Whitepaper

VirgodEX Finance is a multi-chain compatible Decentralized Exchange aggregator protocol focused on making
lower-fee transactions possible. We are aiming to make on-chain trading simple and easy, by providing access
to multi-chains like BSC, Ethereum, Polygon, Polkadot, Solana and Heco Chain under one roof. The core
product is being designed to function gasless and focused on aggregating liquidity from multiple protocols.
TABLE OF CONTENT
Disclaimer 1
Abstract 1
Introduction 2
CEX VS DEX 2
Value 3
Summary 3
Background 4
Mission 4
Key Features 5
Size And Expected Growth Of The Market 6
Further Growth Is Expected By Means Of 6
Exchanges 7
Crypto Funds 7
Potential For The Business 8
VirgodEX Finance Problem Solving 8
Background: The Case For VirgodEX Finance Platform 8
Security Issues 9
Lack Of Liquidity 9
Lack Of Price Uniformity, High Trading Fees 9
Price Manipulation, Wash Trading 9
Transaction Delays 10
Products And Services 10
Multi-Chain Swap / Layer Structure 10
System Design 11
VirgodEX Aggregator 12
VirgodEX Portal 12
VirgodEX Portal Display 12
VirgodEX - Exchange Traded Fund (ETF) 13
VirgodEX – Cross Chain Payment Protocol 14
Mechanism 15
Interaction 17
Target customer segments 18
Crypto Hedge Funds 18
Location Of Funds 19
Retail Traders 20
Exchanges Disabling New Registrations 20
Coins Stored At Exchanges Are At Risks 21
Professional Traders And High Frequency Traders High Fees 21
Limited Trade-Tracking Tools 21
Competitor 21
VirgodEX Finance Protocol 23
Virgo Protocol Overview 24
VirgodEX Finance Protocol Architecture 24
Virgo Protocol: Components And Modules 25
Order Matching Engine 27
Centralized Exchanges 28
Decentralized Exchanges 28
Multi-currency Wallet 28
Price Discovery 28
Portfolio Management Module 29
Crypto Index Funds Module 29
Staking In The Decentralized Brokerage 29
dApps Marketplace 30
VDF Utility Token 31
Token Functions And Benefits
Development Road Map 32
Virgo Protocol Team 34
Conclusion 36
Disclaimer
THIS WHITE PAPER IS INTENDED TO ARTICULATE THE VIRGODEX FINANCE PROJECT TO PROSPECTIVE TOKEN
BUYERS DURING THE SCHEDULED TOKEN SALE EVENT. THE INFORMATION WITHIN THIS DOCUMENT IS NOT
COMPREHENSIVE AND SHOULD IN NO WAY BE CONSIDERED INDICATIVE OF A CONTRACTUAL RELATIONSHIP
BETWEEN VIRGO DEX FINANCE AND TOKEN BUYERS. ITS SOLE PURPOSE IS TO PRESENT ADEQUATE AND
RELEVANT INFORMATION TO PROSPECTIVE HOLDERS TO HELP INFORM THEIR DECISION.
THE CONTENTS OF THIS DOCUMENT DOES NOT CONSTITUTE AN INVESTMENT PROSPECTUS OR SOLICITATION
FOR INVESTMENT. NEITHER DO THEY CONSTITUTE AN OFFERING OR THE SOLICITATION OF AN OFFER TO BUY
SECURITIES IN ANY JURISDICTION. THIS WHITE PAPER HAS NOT BEEN CREATED WITHIN A LEGAL OR
REGULATORY FRAMEWORK FOR ANY JURISDICTION.
PROSPECTIVE PURCHASERS OF VDF TOKENS ACCEPT ALL RISKS INVOLVED AND ARE RESPONSIBLE FOR ENSURING
THEY MAINTAIN COMPLIANCE WITH ALL RELEVANT LEGISLATION IN THEIR OWN JURISDICTIONS. THE
DISTRIBUTION OF THIS DOCUMENT AND PURCHASE OF VDF TOKEN MAY BE RESTRICTED BY LAW IN CERTAIN
JURISDICTIONS. READERS OF THIS DOCUMENT AND PURCHASERS OF THE VDF TOKEN SHOULD ENSURE THEY
ARE INFORMED OF ANY RELEVANT LEGISLATION AND SHOULD COMPLY WITH IT. IT IS THE SOLE RESPONSIBILITY
OF THE READER/BUYER TO ENSURE THAT PARTICIPATION IN THE TOKEN SALE IS PERMITTED UNDER APPLICABLE
LAWS IN THEIR COUNTRY OF RESIDENCE OR DOMICILE.
VDF TOKENS SHALL NOT BE OFFERED OR SOLD TO, OR FOR THE ACCOUNT OR BENEFIT OF, A CITIZEN OR
PERMANENT RESIDENT OF THE UNITED STATES, SINGAPORE OR THE PEOPLE’S REPUBLIC OF CHINA, OR ANY
RESIDENT OF A COUNTRY IN WHICH AMERICAN EMBARGOES AND/OR SANCTIONS ARE IN EFFECT, WHETHER
DOMICILED FOR TAX OR OTHERWISE, AND WHETHER RESIDENCE IS PRIMARY OR OTHERWISE. THIS INCLUDES
NORTH KOREA, IRAN, SYRIA, SUDAN, AND CUBA. ANY INDIVIDUAL WHO MEETS THE ABOVE CRITERIA IS NOT
ELIGIBLE TO PARTICIPATE IN THE VDF TOKEN SALE IN ANY FORM.
CERTAIN STATEMENTS IN THIS WHITE PAPER MAY BE CONSIDERED FORWARD-LOOKING. SUCH STATEMENTS
AND FURTHER INFORMATION ARE OFFERED FOR ILLUSTRATIVE PURPOSES ONLY AND ENTAIL BOTH KNOWN
AND UNKNOWN UNCERTAINTIES AND RISKS WHICH MAY LEAD TO SIGNIFICANTLY DIFFERENT OUTCOMES FROM
THE ONES GIVEN WITHIN SUCH STATEMENTS. WHERE THIS WHITE PAPER IS TRANSLATED INTO DIFFERENT
LANGUAGES, RELEVANT INFORMATION MAY BE MISREPRESENTED OR LOST, AND THE RELIABILITY OF NON-
ENGLISH WHITE PAPERS CANNOT BE GUARANTEED.
Abstract
Existing decentralized token swapping solutions suffer from a range of issues that severely
limit usability and practicality. VirgodEX Finance is a platform for automated multi-chain
token swaps that resolves these issues. The platform described in this WhitePaper will allow
Users to automatically swap tokens without relying on or using centralized service providers,
wrapped tokens, or specialized software. Fees to compensate both network and liquidity
providers are included in each swap, removing the need to obtain native tokens to pay gas
fees. The operations of the system are executed by a network of staked validators, which
jointly manage and secure both the volume and diversity of liquidity required to facilitate
token swaps. The network of validators acts as the network’s decentralized authority, and
achieves consensus over the state of the swaps, liquidity, and balances of the network using
parameters outlined by a permissionless distributed database.
WhitePaper VirgodEX Finance : VDF-01.2021

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1. Introduction
Since its inception, the majority of the world’s cryptocurrency trading has been processed
through Centralized Exchanges (CEX). When trading with a CEX, an individual’s capital and
private keys are managed by the CEX to facilitate trading. This creates many troubling
problems for the average trader, such as wash trading, price manipulation, trade freezing, etc.
Even with these trading complications, Centralized Exchanges seem to be the primary choice
for many due to the lack of knowledge with regards to Decentralized Exchanges and the
convenient User experience that they offer. With centralization, there come unsettling security
risks including some high-profile breaches such as Bitfinex and QuadrigaCX, where millions of
dollars’ worth of funds have been drained and not always recovered.
These security and centralization issues of CEXes inspired the development and adoption of
Decentralized Exchanges (DEX), where the exchange operates on a distributed ledger,
eliminating a single point of failure by offloading the control of funds and trades to smart
contracts. When compared to Centralized Exchanges, DEXes are still in their infancy; they face
a new set of challenges including new attack vectors, lack of liquidity, scalability issues.
It is fair to assume that DEXes are one of the backbones to a DeFi Ecosystem because of its
capability to trade amongst assets and provide liquidity. This inspired Virgo Dex Finance to put
considerable thought into how we can develop our DEX ecosystem, to protect users from the
many security vulnerabilities that they faced when interacting with current protocols on the
market, and while providing the same User-experience centralized alternatives offer.
CEX VS DEX
Before looking further into DEXes, it is important to acknowledge the dominance Centralized
Exchanges have over the trading market. Year-to-date, there have been over $10.94 USD trillion
in trade volume over the top 350 CEXes. Whereas decentralized exchanges have had around a
fifth of the volume coming in at $2.2 USD trillion. In defense of DEXes, they have only begun
gainingtraction in the past three years, as opposed to CEXes which have been around since
the inception of cryptocurrency.
Cypto Trading Volume YTD
Decentralized
Exchanges
20%
Centralized
Exchanges
80%
Centralized Exchanges Decentralized Exchanges

