According to Bankman-Fried, the improvements will halve the API latency and double the order throughput.
FTX CEO Sam Bankman-Fried has announced a series of feature upgrades will be taking place to the FTX matching engine. Exchanges use matching engines to facilitate the processing of buy and sell orders.
For a long time, users have complained about FTX’s matching engine. The complaints have been related to its slow throughput and high latency. These have led to slower trading execution, making traders miss out on profitable trading positions.
On another front, users lost access to the exchange website sometime last month. The downtime occurred at the time of the release of the US consumer price index (CPI), causing frustration among the exchange users. Sam Bankman-Fried apologized for the glitches and it was soon fixed.
Matching Engine Upgrades Will Improve System
According to Bankman-Fried, the improvements will halve the API latency and double the order throughput. The fixes are also expected to improve the ability of the system to cope during periods of high traffic.
Specifically, he said, “We’ll be rolling out a whole new order matcher, lower latency API pathways, a whole slew of other features.” He noted that the upgrades have been in the pipeline and the grand launch will take place by November 21.
FTX Partners with Visa
Meanwhile, FTX recently partnered with payment giant, Visa, to roll out debit cards in about 40 countries globally. It did not come as much of a surprise that FTX did not partner with the Lightning network for the debit cards. Bankman-Fried has long noted that the Bitcoin payment system has no future amid backlash from the Bitcoin community.
In one instance, he noted the Bitcoin network was not scalable and would not be able to support millions of transactions. Further, he opined that PoS systems provided better options than the Bitcoin network. He said “Things that you’re doing millions of transactions a second with have to be extremely efficient and lightweight and lower energy cost. Proof of stake networks are.”
According to the company website, users will be able to pay directly for goods and services with zero fees using debit cards. It also noted that card ownership will be free.
Following the announcement, the token price spiked by 7% to reach $25.62.
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