Bitfinex Shimmer has been launched by the crypto exchange Bitfinex to undertake platform-wide surveillance and promote healthy trading practices. The proprietary exchange monitoring tool has been designed to tackle market abuse, report suspicious trading practices, and combat price manipulation. Bitfinex, a popular crypto trading platform, is well known for integrating the latest innovative tech to deliver high-performance trading solutions to its users.
Bitfinex launches Shimmer to monitor its own markets.
Ensuring a fair and safe environment for the entire community is our priotity.https://t.co/HxKLjy7P2E
— Paolo Ardoino (@paoloardoino) March 24, 2020
The proprietary monitoring tool has been named Shimmer. The term is used to describe the hive protection behavior of the bees. The tool will deliver market alerts, report any unhealthy trading pattern, and promote the overall integrity of the platform in terms of ethical trading practices. Bitfinex Shimmer will work in tandem with Bitfinex matching engine called Hive that delivers speed, scalability, and sustainability to the platform.
Bitfinex Shimmer promises superior surveillance capabilities
The monitoring tool Shimmer leverages the expertise of Bitfinex’s technical team gathered over many years of disruption-free operation. Launched in 2012, Bitfinex is one of the few names in the crypto industry that hasn’t garnered excessive negative press in terms of platform features and technological prowess. This is no small feat in a realm often plagued by technical failures.
Bitfinex Shimmer will sound the alarm in case it detects potential trading malpractice on the platform. A detailed report of the suspicious trading activity will be generated and shared in email summaries. The surveillance will cover all trading pairs available on the crypto exchange, including derivatives and futures products.
Exchange surveillance tools are the need of the hour
Bitfinex Shimmer will also help curb abusive practices, including wash trading and layering. In both methods, the trader attempts to mislead the market participants regarding the real demand and supply data using non-bonafide orders.
The chief technical officer at Bitfinex, Paolo Ardoino, says that extensive trade monitoring functionality and surveillance capabilities have been drafted specifically for Bitfinex. As digital asset trading evolves to include ever more sophisticated technologies, surveillance has to keep up. Built using Rust programming language, the tool is made to handle voluminous trading days. High-speed order processing and margin funded trading monitoring are vital aspects of Bitfinex Shimmer.