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Although seasoned traders understand the benefits of Decentralized Exchanges, it has been
a challenge to attract the average User due to the complex User experience, lack of
interoperability, and minimal trading pairs offered. New solutions have been released to
tackle these issues with DEXes. However, with the supremacy of Centralized Exchanges, DEX
innovations are significantly protracted as CEXes continue to maintain dominance in the
market.
Value
Despite the small volume and User base, Decentralized Exchanges have picked up steam in the
last few years with some notable projects being well recognized across the blockchain
community like UniSwap, PancakeSwap, MDX and Kyber. As mentioned before, $2.2 USD
trillion in trading volume is a small figure compared to CEXes, but it is up over one hundred
percent when compared to the same period as last year. In the first five months of 2019,
DEXes only had $705 USD billion in trading volume. This is a very positive sign for the space and
proves that withinnovation, comes the volume that is needed to succeed.
A key advantage that Decentralized Exchanges have over their competition is the increased
security,by allowing Users to control their assets and never holding them on the exchange.
They also have lower fees, through minimal overhead requirements and new liquidity
provision options, in automated money markets. Since their inception a few years ago, DEXes
have evolved quickly to fill niches in the market space. Currently, with hundreds of trustless
exchanges live,they can be sorted into 8 categories, each with their unique benefits, serving
different needs for the community.
1.1 Summary
VirgodEX Finance is a proprietary multi-chain aggregation platform built by Virgo Foundation.

The mission of VirgoDEX Finance is to provide consumers access to cryptocurrency-based,
financial services; allowing them to exchange or “Swap,” various digital assets within their
multi wallet. The benefits of this design can be attributed to the high level of safety and
security, that is inherent to the decentralized model of asset storage and protection.

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The platform also provides “Cross-chain” Swaps to conduct Exchange settlements without
regard to the limitations of a typical isolated Blockchain network. The term “multi-chain”
derives itself from the fact that the exchange is executed, after traveling across two or more
separate blockchain networks.
With a multi-chain swap, the initial asset and the target asset are deployed on two isolated
Blockchains, that otherwise are non-communicative. In light of the advanced development
ofdecentralized financial protocols (DeFi) and the increasingly mature markets for lending,
exchanges and derivatives (etc…), the VirgodEX Finance protocol, in cooperation with its
associated decentralized wallet software, provides a one-stop aggregation & exchange
platform for consumers, and offers developers access to an open, distributed, limitless and
secure trading avenue.
1.2 Background
Built on the most advanced liquidity aggregator ever developed, VirgodEX Finance platform
solves some of the largest issues in DeFi, by aggregating the liquidity of the entire crypto
market into one decentralized platform. Governing the protocol is the proprietary staking
mechanism of the Delegated Proof of Broker; fulfilling every function via a decentralized
brokeragewith the supply-capped VDF token at its core. This underpins each industry-critical
solution built on the protocol, from VirgodEX Portal to Virgo Enterprise solutions for
blockchains, exchanges, and crypto projects with thirteen different revenue streams.
VirgodEX Finance is a new kind of DeFi platform that combines the best features of exchanges,
brokerages, and instant trading apps. The platform is built around a liquidity aggregator
connected to all of the major crypto exchanges and swap pools (centralized and
decentralized), enabling Users to gain the best price for their trades from a single portal. Along
with powerful tools for portfolio management, VirgodEX Finance offers exceptional security,
convenience, and flexibility. The platform is suitable for experienced traders, institutional
traders and newcomers alike.
The VirgodEX Finance platform and ecosystem is powered by the VDF token, an BEP-20 token.
VirgodEX Finance Protocol will be an open source repository for dApps, making all of the
platform’s functionality available to developers and businesses, enabling anyone to build
powerful financial tools.
1.3 Mission
Virgo Protocol is an interoperational blockchain platform that provides a set of products and
financial services, that combine the most advanced solutions of the blockchain industry to
date, including the Decentralized Exchange (DEX) based on atomic swaps technology,
Decentralized Brokerage with staking mechanisms, Decentralized Finance (DeFi) platform,
B2B services and more. The protocol positions itself as a powerful but User-friendly gateway
to the cryptocurrency markets.
The key to VirgodEX Finance value is its built-in liquidity aggregator, which automatically
allows its Users to access multiple exchanges in order to obtain the best spot price for any
supported cryptocurrency, embodying the best features of both centralized and
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Decentralized Exchanges. High order execution time and spread reduction, coupled with a
straightforward User interface, makes VirgodEX Finance an attractive platform for people both
interested in brokerages, with low fees, seamless interexchange trading, and using arbitrage;
plus much more.
DeFi innovation has brought many practical applications to the industry and has promoted
the development of open finance. The Decentralized Exchange (DEX) is a notable example
that has gradually been recognized by the market, following a surge of growth and consumer
participation.
The Ethereum DeFi projects’ total value of locked assets is over $60 billion USD (DeBank data).
However, network congestion and poor scalability have caused unprecedentedly high
network transaction fees. This problem is urgent and caused significant financial detriment
for many. The problem lacks a proven solution with community consensus.
With the emergence of various Layer2 solutions, as well as the efforts of some sidechains, such
as BSC and HECO; there are now alternative choices for retail investors. However, transaction
barriers between blockchains will continue to limit the usage of assets and VirgodEX Finance
helps counter these limitations.
In order to provide a more efficient and simple trading method, we compare different
exchanges on the leading chains to find the most cost-effective rates for our Users. Moreover,
we implement a cross-chain protocol to connect different blockchain networks and allow
Users to freely exchange assets without regard to network isolation.
1.4 Key Features
The unique liquidity aggregator finds the best spot price. Users can exchange assets at the
lowest rate and via the most efficient trading route this is achieved by connecting their own
decentralized wallets.
Permissionless, Anti-censorship: In any environment, anyone can access VirgodEX Finance

without permission and KYC review.
A non-custodial platform. Users don’t give up control of their funds, ever. VirgodEX Finance
will allow Users to transfer cryptocurrencies directly to an external wallet immediately after
they have been purchased; meaning that no funds need to be held on the platform. Cold
storage and User-controlled wallets vastly reduce the risks of hacking, theft and downtime;
that is common in centralized crypto exchanges.
Multi-chain Exchange: We implement all proven and possible multi-chain solutions onto the
market with our aggregation protocol. With this, we can achieve cross-chain transactions.
Users are able to freely exchange multi-chain assets with one-click.
Internal price matching engine. As the number of Users increase, the platform will match
orders effectively against each other on a peer-to-peer basis using our own internal DEX,
further decreasing reliance on third-party exchanges. With the rise of User-friendly
Decentralized Exchanges (DEXs), VirgodEX Finance will be connected to more and more of
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these peer-to-peer cryptocurrency marketplaces. Users will increasingly be able to enjoy
near-instant executions of their orders without risk.
VirgodEX Finance is the next generation of decentralized ETF platform supporting cross
chain. Its aim is to establish a decentralized, automated, personalized and diversified ETF
portfolio to lower the bar of the cryptocurrency market for ordinary investors, and help them
obtain diversified strategic returns through more convenient operation process and more
efficient portfolio allocation, so as to achieve long-term and stable wealth growth.
Community Drive: Based on the VDF Token issuance and economic model, decentralized
governance and community-driven development will be realized.
1.5 Size And Expected Growth Of The Market
Blockchain based assets is a rapidly growing market with a current total market capitalization
of approximately $243 billion1 usd, where 86% is divided between 6 major crypto assets
(Bitcoin, Ethereum, Ripple, Bitcoin Cash, Tether and Litecoin).
Further Growth Is Expected By Means Of:
● Institutional Adoption
○ Proceeding influx of institutional money driven by maturing regulation
○ Further development of trading vehicles (Indexes, Futures, ETFs, etc)
○ Increasing blockchain applications in the finance industry
● Public Adoption
○ There are only 27 million BTC wallets at the moment compared to a “banked”
population of nearly 4.5B, that will grow substantially due to:
○ Lowering of entry barriers for newcomers.
1
As of November 2019 https://cryptolization.com/

