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IMX Updates
6/6/2023

The Future of Immutable Trading APIs

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TL;DR

Digital asset trading plays a critical role in web3 gaming by revolutionizing the concept of virtual in-game economies. It enables players to participate in marketplaces, negotiate prices, and ultimately have complete control and ownership over their collectibles. That's not all though - trading also enhances player engagement and opens up new revenue stream opportunities for game developers. This functionality is essential to Immutable's ecosystem.

The Immutable Platform has supported trading since its inception. As time has progressed we have added more and more functionality to this platform: from the support of various different fee types to the recent introduction of bids. With the announcement of our zkEVM support, the platform has grown in size, scope and potential, and we need to reduce the software bloat and create an environment we can support a multi-rollup future.

V3 Upgrade:

We are upgrading our v3 trading endpoint to support all experiences and deprecate our older v1 trading endpoints in order to reduce operational overhead of our trading systems and bring our trading experiences into a standard format. It improves user experience by allowing people to charge maker and taker fees on buy orders, while also moving all functionality under the v3 endpoints (now there is no need to go to the v1 endpoints to trade).

Split Fees for Maker/Taker Fee Support:

Currently we are unable to functionally charge fees on bids. In order to charge fees on bids we are prompting users to “split fees” on all orders, both listings and bids. This means that maker marketplace fees will be paid by the maker and the taker marketplace fees will be paid by the taker. All other fees remain the same and are paid by the taker. Again, this will apply on both bids and listings. 

There are also currently issues with the taking of fees on the v1 endpoint with some customer implementations causing issues on our systems. We have become more prescriptive about how fees should be applied - with buyers paying the fee from the respective buyer marketplace and the seller paying the fee from the respective seller marketplace.

Additional information about the migration process is available here. Please leave comments directly on the doc if you have any questions.

Sunsetting V1 Trading endpoints:

We will be turning off v1 trading endpoints on 1 September. This reduces the cost of us developing new features and also reduces the complexity of our overall system, which is going to be important as we want to move towards supporting multiple rollups. This means that we need to put our API interface into a state that can be used as a foundation for new features and new rollups.

What do you need to do before then?

As an integrator you must move from using the v1 trading endpoint to using the v3 endpoints. The best practice to migrate can be found here.

If you use an SDK this will be easy, simply upgrade to the latest version of your SDK and you will be sending your orders to the v3 trading endpoints. 

If you are using Link currently you may need to make changes to the front end of your marketplace in order to display the new fees object. As such, the link changes are not on by default and you will need to toggle the new link version to send orders down that path. See IMX marketplace for an implementation example, and the above document for how to enable the toggle, or additional documentation here.

Future of the trading endpoints:

We are going to deliver more multi-rollup experiences and more complex trading experiences in the future. We need to have a base that can scale our systems. These changes give us a strong foundation to build additional functionality on top of the system.

Initially we will be releasing our zkEVM support on a separate set of APIs, but we will move to normalize these experiences in the future and develop deep functionality that allows for people to trade however they like. Our goals in the future are to have a single API that allows for the execution of orders across multiple chains that is interfaced via an SDK that abstracts away any complexity associated with signing or bridging.

Thank you for your support,

IMX Trading team.

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