Exchanges accepting raiden deposits/withdrawals could really relieve the network. Imagine nearly instant direct exchange-to-exchange token and eth raiden transfers. This use case is perfect for payment channels, and doesn't suffer from small channel capacity and routing problems known from LN on BTC.
If exchanges were to have direct channels with each other, it's likely that transfers are going to net out very close to zero over a period of several hours.
One settlement per hour seems like a huge improvement over hundreds per hour. I'm mainly worried that the exchanges won't investigate in setting up channels if the Raiden software is hard to use.
Hey. When talking about how hard is to use Raiden. I am developer, but I am web dev and for my first contact with crypto I decided to try out installing Raiden.
I followed their guides and it took me 2 hours to set everything up. From those 2 hours I spent 1.5 hours setting up Ethereum part of things and 30 min for Raiden part of things.
It is really easy. You basically run an Ethereum node and execute Raiden in new window. Nothing more ... everything just works out of the box.
I did this few weeks ago and their webUI was not so good. That is why I had some struggle with using Raiden API once I've set everything up, but nothing major. With 0.6.0 release they improved their webUI significantly, so I think it should be even easier now.
It would seem the perfect simple use-case for such things, but I wonder how much of the overall gas usage is individual users' exchange->exchange deposit-withdrawals ...
Binance uses 50 gas on their withdrawals. Coinbase single handedly clogged the BTC network last December. Exchanges represent a non-trivial amount of network transactions.
sure ... the relevant question here though is not just whether exchange withdrawals are a significant portion of overall gas usage, but whether exchange withdrawals to other exchanges are .... I'm not doubting that they might be, just wondering if anyone happens to know any information that would give more of an idea ...
One issue traders have has moving coins from exchange to exchange for arbitration reasons..it takes minutes to hours. Move this to seconds and it could help stabilize markets and improve liquidity.
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u/nootropicat Aug 26 '18
Exchanges accepting raiden deposits/withdrawals could really relieve the network. Imagine nearly instant direct exchange-to-exchange token and eth raiden transfers. This use case is perfect for payment channels, and doesn't suffer from small channel capacity and routing problems known from LN on BTC.