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○ Exchanges (stocks, commodities, other goods) and the payments industry will
take the lead in tokenization tendency
○ Real world industry (supply chains, retail industry) will follow up
The total market cap of all crypto assets is still very low in comparison with other kinds of
assets. In 2 years, the capitalization could grow to $2T, equal to 25% of the market cap of
gold, which can be considered obsolete in terms of a store of value, since better alternatives
have arrived.
Exchanges
Crypto assets are traded on Centralized and Decentralized Exchanges. There are
approximately 300 Centralized Exchanges (CEX), of which 35 have more than 1,000,000 daily
Users. 56 CEX has more than 500,000 daily Users.2
Such a variety of exchanges made discrepancy in crypto-assets price a norm, created

problems of best price discovery, and filled the market with arbitrage opportunities.
Crypto Funds
There are currently more than 800 cryptocurrency/blockchain investment funds. The majority
are set up as venture capital funds, while a large number are hedge funds or hybrid funds.
There are also a handful of crypto ETFs and crypto private equity funds.
Almost half of all cryptocurrency investment funds are based in the United States. The United
Kingdom, China/Hong Kong, Singapore, Switzerland, Canada, Australia, Germany and Japan
all have a significant number of funds. 3
Japanese financial conglomerate SBI Holdings Inc. is aiming to launch the country’s first
cryptocurrency fund by the end of November 2021 that can give individual investors a way to
diversify their broader portfolio and invested in coins including Bitcoin, Ethereum, XRP,
Bitcoin Cash, Litecoin and possibly others. 4
2
https://www.coingecko.com/en/exchanges
3
Crypto Fund Research https://cryptofundresearch.com/
4
Bloomberg Wealth https://www.bloomberg.com/news/articles/2021-09-02

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Potential For The Business
Ultimately, our intention is to create a combined protocol for connecting to both centralized
and Decentralized Exchanges. This will enable secure trading across blockchains, accessing
liquidity across the entire crypto market.
VirgodEX Finance is an ecosystem of community-based products that significantly contribute

to emerging markets, liquidity, and blockchain adoption as a whole; while receiving interest
rates and services based on the native VDF token.
1.6 VirgodEX Finance Problem Solving
Virgo Protocol is a combination of E*TRADE and the Bloomberg terminal for the blockchain
world. A unique crypto specialized online brokerage platform which gives convenience for
traders, flexibility for trade algorithm developers and resourcefulness for analysts all for one
of the lowest trading fees on market.
VirgodEX Finance platform is based on swap trading technologies and brings together those
who want to trade easily and efficiently on every single exchange, and also brokers who want
to receive guaranteed transaction fee revenue for fulfilling orders on a trader’s behalf.
VirgodEX Finance allows the fast, easy and efficient way to capitalize on arbitrage
opportunities, maximize execution price, and earn money as market maker.
Background: The Case For VirgodEX Finance Platform
Despite overcoming many challenges during its evolution, the blockchain ecosystem still
suffers from several problems. According to the survey conducted by Encrybit5, 91% of
cryptocurrency exchanges Users run into problems while trading on the existing markets.
5
https://www.statista.com/statistics/596462/biggest-problems-cryptoexchanges/

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1.7 Security Issues
The biggest problem in the cryptocurrency market right now is the lack of security. In 2019,
the total volume of cryptocurrency-related fraud and theft resulted in losses worth an
astounding $4.4 billion to this point, according to CipherTrace’s report. It is important to
remember that as technology becomes more sophisticated and mature, hackers improve
their fraud methods simultaneously.
The most vulnerable part of the modern infrastructure today are centralized cryptocurrency
exchanges. Orders, deposits, withdrawals and transactions are all routed in a centralized or
closed system. Big Exchanges like Binance or Bitfinex save/route all orders within their own
servers – and thus they are known as Centralized E2xchanges.
However, many cryptocurrency analysts believe that DEXs (Decentralized Exchanges) will be
the leading form of cryptocurrency exchanges when their technology and capabilities are on
par with their centralized counterparts. After all, the appeal of cryptocurrencies is thepromise
of ‘decentralization’. Therefore, having strong DEXs with good liquidity is importantfor the
future of cryptocurrencies.
1.8 Lack of Liquidity
Liquidity is a vital element for any market. A lack thereof creates an imbalanced environment,
and things go out of control. Due to the decreased liquidity, orders are not placed/executed
on time, and the doors are open for large holders to manipulate prices. Additionally, with a
lack of liquidity, markets become more volatile and see more price slippage.
A secondary issue of reduced liquidity is that it puts the power into the hands of
cryptocurrency exchanges with large liquidity. Some major exchanges now charge up to
$1,000,000 to list a token on their exchange, essentially selling liquidity to the token projects.
1.9 Lack of Price Uniformity, High Trading Fees
Price charting is an essential part of asset/commodity trading. It is often necessary to develop

price charts in order to carry out trading analysis and develop trading strategies. The problem
here is the price of a cryptocurrency can vary considerably on the different exchange
platforms. With such extreme price differences for the same cryptocurrency, price charting
becomes a difficult endeavor. In addition, the utter degree of volatility in the market makes
the problem even more acute.
1.10 Price manipulation, wash trading
Currently, the majority of crypto exchanges are only lightly regulated, leaving room for
sometimes shady or abusive manoeuvers. It is reported that crypto exchanges use bots to
manipulate the prices of coins.

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In May 2019, BitWise analysts published a report6 about trading volume, arbitrage
transactions, and exchanges where fake BTC trades take place. This document demonstrates
that approximately 95% of the declared BTC trading volume is fictitious or non-economic in
nature and shows why the fictitious volume does not affect quotes on the real BTC spot
market. It also shows that the real BTC spot market is much smaller than stated and it is more
regulated and efficient.
1.11 Transaction Delays
While cryptocurrency transactions are known for being fast, delays can happen and can be a
way to protect Users from hackings or fraudulent transactions. Exchanges sometimes delay
transactions if they suspect the User did not authorize the transactions.
2. Products and Services
VirgodEX Finance platform and technology addresses these widespread issues, lowering the
barrier to cryptocurrency adoption and providing a valuable service for existing traders.
VirgodEX Finance targets multiple customer segments and will have diverse revenue stream
sources. Users will need VDF utility tokens to use the platform and pay fees for trades and
other products/features.
VirgodEX Finance is much more than a good trading tool, but a final destination for retail and
institutional clients who seek convenience, speed, security, and attractive pricing all in one
place.
2.1 Multi-Chain Swap

Layer Structure
6
https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5574233-185408.pdf

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VirgodEX Finance uses a four-layer structure to ensure the integrity and symmetry of the
information in the liquid market. As a result, the consumer has a safe and efficient trading
environment.
1. Network Layer: As the basis of the VirgodEX Finance multi-chain protocol, we will
aggregate high-quality public chains and ecological chain systems in the market. This
includes Binance Smart Chain, Ethereum, Polkadot, Huobi HECO Chain, Polygon and
creditworthy layer 2 projects, in order to provide cross-chain trading.
2. Market Liquidity: The aggregation of different liquidity sources through VirgodEX

Finance, allows the platform to identify and recommend the best exchange quote for
Users.
3. Settlement Layer: Based on the private key signature authorization, the transaction
settlement is completed through the smart contract. Additionally, cross-chain
protocols and cross-chain pools will help Users complete multi-chain asset exchanges
and settlements.
4. Application Layer: Provide developers with a complete service API to integrate into
different applications, and providing Users with a convenient and User-friendly
operating platform
System Design
VirgodEX VirgodEX VirgodEX

Aggregator Aggregator Aggregator
VirgodEX VirgodEX
Aggregator Aggregator
VirgodEX VirgodEX VirgodEX

Aggregator Aggregator Aggregator
The main functional modules of VirgodEX Swap include the exchange aggregators (VirgodEX
Aggregator) and multi-chain pool (VirgodEX Portal). VirgodEX Aggregators are deployed on
mainstream blockchains and help Users find the most effective trading rates and routes in the
corresponding network. VirgodEX Portal provides Users with multi-chain transaction services,
based on Binance Smart Chain and supports Users to add liquidity by a single token, from
different chains, to earn income, from cross-chain transaction fees and VDF Token rewards.

