Since October 2019, Fides-Exchange has operated as a standard currency exchange on a powerful premise - to operate openly and transparently while offering a true market: the market’s metrics based on non-automated trades and artificially seeded order books.
Web3 infrastructure plays a foundational role here as all accounts on the platform utilize the blockchain. Fides-Exchange is also moving on plans to record operational measures on specific blockchains as source records. This would maintain a record of operations on a blockchain - establishing a historical record that would not change or otherwise be misrepresented.
With security, transparency, and performance being central to the Fides-Exchange mission from the get-go, they knew that they needed powerful, cost-effective infrastructure to operate. Standing up a full ETH node had several stark problems: huge expense, dev cycle drain to set up & maintain + weeks / months of sync time, and getting to-market late. They decided on a partner for a web3 provider solution.
They explored providers which offered access to nodes, but throttled calls and had overage pricing which made them reconsider standing up their own node again.
With QuikNode, Fides has instant access to Ethereum blockchain node data without standing up & maintaining a complete ETH node. As a result, Fides has been scaling up with the various tiers offered by QuikNode without having to make operational and physical changes (which can take time and suck up internal resources). In other words, scaling occurs seamlessly and without interruption.
They found that while the savings were tremendous (compared to running their own node), the savings on usage only increased as more demand was placed on the exchange for ETH & token-related transactions. Plus, from a performance standpoint, they have not encountered any limits or have seen any degradation in performance at any point.
Fides-Exchange CEO, Mark Van Doren, also noted some other critical moments that you might not be thinking of until you are knee deep: “There was an unusual circumstance where we needed to stand up a temporary node and it was done within minutes. In the few instances where we had a problem, technical support provided was great and helped us get back online. The crypto payment option is great and we have used it on several occasions.”
QuikNode.io is building infrastructure to support the future of Web3. Since 2017, we’ve worked with hundreds of developers & companies, helping scale dApps and providing high-performance Ethereum node access. Subscribe to our newsletter for more content like this and stay in the loop on what’s happening in Web3!! 😃