Crypto exchange FTX announce the launch of its new version on Nov. 21, featuring an improved matching engine aimed at addressing complaints from users about the performance of the current one. The upgraded order-matching engine will reduce latency by 50%.
“We’ll be rolling out a whole new order matcher, lower latency API pathways, a whole slew of other features,” said FTX CEO Sam Bankman-Fried.
Crypto exchanges use matching engines to match buy and sell orders. This process is what facilitates the buying and selling of crypto tokens on exchanges.
Current FTX’s matching engine has long been the subject of complaints from users regarding the high latency and low throughput of the platform’s matching engine. Latency in the context refers to how fast the matching engine can match the buy and sell orders of users. Higher latency means slower trade execution which can be detrimental for users as profitable trading positions can be lost due to high latency.
Bankman-Fried said these improvements will double FTX’s order throughput while reducing the latency by 50%. He stated that these upgrades have been in the works for most of the year and are almost ready for release on the platform.
In September, FTX suffered a downtime due to what Bankman-Fried described as web interface-related issues. The glitch prevented users from accessing the crypto exchange’s website in the immediate aftermath of the September US consumer price index report going live.
Last year, FTX made up a billion dollars in revenue despite current issues. FTX’s revenue saw an increase of over 1,000%, going from $89 million to $1.02 billion as of 2021. The company also completed numerous acquisitions and was able to add to its global reach, CNBC reported.