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2.2 VirgodEX Aggregator
System roles are divided into the following categories:
1. Users: Users connect to VirgodEX Swap for transacting with their crypto wallet.
2. VirgodEX Relayer: The agent of the User and the contract on the chain.
Depending on the different Users’ needs, VirgodEX Relayer can find the best
Exchange rate through VirgodEX Swap.
3. Swap: As the core Exchange mechanism of the system, it receives Users’
requests from the Relayer and achieves liquidity settlement by Smart
Contracts.
4. Aggregator: Aggregate liquidity sources across blockchains and determine
the best trading rates and routes for Users.
5. Multi-chain Pool: The multi-chain asset transaction pool built based on the
BSCNetwork Protocol realizes the free exchange of assets across chains.
6. Liquidity Providers: Mainly including the following liquidity sources:
• Automated Market Makers of on-chain algorithms from different DEXs.
• LP Market Maker who provides liquidity for multi-chain Pool.
VirgodEx Finance Aggregator
2.3 VirgodEX Portal
VirgodEX Portal is composed of a multi-chain asset pool such as stablecoin pool and multi-
chain protocol based on BSC Network. With the Virgo Swap invariant from Curve, the
performance of the algorithm was evaluated and optimized assuming providing liquidity for
stablecoin. This sort of automated liquidity provider for stablecoin offers very low price
slippage and extremely reduces the impermanent loss. On the implementation side, traders
can exchange mainstream assets across blockchains simply; Liquidity providers can deposit
single or multiple assets to the multi-chain pool and stake the LP shares to earn VDF Token
rewards. The advantage of this design is allowing Users to exchange multi-chain assets
without asset deposit and withdrawal compared to the traditional Hub mechanism, which
greatly reduces the threshold for User operations/transactions.

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VirgodEX Portal Display
2.4 VirgodEX - Exchange Traded Fund (ETF)
VirgodEX ETF is the next generation of decentralized ETF platform supporting cross chain. Its
aim is to establish a decentralized, automated, personalized and diversified ETF portfolio to
lower the bar of the cryptocurrency market for ordinary investors. It will also help them obtain
diversified strategic returns, through a more convenient operation process, and a more
efficient portfolio allocation. This will to achieve a long-term, stable and wealthy growth.
VirgodEX ETF design
Inclusive financing is a concept of financial services proposed by the United Nations in 2005;
which means the public has equal access to responsible and sustainable financial services.
Inclusive Finance aims to provide financial services and products to help low-income
population. It will integrate the whole population into the economy system, and reorganize
various financial services to meet their needs.
However, according to the World Bank Report, there are still 2 billion people in the world who
do not have access to formal financial services; accounting for 38% of the world's adults.

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Another 73% of the poor, could not have bank deposits because of the cost of opening an
account, their geographical restrictions, their personal beliefs and other difficulties. So, a
third of the population in the world, is still excluded from the formal financial system. The
unbalanced development of finance can lead to the polarization of wealth, and even social
unrest.
The introduction of crypto network and decentralized finance provides possibilities for
improving the operation mode of the financial system; which can eliminate the geographical
limitations of the traditional financial system to the greatest extent and seek permission.
However, we must admit that the whole cryptocurrency market is still in a relatively primary
stage, and the DeFi finance is not suitable for everyone.
There are high requirements for ordinary people:
1. They need a lot of professional knowledge and skills, including blockchain technology,
transaction process and wallet creation.
2. The high volatility of the encryption market means, that they need to spend a lot
of time to track the trend and direction of the cryptocurrency market on a regular
basis.
3. On-chain transaction needs the higher gas fee and longer wait time, and the trading
and transfer process are complex.
4. There are numerous blockchain projects in the market, many of which are frauds and
manipulations, so it is required that investors have a strong capability of investment.
These requirements limit the opportunity for ordinary people to enter the encryption market
and participate in the DeFi, making the DeFi a luxury for a small minority group.
The vision of VirgodEX ETF is to conceive a financial world in which the acquisition of wealth
is a passive and automated process. Anyone can make some fortune through the Internet
regardless of geography and infrastructure. They can obtain an open and transparent
investment portfolio along with various investment strategies. This will be done quickly and
easily in order to participate in DeFi finance. They can also obtain income, incentives and jointly
determine the direction of development through DAO community.
2.5 VirgodEX – Cross chain payment Protocol
Due to the scarce computing resources and a high fee, Bitcoin and Ethereum blockchains can
hardly support everyday transactions. To solve this problem, VirgodEX Finance adopts a
storage-based computation paradigm to build VirgoPay, which is a trusted cross-chain
payment and settlement protocol.
VirgoPay locks the assets of other public blockchains into a smart contract and maps them to
corresponding assets, which enables Users to make transfers and payments on its protocol.
VirgoPay has a very low cost in reaching a consensus on transactions. For example, it only costs
$0.05 US dollars to make thousands of transactions. Besides, VirgoPay has no limit in TPS, which
only depends on the application architecture of its protocol and server performance. As long
as it conforms to the storage-based computation paradigm, the VirgodEX Finance protocol can
scale “unlimitedly” to rival a traditional internet application.
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Mechanism
Roles
Coordinator
Coordinators collect and verify transactions, and then packages it and add the valid ones onto
thechain. They collect valid transactions from Users with an API, and put them into a serialized
pending transaction pool. The pending transactions are packaged in batches and included on-
chain every certain period of time. Coordinators generate a real-time global state according to
both valid on-chain transactions and pending transactions.
Detector
Detectors download and verify on-chain data automatically, to generate a global state and
account balances. Detectors generate a state more slowly than coordinators, because they only
rely on on-chain dat,a and do not count in pending transactions. Anyone can be a detector,
by downloading and running a detector program.
Watchmen
Watchmen are detectors that jointly manage assets. They can unlock assets with a multiSig or
threshold signature scheme.
Cross-chain
The VirgoPay Protocol currently supports two cross-chain solutions, i.e, MultiSig and Threshold
Signature Scheme.

15
MultiSig
For the public blockchains that support Smart Contracts, VirgoPay deploys a lockup contract
with the MultiSig Technology; the keys are owned by different Watchmen.
The VirgoPay Protocol listens for the asset transfer event and ensures that the transferred
assets are mapped to corresponding assets after the transaction is confirmed.
When Users send a transaction to burn assets, the transaction will be included onto a storage-
oriented blockchain (Arweave) after it is verified. Watchmen listen for the events on the
storage-oriented blockchain. When Watchmen receives the burn transactions from the
storage-oriented chain, then it signs the validated transactions, and sends them to the
corresponding publicblockchains. After a burn transaction is signed by a certain number of
Asset Managers, the original assets will be unlocked and returned to the User.
Threshold Signature
For the public blockchains that do not support Smart Contracts, VirgoPay currently adopts the
Threshold Signature Technology, which is similar to MultiSig, to ensure the lockup of User
assets.
Consensus
The consensus of the VirgoPay Protocol is secured by a storage-based computation paradigm.
In the paradigm, all the computing processes are completed off-chain, and the inputs from the
application are stored on a blockchain. Coordinators, Detectors and Watchmen run the same
business verification component. Anyone can download and run the detector program to load
the blockchain data for checking transaction state.
VirgodEX Finance packages all types of transactions, including mint/burn/transfer transactions,

in the proper order, and then sends them to the storage-oriented blockchain. The third-party
applications and individuals can check the transaction state with the detector program; which
automatically downloads and verifies all the on-chain transaction records. If the states are
respectively generated by a coordinator and a detector conflict, the application may have a
risk of fraudulent consensus.

16
Resistance to malicious actors
Transactions are packaged in a serialized way into blocks, which are added onto the
blockchain. Anyone who loads the transactions according to the packaging order generates
the same state.
Invalid Signature
It makes no sense to include an Invalid Signature onto the blockchain. If an Invalid Signature I
is found, all the Detectors will reject it.
Attack on Balance
Because all the transactions are executed in a serialized way, VirgoPay is resistant to double-
spend attacks. Besides, any transactions that contains a nonce field to ensure its uniqueness,
so as to resist replay attacks.
Mint/Burn Assets
Take Ethereum as an example. VirgoPay deploys a EthBot to listen for Ethereum events. When
a User transfers some assets to the MultiSig Smart Contract, the EthBot will send a mint
transaction to the VirgoPay Protocol after the transfer is confirmed in six blocks. Then the
protocol will cryptographically verify the transfer, and then query an Ethereum node to ensure
that the transfer is finalized with a minimum of 6 block confirmations. After the mint
transaction is done, the transaction fingerprint will be labeled “minted” in the VirgoPay
Protocol, so as to avoid repeated minting.
* Note: EthBot is not required and only designed for better User experience. Anyone can send a valid Ethereum
transaction to the VirgodEX Finance Protocol for minting.
When a User sends a burn transaction, the transaction will be packaged and added onto
Arweaves; if it is validated by the VirgoPay protocol. Watchmen who listens for Arweave
eventswill verify the transaction, and then send a multiSig transaction. Similarly, the Ethereum
lockup contract will verify the transaction fingerprint to avoid the same transaction being
repeatedly executed.
All the above processes can be checked by the Detector program of the VirgoPay Protocol.
Anyone can download the Detector program and become a Detector. Besides, VirgoPay also
provides an explorer for Users to view and check transactions.
The consensus of VirgoPay Protocol is secured by a storage-oriented blockchain and checked

by a Detector program.
Interaction
Easy To Use
Transactions are collected and included in batches onto the chain, by coordinators in the
proper order. In this way, the transactions can be processed off-chain, in real time. It means
the state of a coordinator’s ledger is updated, in real time.

