create addresses on other public chains and hold real tokens. At the same time, canisters can also make HTTP calls to directly communicate with external networks without the need for oracles. This allows Helix Markets to broadcast transactions directly to the corresponding blockchain networks. Compared to the cross-chain bridges and wrapped token solutions used by mainstream users, Helix Markets is more decentralized and native.

To achieve fund isolation, Helix Markets utilizes canisters to automatically generate a set of addresses for each user that support the asset's blockchain. For example, when a user deposits ETH, it is actually stored in an Ethereum address created by the canister. This allows users to have complete control over their funds and even use Helix Markets as a multi-chain wallet.

It is worth noting that although Helix Markets creates addresses for users, it cannot arbitrarily use user assets. This is because the Chain-key signature technology fragments the private key and distributes it to each node in the subnet where the canister is located. The canister needs to obtain signatures from more than 2/3 of the nodes to initiate a transaction.

The non-cross-chain and secure wallet features of Helix Markets make it one of the safest multi-chain DEXs currently available.

In addition, Helix Markets has introduced some new features for the IC ecosystem:

1. Introduce stablecoins such as USDT and USDC, trading pairs like ICP/USDC are available.
2. Trade other network tokens on the IC chain, such as BTC/USDC, ETH/USDC, etc.
3. New IC ecological projects can be listed on the platform
4. Benefiting from the "reverse Gas" mechanism of the IC chain, users do not need to pay Gas fees, gaining an experience similar to that of centralized exchanges.

Currently, Helix Markets has no plans for issuing tokens, but its public beta is worth a try for IC ecosystem enthusiasts. The usage process is very smooth, and transactions can be completed in seconds.

The specific usage steps are as follows:

1. Open the official website and connect the ICP wallet.
2. Claim test coins
3. Recharge Ethereum-based test coins to Helix Markets
4. Transfer assets to trading wallet
5. Enter the trading interface to start testing transactions.

It is worth mentioning that users can view the various chain addresses generated for them by the smart contract to verify the independence of the wallet.

However, Helix Markets currently still has certain limitations. The "asset wallet" is an on-chain address, while the "trading wallet" is an off-chain order book. Only assets transferred from the trading wallet back to the asset wallet will be settled on-chain. The official plan is to migrate the order book on-chain in 2024 to achieve fully decentralized trading.

Overall, Helix Markets demonstrates the application prospects of the IC chain's "multi-chain asset center" strategy. Whether its non cross-chain multi-chain trading model can help reshape the reputation of the IC ecosystem remains to be seen in time. We hope to see more innovation applications based on chain integration emerge in the IC ecosystem in the future.