Become a Broker
This page explains how to start your business with the OpenDAX v4 solution and reach critical milestones.
OpenDAX is a scalable turnkey solution, designed to fit both startups and large-scale enterprises, and its multiple features can help you fully customize your platform to match your brand identity, UX, or any regulatory requirements.
But where do you start? What milestones are in launching a successful trading platform?
We would like to share with you some of our best practices guidelines to ensure everything will go smoothly on your end.
Once you register on the Web Funnel, we will ask the questions necessary to assist you during the initial phases of customization, setup, and maintenance of your project. Please reply with up-to-date information and provide links where possible with access to project-related resources that our team can review (such as the initial project backlog). This will greatly enhance our collaboration.
You will also be asked to agree with the EULA agreement. Please read it carefully and accept it before you proceed further.
In the end, you will be able to choose the ideal collaboration model for your project.
The Partner Selected collaboration model is where you have to select from a list of authorized Openware partners to support your project through all stages of the software development life cycle. Such an option is the best when you do not have an in-house development team or a particular specialist developer available at the moment, or you are not completely sure how to develop, deploy, or integrate a certain feature with OpenDAX by yourself.
The main benefit of the Partner Selected collaboration is the ability for all partners to request a technical consultation from the Openware team to find the best solution for your particular request.
Please keep in mind that all authorized partners have a different range of rates that you can choose from for a particular service, thus consider partners wisely and according to your budget expectations.
The Self-managed collaboration model is where you have the required technical capacity and in-house development team but require a technical configuration and guidance in a form of official documentation and video tutorials necessary to execute the project by yourself.
It is preferable to have Front-end, DevOps, and Blockchain developers with the right tech stack and a Product Owner to guide the team.
- Front End: ReactJS, TypeScript, NextJS + TailwindCSS
- DevOps: AWS/DO/GCP knowledge
To support you, the Openware team will share up-to-date Official Guideline Documentation with your in-house development team to complete major milestones by themselves hassle-free: deployment, customization planning, and customization development.
Please note that with this type of approach, you will not be able to use our R&D team’s help in terms of acquiring Technical support assistance. In case you want direct support from our R&D team, you have to opt for the enterprise package, which comes with an additional annual cost.
As a self-managed customer, plan your resources wisely and make sure that your in-house dev team has the right expertise, otherwise it may take longer time and budget for your project to be executed.
Openware encourages you to follow recommended timelines to keep your project on track. Following timelines are essential to any project and are not only helpful in organizing the work that needs to be done, but it holds everyone accountable for completing the work. Timelines provide a simple visual overview of your project from start to execution.
Base deployment | The customer deploys the software by the recommended deployment methods. | |
Within 14 working days | Customized interface | The customer can use the UI kit at Openware on Figma Community and OpenDAX Customization Tutorials to develop a customized user interface for the trading platform. |
Within 14 working days | Integrations | Customers may hire and integrate a KYC provider and compatible custodian supplier tools. At your discretion. |
In 3 months after registration | MVP Launch | You are recommended to reach the platform MVP deployed stage in 3 months after registration.
[Keep in mind, the timeline will depend on the complexity of integrated customizations and development itself]. |
OpenDAX Activation | Instance activation and Yellow Network connection | Customers shall be required to lock 250,000 YELLOW tokens, to activate the trading platform and the possibility to join Yellow Liquidity Network with 4 state channels enabled. |
We want to share with you tools&tips from our Onboarding Protocol to help you to accelerate your project's delivery phase and ensure it matches your expectations.
Here are key milestones that would help on your way to launch MVP.
Milestone | Description |
|---|---|
Product goal | Create a clear product goal and communicate it explicitly with your selected partner, if you selected one. |
Product Backlog | Partner will help you to build and prioritize your product backlog. |
Scope of work | Partner will prepare a Scope of Work with the deliverables, cost estimations, and delivery timelines for you to sign off and align well before any development starts. |
Design thinking | Build a unique platform. Think carefully about the concept of your future platform, its UI/UX should be pre-defined.
To optimize the process, the Openware design bureau provides an opportunity to duplicate the OpenDax V4 Figma UI kit. Your partner will then apply necessary custom changes as per your personal preference. |
Build a landing page | A good landing page will increase the chances for your platform to be found on the web. |
Market-making strategy | Dedicate appropriate efforts to supply your platform with liquidity (otherwise, you will be required to pay higher fees in Yellow Network). Our brokers can use the Openware created and maintained ArkeBot for market-making. Arke is an open-source trading bot that can perform local market-making operations, and provide liquidity to your exchange. |
Following these steps will ensure the smooth delivery of your exchange and readiness for the Yellow Liquidity Network launch.
As you may know, the best advantage of OpenDAX V4 is the ability to join the Yellow Liquidity Network. It is a Layer-3 peer-to-peer network that uses state channel technology, which enables each broker node to securely exchange liquidity & facilitate trading, clearing, and settlement with other brokers. You can learn more about it in our official documentation.
Our tentative plan is to launch the Yellow Network with the possibility to lock 250,000 YELLOW tokens per 4 state channels in Q1 2023.
Meanwhile, each broker must accomplish the following criteria to become a part of the Yellow Liquidity Network member:
- Deployed MVP Yellow Network production release is planned for Q1 2023. The sooner you have your OpenDAX MVP launched, the more prepared and mature your platform will be for connection to Yellow Network.
- Market-making Consider efforts to supply your platform with liquidity (otherwise you’ll have to pay additional fees for using Yellow Network).
- 1.OpenDAX platform activation.
- 2.Yellow Network connection.
- 3.Eligibility to purchase Enterprise license (access to source code).
- 4.Eligibility to purchase support from the Openware team (if required).
We compile all necessary materials into the table below. Please take your time to overview it, it will help you to gain the best knowledge about V4.
Link | Type |
Official Documentation | |
Official Documentation | |
Website | |
Video recording | |
WebSDK | |
WebSDK | |
WebSDK Library | |
Files | |
Figma design | |
Video recording | |
Slides | |
Video recording | |
Video recording |
If you require any additional information or have any questions, please don’t hesitate to contact us.
Last modified 5mo ago