17
Hence, VirgoPay enables Users to make real-time transfers and make multiple transactions in
a row. It brings a fast and convenient User experience as an Internet application.
In the edge cases where Users have doubts about coordinators, they can track if their
transactions are packaged and included onto the chain with the transaction explorer.
Generally, Coordinators package all the transactions into blocks according to a fixed order, and
then adds it to the blocks to the chain.
Unrestricted By Signature Algorithms

With the computation process moved off-chain, the storage-based computation paradigm
supports arbitrary signature algorithms; which enables relatively flexible development. To be
more specific, VirgoPay can integrate more friendly internet signature algorithms, such as
WebAuthn (R1); which totally removes key management (mnemonics), while ensuring security.
In this case, Users can sign their transactions in a secure and reliable way with a hardware
device (e.g. a phone or computer).
Conclusion
VirgoPay Protocol is dedicated to improving User experience, lowering the threshold for
development and providing trusted decentralized financial applications for everyone. VirgoPay
is an easy-to-use blockchain-based solution and application protocol; which enables Users to
make payments and settlements in a reliable way, and as efficiently, as an internet application.
3. Target Customer Segments

Here are a varieties of players in the crypto market. In the first year, VirgodEX Finance is
expected to generate the majority of its revenue from brokerage activities; thus we will focus
on three target groups:
● Crypto Funds
● Retail Traders
● Professional Traders and High Frequency Trades
Once the platform gains popularity, we expect revenue streams to diversify with revenues
from:
● Projects who seek to increase their liquidity
● Projects who want to create their own DEX
● Companies who want to offer their token to clients
● Developers of trading applications
Crypto Hedge Funds
Out of 150 active crypto hedge funds with $1B AUM (excluding crypto index funds and crypto
venture capital funds), 36% of these funds can use leverage, and 74% can take short positions
● Shorting - many Fund Managers who can take short positions have never taken short
positions. In many cases, these funds have not built the infrastructure and

18
Over-The-Counter (OTC) relationships in order to borrow cryptocurrencies and put on
short positions.
● Counterparty Risk - most crypto fund trading strategy requires leaving substantial
assets at exchanges; having a proper counterparty risk framework with constant
monitoring is key. This may involve strategies such as using numerous exchanges and
limiting the maximum exposure to one exchange, at any point.
● Price Discovery - altcoin order books are thin and fragmented across many different
exchanges, making establishment of the best price very difficult. On top of that,
accessing such opportunities requires having an open balance on multiple exchanges.7
Location Of Funds
Funds tend to be domiciled in the same jurisdiction as traditional hedge funds, with the top
three jurisdictions for the fund entity being the Cayman Islands (55%), the United States (17%)
and the British Virgin Islands (13%).
Legal and Regulatory crypto hedge fund management companies are located in the following
countries: United States (64%), Cayman Islands (20%), Singapore (5%), Luxembourg (4%),
Liechtenstein (2.5%), BVI (2.5%) and Australia (2.5%).
The same is true when it comes to the jurisdiction of the Fund Manager. The majority of Crypto
hedge Fund Managers tend to be based in the United States (64%).8
Counterparty Risk
If your crypto fund trading strategy requires leaving substantial assets at exchanges, having a
proper counterparty risk framework with constant monitoring is key. This may involve
strategies such as using numerous Exchanges and limiting the maximum exposure to one
Exchange at any point.
Accurate price discovery is complicated
Altcoin order books can be thin and fragmented across many different exchanges, making
establishing the best price very difficult. On top of that, accessing such opportunities requires
having an open balance on multiple Exchanges – often making it impractical for ordinary
traders. VirgodEX liquidity aggregator will enable Users to easily split orders and purchase
coins from different Exchanges in a timely and cost effective way.
7
PwC report https://www.pwc.com/gx/en/financial-services/fintech/assets/pwc-elwood-2019-
annual-cr ypto-hedge-fund-report.pdf.
8
The data contained in this chapter comes from research that was conducted in Q1 2019 by Elwood
Asset Management across 100 of the largest global crypto hedge funds by assets under management
(AUM) https://elwoodam.com/press.

19
Retail Traders
Almost 35% of Americans are purchasing cryptocurrencies. Men are almost twice as likely as
women – 43% to 23% – to have bought cryptocurrency. Almost half, 47% of individuals
making $75,000 USD to $99,999 USD annually had entered the markets. Less than a quarter
of those making under $25,000 have invested in cryptocurrency. Age also playsa factor when
it comes to trading crypto. According to our results, millennials were almost twice as likely as
any other generation to be crypto-traders. A 2014 study by The Brookings Institution
published in the Harvard Business Review offered this conclusion regarding millennials,
"Millennials score lower than any other generation in terms of believing that people can be
trusted."9
Exchanges Disabling New Registrations

With the unprecedented growth and interest in cryptocurrencies during 2017, even the
largest Exchanges have been swamped by new Users. Several have had to take the step of
closing to new registrations or going offline to upgrade their infrastructure.
This has been due to both technical and regulatory reasons. In December 2018, Bittrex was
forced to disable new registrations for several weeks, and in January 2018, Binance also took
the step of halting registrations to allow for an upgrade. These Exchanges along with other
popular ones have had to deal with technical issues such as slow transactions, delayed
withdrawals, and other server issues due to the weight of traffic10.
Even when Exchange infrastructure can deal with the load placed on them by additional Users,
they still have to fulfill their KYC obligations. This places significant administrative pressure on
them. Several have taken many weeks to clear the backlog11.
Coinbase dealt with hundreds of thousands12 of new registrations per week during recent
times, adding 100,000 new accounts in just 24 hours, at one point, in November 2017.
9
We collected responses from 1,004 Americans via Amazon's Mechanical Turk platform. Participants
ranged in age from 18 to 80 with a mean of 36.05 and a standard deviation of 11.86 years.
Sources
https://www.businessinsider.com/bitcoin-millionaires-are-buying-lamborghinis-2018-3
http://fortune.com/2018/02/06/bitcoin-price-cryptocurrency-historical-investment-losses/
https://www.cnbc.com/2018/01/24/19-year-old-bitcoin-millionaire-offers-crucial-investing-
advice.html https://www.express.co.uk/finance/city/969218/bitcoin-price-latest-will-it-continue-to-
fall-7-500 https://www.cnbc.com/2017/10/24/millennials-are-afraid-to-invest-in-the-stock-market-
ally-finds.html https://www.thestreet.com/investing/bitcoin/bitcoin-today-prices-dip-as-regulatory-
bodies-weigh-in-14634467 https://www.psychologytoday.com/us/blog/neuroscience-in-everyday-
life/201610/why-is-it-impossible-not-jud ge-people
10
https://news.bitcoin.com/binance-exchange-disables-new-User-registrations/
11
https://www.theblockcrypto.com/post/26592/bittrex-and-bitfinex-appear-to-step-up-kyc- controls-
in-wake-of-regulatory-entanglements.
12 https://www.cnbc.com/2017/11/03/coinbase-adds-100000-Users-after-cme-announces-bit
coin-futures-plans.html

20
Coins Stored At Exchanges Are At Risk
Exchanges are generally accepted to be unsuitable for long-term cryptocurrency storage due
to the risks of hacking and theft; as well as scheduled or unscheduled downtime, making funds
inaccessible. VirgodEX Finance will support, meaning coins are immediately transferred to the
User’s external wallet, and are not held on the platform itself.
Professional Traders And High Frequency Traders High Fees

Almost all of the credible Decentralized Exchanges have relatively high trading fees, typically
inthe range of 0.25% to 0.5%13 for moderate Users. Despite batching transactions, they also
charge fees for deposits and withdrawals that are far in excess of network transaction fees.
VirgodEX Finance liquidity aggregator takes into account not only price and swaps depth, but
also trading and withdrawal fees.
As volumes increase and the platform is able to access more advantageous fee tiers on its
partner exchanges, this will further benefit Users. Savings can be passed on to the customers,
with the results that even comparable fee levels on VirgodEX Finance will be more cost-
effective, than on other exchanges.
Limited Trade-Tracking Tools

