Runs on Radix Q&A: Trove | The Radix Blog | Radix DLT
Launched in June 2023, the ‘Runs on Radix‘ initiative empowers dApps to effectively highlight the advantages of operating on Radix. This includes an enhanced user experience, applications fortified by the Radix Engine, and a scalable network primed for widespread adoption. The introduction of ‘Runs on Radix’ was met with resounding support from the Radix developer community, with over 45 projects expressing interest within just a month of its unveiling.
Radix Publishing will be speaking with many of the participants over the coming few months, providing the Radix community with a comprehensive guide to each project.
Here are some key things you need to know about Trove: an innovative digital asset trade management tool.
- Trove is a digital asset trade management tool allowing users to swap NFTs and various tokens efficiently and securely.
- Building Trove on Radix offers benefits like fewer deal size constraints, clear transaction manifests, low transaction fees, and inherent scalability.
- Users can easily set up trade proposals, where assets are selected, reviewed, and secured in a self-custody vault. Trading partners can then review, verify, and accept the proposals, swapping assets in a single transaction.
- With a finance and renewable energy background, Ripsource transitioned into dApp development on Radix. He created Trove to foster Radix’s unique bartering culture, emphasizing secure and direct user-to-user trades.
What is Trove?
Trove is a simple yet innovative utility tool for managing and advertising digital assets trades. Its main goal is to offer users an effortless and secure medium to manage swaps of a variety of digital assets, be it a singular NFT, a bundle of NFTs for XRD, or even an intricate mix of NFTs and various tokens. Trove gives you the tools to accomplish these trades in a consolidated deal.
By eliminating the need for intermediaries or drawn-out escrow processes, the platform offers a trustless experience, all underpinned by the robust Scrypto logic of the Radix Engine.
What truly distinguishes Trove is its simplicity and efficiency. The creator of Trove was able to craft its core blueprint with less than 300 lines of Scrypto code. This accomplishment is virtually unparalleled if built on another platform like Ethereum or Polygon.
For instance, OpenSea’s newly launched Deals feature and NF3 exchange on Ethereum/Polygon, which secured over $1m for their peer-to-peer swap service, bear testament to the ingenuity of Radix’s and Trove’s capabilities.
Let’s dive more into how Radix has enhanced Trove’s capabilities and user offerings.
Why build on Radix?
According to Ripsource, the founder of Trove: “The Radix engine and Scrypto have also enabled me to create what I believe to be a comparative or superior product from Day 1 in several areas”.
Trove’s features include:
Reduced Deal Size Constraints: While platforms like OpenSea Deals restrict users to a maximum of 30 NFTs and Solana’s FoxySwap to 6, Trove shatters these boundaries. Users can potentially transact hundreds or even thousands of assets in one go, thanks to Radix’s native asset handling.
Transaction Manifest: Beyond Trove’s intrinsic security measures, Radix further bolsters trust with a transaction manifest. This feature displays a comprehensive transaction breakdown before users approve, offering unparalleled clarity and assurance.
Minimal Gas Fees: A perpetual concern, particularly on networks like Ethereum, are the prohibitive gas fees. Such costs become a formidable barrier, especially for trades of ‘low-value’ digital assets. Radix offers substantially lower transaction fees, making casual trades on Trove almost frictionless in comparison.
Inherent Scalability: Trove’s design on Radix has sidestepped the usual scaling concerns. The platform doesn’t necessitate extensive contract updates or dependency on other smart contracts. Trove’s Scrypto logic can be deployed as a singular blueprint, with all the intricate workings managed effortlessly by the Radix Engine.
Trove on Radix represents a digital asset trade management platform and possibly the future of seamless, efficient, and expansive peer-to-peer transactions in DeFi.
Trove in Action: A User’s Guide
It’s easy to say, “This will work great and is revolutionary,” but how does it work from a user’s perspective? Here’s a quick summary of how a user can expect a trade on Trove to go:
Scenario: Alice wants to sell her unique Fostered Arachnids NFT. She communicates her offer through Telegram groups, Twitter, and friends. Bob proposes to exchange 2 of his Conservative Flightless Bird NFTs and 1000 Gumball tokens for Alice’s NFT. They agree, and Alice informs Bob she will set up a Trade Proposal on Trove for their deal.
Trade Proposal Creation:
- Alice visits the Trove website and links her Radix mobile wallet via Radix Connect.
- She chooses the ‘create a trade proposal’ option and enters Bob’s XRD domain or account address.
- Alice’s wallet contents display, and she picks the Fostered Arachnids NFT to offer. If she had entered Bob’s details, Bob’s wallet contents would appear.
- She selects the assets she agreed upon: the Conservative Flightless Bird NFTs and specifies the number of fungible tokens she wants.
- Alice reviews the trade details and confirms. With a single click Alice creates a trade proposal component: Alice’s NFT moves to a vault within this component, and the expected assets are logged.
- Alice receives an NFT badge showing her Trade Proposal details and a unique code for Bob to view it.
- Bob uses Alice’s provided code on Trove’s website to ‘join a trade.’
- He reviews Alice’s Trade Proposal, seeing her offer and the assets he should provide.
- Bob can verify the assets’ authenticity, either trusting Trove’s verification or inspecting each asset’s resource IDs.
- After verification, Bob accepts the trade. His Gumball tokens and NFTs transfer to the Trade Proposal component, while Alice’s NFT moves to Bob’s wallet in a single transaction.
- Alice returns to Trove and sees that Bob has accepted her proposal.
- She uses her Trade Proposal NFT badge to authorize the release of her new NFTs and Gumball tokens from her Trade Proposal component.
Introducing Ripsource, the Mind Behind Trove
Ripsource is Trove’s sole founder and developer, with a finance and renewable energy engineering background. Two years ago, he discovered Radix. He started with 3D modelling and animation for NFTs, advanced to front-end frameworks for website creation, and now explores further into Rust and Scrypto.
From no experience in programming smart contracts, Ripsource has, within a year, built up the skills necessary to create a full-stack decentralized application, thanks to the accessible nature of Scrypto and the support from the Radix developer community.
Seeing the upcoming potential with Babylon, Ripsource identified a niche. While many were developing NFT marketplaces and DEXs, he felt they overlooked a unique aspect of Radix’s early culture: direct user-to-user trades or bartering. Recognizing the risks associated with such trust-based trades, Ripsource designed Trove to offer users their own tools to make these exchanges simpler and safer.
For Ripsource, the Radix ecosystem has been a significant creative outlet over the past two years. With his growing expertise in Scrypto, he hopes to eventually commit full-time to the Radix community, driven by the opportunities presented by a new network like Radix.
Check out the full interview with Trove below:
Trove’s application is in its early-stages of development. Any features mentioned in this article are at the prototype stage requiring further work and approval before being released for public use. Final implementation of product features may differ from how they are described in this article.
All information about Trove was provided by the Trove team and has not been verified by Radix Publishing, RDX Works, or their associated companies.