Tracking transactions with several crypto assets on several exchanges requires a lot of manual
accounting on the User side; while exchanges cannot offer a unified secure solution. The exact
amounts and dates of the transaction are crucial for tax reporting purposes in many countries.
A minor mistake can lead to taxation at a higher rate or in some cases to criminal liability.
VirgoDEX trade and price tracking tools allow Users get a quick and accurate overview of
profits and losses on all their assets.
4. Competitor
Due to the versatility of the VirgodEX Finance platform of products, let’s analyze the
competitive environment in each particular field of activity
As mentioned above, the current set of DEXes are still struggling with liquidity.
While overall daily trade volume value fluctuates around $60-80 billion USD for Centralized
Exchanges; DEXs’ daily volume usually does not exceed $100 million USD.
13 https://medium.com/cointracker/2019-cryptocurrency-exchange-fee-survey-49db9b38cb5 b

21
.
Source: https://etherscan.io/stat/dextracker
BarterDEX: the only competitor with integrated atomic swaps https://dexstats.info/
IDEX and EtherDelta take a lead when it comes to the number of trades among different
Exchanges, covering more than 70% of the total. Both IDEX and EtherDelta are semi-DEXs
with off-chain order books / order matching and on-chain settlement.
When it comes to distribution among different Ethereum Protocols, IDEX takes the lead again;
but token swap protocols like Uniswap, Bancor and Kyber are also getting good traction.
However, most of these services are not actually DEXs, as they do not host order books.
Overall, DEX protocols (like 0x protocol) are still having a hard time gaining adoption.

22
The major currency traded is Ethereum and its
derivative tokens — ETH and WETH. The most
common transaction is an Exchange of Ethereum (in
the form of a token or ETH currency) to or from
another token. Other than ETH and WETH, Dai is the
top-traded coin on DEXs. One more interesting fact
is that around 15% of all trades on DEXs involve
tokens which are not listed on any CEX, only on
these DEXs. To conclude, the data above shows that
even after 2 years and millions of dollars in funding.
Decentralized Exchange Protocols are still fighting to overtake CEXs and offer the same level
of functionality, liquidity, and service. But there is progress, token swap protocols are doing
better and gaining traction.
If you’ve ever used UniSwap or Kyber, you will clearly see the difference of how making a
token swap service decentralized leads to a better User-experience and efficient exchange.
But this is not true in the case of DEXs. We need Decentralized Exchanges to integrate efficient
market making and Algo trading software without wasting a ton of money on Gas (cost of
making a change to the Ethereum blockchain). ETH 2.0’s features aim to help DEX protocols
in terms of transaction throughput and cost.
IDEX is a clear winner because of its semi-centralized/decentralized model, where you need
to deposit tokens on IDEX’s Smart Contract with settlements on-chain, but everything else
goes from IDEX’s centralized servers and database.
Decentralized Protocol projects such as 0x (ZRX) and Loopring (LRC) have been working hard.
Recently, Loopring patented several solutions for the front-running problem and introduced
zk-Snarks to increase transaction throughput (in an effort to solve the liquidity problem).
While these projects are striving to solve these problems and to move DEXs towards the same
functionality and efficiency of CEXs, VirgodEX Finance plans to make a significant contribution
to solving liquidity and UI problems14
5. VirgodEX Finance Protocol

VirgodEX Finance will be open sourcing some of its core. The Virgo Protocol is the name of the
underlying protocol on which the VirgodEX Finance platform runs. This will mean
standardizing the API and architecture of the platform’s liquidity aggregator and financial
protocol.
Ultimately, the intention is to create a combined protocol for connecting to both Centralized
and Decentralized Exchanges. This will enable secure trading across blockchains, accessing
liquidity from across the entire crypto markets.
14
DeFi: https://loanscan.io/ https://deficompare.com/ https://defiprime.com/

23
Virgo Protocol overview
The Virgo Protocol is a standard for connecting to Centralized and Decentralized Exchanges’
Swap, allowing the creation of dApps to provide robust services, for buying and selling any
cryptocurrency, at the best price the market has to offer, at the time. There is no other protocol
that exists, in the market right now which does this. A few that do are specific to DEXs and
only for Ethereum (0x protocol for example).
There is a growing need in the crypto world for secure, reliable, trustless cross-blockchain
exchanges. VirgodEX Finance unifies connections to many existing exchanges, providing
standardized API access to all of them. While every Exchange has differences in data formats
and methods of connection and making calls; VirgoDEX Finance will hide these behind one
single API format.
Beyond this standardization, the platform will provide smart routing and price splitting
functionality, searching out the best price and required liquidity across every Exchange. Thus
a large order may be split into smaller segments and executed across different Exchanges,
even if any single Exchange lacks the Swap and order book depth to fulfill the whole trade at
once. Especially for less popular pairs and more thinly-traded markets, this solves the problem
of slippage and poor execution price.
The VirgodEX Finance Protocol also includes modules for standardizing portfolio management,
storing, tracking, calculating profit/loss for executed trades, managing crypto index funds, and
providing liquidity for lending.
VirgodEX Finance Protocol Architecture

The Virgo Protocol uses a modular architecture of distributed and decentralized services that
fulfill all their settlement on the Ethereum platform. The result is that these services and
components can provide exceptional performance as well as the ultimate security of being
verified by the blockchain, with funds locked and secured by Smart Contracts. One of the
additional advantages of this best-of-both-worlds approach is that modules can be updated
and substituted without affecting the overall functioning of the protocol; so no downtime is
necessary when improvements are made.
Virgo Protocol
Figure 1. Virgo Protocol architecture

24
The majority of VirgodEX Finance core components will be open-sourced to the Virgo
Foundation, which has a number of purposes. Firstly, the VirgodEX Finance Platform will
standardize the API for the different elements of its liquidity aggregator, providing a common
“language” for connecting to any exchange.
Secondly, VirgodEX Finance platform will create a marketplace for dApps built on top of its
protocol. Some examples of dApps that might be built include:
● Arbitrage Apps
● Algorithmic Trading Bots
● Investment Funds
● Payment Integration Systems
The network of components that comprise Virgo Marketplace can be developed and
enhanced by third parties, ensuring greater quality and availability of functionality.
Developers can earn an income when others use their modules. For example, anyone can
create a Price Discovery Module for a new Exchange and join the Virgo network. They will be
remunerated for providing this service to the Virgo ecosystem with VDF tokens. Participation
in the Virgo ecosystem also has the benefit of sharing liquidity across the network and new
Exchanges.
VirgodEX Finance is the first reference implementation of all of the core components of the
Virgo Protocol, as well as being the first and major liquidity provider. Over time, more
implementations will be added, and will work in parallel to Virgo – improving reliability,
performance, and stability of the protocol.
From a technical standpoint the Virgo Protocol complies with a microservices architecture in
which all components are independent services or daemons that register themselves in the
Virgo registry, and are discoverable by clients. E.g. A price service for a new Exchange is simply
a standalone service with its own database that implements the standardized price module
API, and adapts the API of that particular exchange, hiding any differences inside the module.
Virgo Protocol: Components And Modules
Order Matching Engine

The task of the Order-Matching Engine is to ensure that trades are executed at the most
advantageous price by accessing the lowest asks and highest bids across all available
exchanges.
When a new order is received, the engine first tries to execute it on the internal orderbook.
If this does not give the best price, it then uses data provided by the Price Discovery Module
to find the exchange or exchanges to which the order should be sent to, depending on the
required amount and the depth profile of each exchange.
Based on the results of this analysis, the order is split up and submitted to the relevant
exchanges. In order to fill a large order, or an order for a less-popular pair, the trade will

25
typically be split into small pieces across a number of different exchanges; in other
circumstances, one exchange might offer the best price for the amount required. Following a
successful execution, these trades are consolidated and the client is notified of the
completion of the order.
Figure 2. Order Split And Smart Routing
Orders Can Have One Of The Following Statuses:
● New
● Accepted
● Filled
● Partially Filled
● Cancelled
● Partially Cancelled
Figure 3. Order statuses
The following is an example of an API call for such an order. Smart routing and price splits
are automatically included.

26
interface order {
// Client(dApp) address in the system
clientAddress: string;
// The traded currency pair, e.g. BTCUSD,ETHBTC, etc.
symbol: string;
// Order side: Buy/Sell
side: string;
// The amount in units of the base currency the Client wants to buy/sell on exchange
amount: decimal;
// Limit price
price: decimal;
// The address of the virgo Protocol escrow smart contract escrowAddress: string;
// How many VDF tokens the Client will pay as a fee protocolFee: double;
// Order type: Market, Limit, Stop, StopLimit and others ordType: string;
// Time in force: GoodTillCancel, FillOrKill, GoodTillDate, etc. timeInForce: string;
// Order expiration time (unix timestamp in seconds) expirationTimestamp: integer;
// The order status:
status: string;
// Actual filled order amount in base currency actualAmount: decimal;
// Actual order cost in quote currency actualCost: decimal; }
The trading interface supports different order modes, including fill or kill, market, and limit
orders.
A “smart search” is used to discover the right exchanges for the order – that is, the ones with
the right combination of price and liquidity. When the Order Matching engine splits the initial
order and finds the best exchanges on which to execute them, the final step is to find
exchange executors that eventually create, submit, and watch for filling of the native orders.
The Virgo Protocol unifies the process for working with both centralized and Decentralized
Exchanges, leaving all the differences to be dealt with only by the specific executors. (In short,
CEX executors work with API keys where DEX executors sign orders right from the multi-
currency wallet using a private key.)
There are two principally different modes of executors: a direct executor, which works with
the funds held on their own accounts (either via API key or a private key); and proxy executors
that lend the required funds via a Decentralized Brokerage, for circumstances in which a dApp
does not have enough liquidity of its own on a particular exchange. Clients can therefore use
their own funds on exchanges, in which case they will first need to provide API keys to give
the engine access, or lend funds to a liquidity pool on different exchanges.
Centralized Exchanges
The Centralized Exchange Executor is simply an adapter for a particular exchange that can
send Buy or Sell limit orders using the provided API key, and monitor them for fulfillment.

27
Decentralized Exchanges
A Decentralized Exchange (DEX) module is designed to connect to a DEX in the same way that
the order-matching engine connects to a Centralized Exchange. The nature of a DEX and the
way it operates means that the API functions very differently and additional concerns must
be considered. The Exchange Executor for a DEX uses a private key provided by a multi-
currency wallet (see below) to generate, sign, and validate transactions tailored for the DEX
on different blockchains. Because the transactions are signed before sending, the private key
does not need to be exposed to the web. Nevertheless, security for this operation is
paramount.
Where orders are executed internally, e.g. on VirgodEX Finance internal DEX, atomic swaps
can be used. These employ Hashed Timelock Contracts (HTLC) to Exchange pre-determined
amounts of cryptocurrency in their entirety (hence “atomic”), or not at all. Partial orders are
not possible.
Multi-Currency Wallet
A multi-currency wallet comprises a set of tools that is stored securely on the client's
computer or mobile phone, and that supports different cryptographic functions, and
connectivity for many blockchains. Support for new currencies will be added gradually with
the help of the Virgo development community.
A set of easy and User-friendly tools will be integrated with the Virgo Protocol. Those tools
are the functionality for depositing and withdrawing currencies, sending VDF tokens to the
escrow smart account, signing DEX orders for exchange executors, and integration with a
portfolio management module. It will provide a history of operations and calculate the cost
and profit of trades amongst others.
Price discovery
A Price Discovery module comprises a pluggable architecture that offers a feed of live prices
from Exchanges in real time. A new plugin can easily be written, by creating a simple interface,
and presenting Exchange information within it. The module displays the last price, but also
analyzes Exchange order books to show volumes and depths. Whenever possible, it attempts
to update and push results to the User; connecting to the Exchange via web socket. When not
available, it falls back to using a pull-based mechanism, constantly checking the Exchange’s
REST API.
The Price Discovery module also aggregates and interprets historical prices, giving a feed to
connected clients and a UI with prices for plotting charts by different time-frames and
periods.
Providing price data will be charged in VDF tokens from the client. Developers can run their
services with 99.9% uptime, receiving a fee for providing that data.

28
Portfolio Management Module
The Portfolio Management Module supports a range of functions for smart portfolio use,
including trading history, current balance, and profit/loss. It also allows Users to compare
different trading strategies.
Crypto Index Funds Module

This module consists of the set of API calls, required to create a custom index fund, providing
a list of currencies, and the proportion of the index they comprise in percentage terms.
Indexes can be public or private. The module also includes the API calls needed to buy/sell
each index; which are internally unpacked into separate orders, relating to their underlying
currencies, and submitted to Exchanges for execution, by the Order matching engine.
Additionally, there are APIs for price feeds, using the prices of each constituent currency.
Staking In The Decentralized Brokerage

When a client who’s using the protocol does not have sufficient funds on certain Exchanges,
they can opt in to borrowing the necessary liquidity from a common pool. All final settlements
are performed on the Ethereum platform.
When a pool receives a request to execute a given order, it searches the stakeholder(s) able
to execute it based on various criteria such as the rating of each stakeholder, its fees, available
funds etc. Once found, stakeholders execute requested orders from their account on the
Centralized or Decentralized Exchange. During execution, the order is guaranteed by a Smart
Contract Escrow Account, so that the parties receive the full amount of the correct currency
and their VDF tokens for the commission fee.
Virgo-matcher
Virgo-exchange
Figure 4 : Desentralized Brokerage with Exchange Smart Contract

29
The client first needs to deposit the necessary amount of the currency to sell and VDF tokens
to the Smart Contract Account with a time lock. Within that amount, they can execute trades
and create a portfolio.
All lenders provide their stake for overall liquidity (common pool). When they receive
requests from the Order matching engine, they execute trades on their own account, on the
relevant Exchange. Lenders receive fees in VDF, when the initial request is fully closed. This
can be done in two ways:
- The lender withdraws bought currencies to an external address, and provides proof
with the transaction hash, to the Ethereum application validating broker Smart
Contract addresses to unlock sell currencies and VDF tokens for commission fees.
- The counter order is received that closes the initial open trade. The lender then
receives a commission fee, in VDF tokens.
dApps Marketplace
A wide variety of applications can be created for the Virgo Protocol, including apps for trading
bots, and payment gateways. The Protocol will be used extensively for every decentralized
application in the marketplace. The first dApp running on the Virgo Protocol will be VirgodEX
Finance itself. Within Virgo’s dApps, VDF will function as a utility token, being used to pay for
all services, including for commission fees, and within its lending model.
Example Scenarios Scenario 1
A blockchain fund wants to buy a total of 10 BTC of Ethereum.

1. The fund sends 10 BTC to the Orion Smart Account address with a time lock period
(depending on the blockchain parameters of the received currency). It can choose to
pay trade fees in VDF tokens, or subtract this from the BTC amount.
2. A Send request is made to the Order matcher to buy Ethereum for the total amount
of BTC, also providing an Ethereum address.
3. The Order matcher splits this across three exchanges: Binance, Bittrex and
Poloniex, etc.
4. The three orders are executed. Three withdrawal requests are initiated, and there will
be three ETH transactions to transfer the resulting funds to the Buyer’s address.
5. A transaction hash for each of these three transactions is provided as proof in order
to unlock the BTC from the VDF Smart Account address. The transfer from that address
can be made only by the stakeholders who provided liquidity to execute
corresponding orders on Exchanges.
6. If for some reason a buyer hasn’t received the ETH to their account after the lock
period ends, they can receive the locked BTC back.

30
Scenario 2
A Multi-currency Terminal Provides The Following Functionality To Users:

1. Subscribe to the service
2. Pay a monthly fee in VDF token
3. Relevant exchanges and altcoins of interest can be selected
4. Real-time price feeds are delivered
Scenario 3
Trading Using Funds Held By The dApp Itself.
1. The dApp deposits VDF tokens to an account used for fee payment.
2. The dApp sends a request to buy/sell a given amount of a particular currency,
providing the API key for exchanges where it has funds.
3. The Order matching engine module finds the best prices across the relevant markets,
splits the initial order and returns the list of orders to be submitted to different
exchanges.
4. The dApp must provide an API key for a CEX with sufficient funds in the account, and
a signed order must be submitted to DEXs using a private key from a local multi-
currency wallet. All orders are executed by corresponding direct exchange executors.
5. The Order Watcher is notified about the status of each order. The fee in VDF tokens is
deducted from the dApp account for filled orders.
6. Filled trades are published to the Portfolio management module for further tracking
and analysis. The purchased coins remain on the dApps exchange account until
withdrawn, or in the cold wallets for DEX trades.
VDF Utility Token
All major activities on the Virgo platform can be paid for with the VirgodEX Finance utility
token (VDF). While other currencies will be accepted, paying with VDF will secure a discount
for fees and other functions. Non-VDF payments will be converted to VDF in real-time at the
best price on any available Decentralized Exchanges. Additionally, VDF will be the currency of
payment for all services provided by the Virgo Protocol.
Token Functions And Benefits

Similar to the tokens integrated with Exchange platforms such as Binance, OKEx, Gate.io, VDF
will give holders a range of benefits, plus additional functionality that will add further utility
to Users.
The token will be integrated with all of the main transactions that take place on the platform,
thereby taking the form of an internal currency or utility token. By holding and using it, VDF
owners will be able to access premium services.
The functions of the VDF token include but are but not limited to:

31
● Discounts on trading fees. Users will be able to save up to 20% on standard trading
fees by paying with VDF. Since fees are typically calculated as a proportion of order
size, if VDF tokens rise in utility then a smaller amount will be required to pay the
equivalent utility in the traded currencies.
● Staking in the Decentralized Brokerage. Brokers or liquidity providers who want to

receive transaction fee revenue for their service of fulfilling orders from Users need to
stake a minimum amount of VDF tokens to join the Decentralized Brokerage. The more
they have, the more orders they can handle, in return receiving trading fees for their
service to the Virgo ecosystem.
● Non Broker Staking (NBS). NBS will stake VDF and use their staked amount to “vote”
for the Broker of their choice. Brokers’ votes from NBS will count towards their total
amount of staked VDF, thus increasing their chances of being chosen to fulfill an order.
Brokers incentivize NBS to vote for them by offering a share of the revenue they
receive from the trades they execute back to the NBS.
● Virgo Protocol payments. Every service and all dApps offered within the Virgo Protocol
will be charged using VDF. Developers who upload dApps to the Virgo marketplace will
be able to charge customers for using them. Fees are set by the developers, with Users
deciding whether they offer value for money or not.
Development Road Map
Virgo has been in development for a year, with core functionality such as the multi chain Dex
Swap already completed. The platform will remain under constant and active development,
starting with the improvement of current features, support for additional cryptocurrencies,
asset and portfolio management, the crypto index funds marketplace, and ultimately a fully
decentralized platform.
Q3-2021:
- Public TestNet Release On Binance Smart Chain
- Private Sale
- VDF Airdrop Event Round 1
- Presale 1
- Audit Smart Contract by Solidity Finance
Q4-2021:
- Presale 2 & 3
- IDO & IAO
- Audit by Certik
- Public Token Sale
- Auto – Compounding VDF Launchpool
- Strategic Partnerships
- Marketing Champaign
- Listing VDF On CMC & CoinGecko
- Weekly VDF Token Burning
32
- Local Communities
- Voting Decentralized
- Lottery
Q1-2022:
- Listing On The Main Crypto Exchanges
- Expansion On Other Blockchain Such As : Ethereum, Polygon, Heco
- Ethereum Dapps Integration
- Polygon Dapps Integration
- Heco Chain Dapps Integration
Q2-2022:
- Listing On The Main Crypto Exchanges
- Solana Dapps Integration
- Polkadot Dapps Integration
- New Strategic Partnership
Q3-2022:
- Listing On Exchanges
- Public Decentralized Brokerage VirgodEX Finance Lending
- VirgodEx Kit (data overview, chart, statistic)
- VirgodEx Liquidity Boost Plugin
- Public Decentralized ETF
Q4-2022:
- Listing On Exchanges
- Launch Public VirgodEx dApps marketplace
- NFT Integration
- VirgodEx Liquidity Boost Plugin
- Preparation Project Virgo Cross Chain Payment Protocol

33
Virgo Protocol Team
Valuable experience, technological aptitude and industry expertise are what makes the Virgo
team worthy and able to achieve its vision. The Founders, Core Team and Advisors:
Charis Zunaedi is Virgo Protocol Chief Executive Officer (CEO) and Founder with
extensive experience in the banking and financial sectors. The extent of his
experience spans into two worlds of traditional finance and DeFi. Since 2017 and
prior to the bullrun of cryptos, Mr. Zunaedi recalled his epitome from a filmed
he watched called “Banking or Bitcoin.” After the film, he realized the new
frontier opportunity into cryptocurrencies will happen soon and will change the
financial system around the world, inevitably it would and will. Mr. Zunaedi’s
extensive 22 years of banking experience areas has been focus around wealth
management, corporate, commercial and consumer banking; these experiences
lead him to develop DEX Exchange called Virgo Protocol and VirgodEX Finance.
Rachel Anggely is Virgo Protocol’s Chief Operating Officer (COO) and Co-
Founder. Since 2019, Ms. Anggely has extensive background in traditional
finance and in ICO. She has worked in blockchain projects as an advisor and
served as a consultant in many blockchain projects which expanded her
relationship amongst the blockchain’s “Movers and Shakers,” community. Ms.
Anggely brings to Virgo Protocol great cooperation from the industry to help
move Virgo into the next DEX leader.
Khanh Dao is Virgo’s Protocol’s Chief Marketing Officer (CMO) and Co-Founder.
Ms. Dao has been an award-winning restaurateur in Dallas, Texas, USA and has
co-founded other startups, such as her Porsche Cars, Authorized New Car
Dealership in Plano, TX USA. She has had decades of experience in start-ups,
along with branding many of her new businesses. Ms. Dao’s background and
many companies she has found is the definition of a serial entrepreneur. She
brings in marketing expertise, from branding new concepts, and to formulating
a marketing plan that will help build and develop new revenue. Ms. Dao also has
experience is the crypto blockchain arena and has been leading and consulting
with other crypto projects.
M. Sajoang is VirgoDEX Finance’s Chief Financial Officer (CFO) and Co-Founder.

Mr. Sajoang has experience in the Financial Industries for 20 years, primarily
focused on Financial Institutions (BANKING). His expertise lies in Wholesale
portfolio in the private sector, along with consumer banking dealings. Mr.
Sajoang has been in various roles in his career from General Management to
Branch Operations. These roles have given him insights in the details of Banking
Operations and products that the bank has offered. These products and services
will add to the growth of VirgodEX Finance.
Adrienne Agacia is VirgodEX’s Chief Strategy Officer (CSO) and Co-Founder. Ms.
Agacia will focus on implementing the driving force for VirgoDEX Finance’s
strategic developments and the roll out models. She has been in many major
crypto projects, specifically in fundraising for the past 3yrs. Ms. Agacia has
designed with Mr. Zunaedi the thirteen B2B and B2C revenue streams of
VirgodEX Finance DeFi solutions for investors.

34
Alex Wong is VirgoDEX’s Finance’s Chief Technology Officer (CTO) and Co-
Founder. Mr. Wong has extensive experience as Operations Manager in many
blockchain companies. He has many roles throughout his career from Project
Management, Product Management, Business Development and Relationship
Management with a Bachelor of Engineering (Computer Science) and Business
Economics. His skills will bring computer technology and business management
hybrid for VirgodEx team.
Wahib is VirgodEX’s Project Manager (PM). Mr. Wahib’s experiences ranges

from Business Process Management, Business Process Automation, Strategy &
Planning, Project Management, Robotic Process Automation Management, Data
Analysis and Synthesize, Business Intelligence, Audit & Quality Assurance and
Banking Transformation. He is also a Certified Lean Six Sigma Black Belt and
Green Belt. He is also Certified DevOps Foundation and Certified ScrumMaster.
All of his past roles in his career will add value to the development and technical
needs for the success of VirgodEx Finance.
Vabian is VirgoDEX Web Development Manager (WDM). Mr. Vabian has been an
IT professional for 7yrs. He is also manage in other roles such as Safes and
Business Development along with building sales processes.
Yudi is VirgodEx Fund Manager (FM). Mr. Yudi specialize in building

Investment Teams within Specific Asset Classes. He has been a boutique
Fund Manager targeting Reliable Returns and Capital Preservation.
Conclusion
VirgodEX Finance is designed to meet a series of needs in the fast-growing crypto world by
addressing a number of flaws in the efficiency and usability of current Crypto Exchanges.
The VirgodEX platform’ multi-chain Dex Swap and Liquidity Aggregator Engine is fundamental
to this aim. The engine analyzes prices on a large number of Crypto Exchanges in order to
fulfill customer orders, which can be split into several trades across different markets. This
functionality is accessed from a single web or mobile portal with a convenient interface and
powerful tools for more advanced traders, while allowing a single, unified fee for commission

35
and withdrawals. Thus VirgodEx Finance combines the best features of an Exchange,
Brokerage, and instant conversion service; and means that Users only need to register with
one website to benefit from potentially dozens of markets.
All activity on VirgodEx Finance directly or indirectly uses the VDF token. Trading fees and
charges for other services like margin trading or advertising can be given in VDF for a discount,
or if given in other currencies then are converted immediately to VDF Token.
VirgodEx Finance is the first initiative to deploy such an innovative set of technologies within
the User interface of a traditional Crypto Exchange; dramatically lowering the barrier to
accessing the Crypto Markets, reducing costs, and streamlining the User experience far
beyond anything currently available - all in a fully decentralized platform.

36

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VirgodEX Finance is a multi-chain compatible Decentralized Exchange aggregator protocol focused on making

WhitePaper VirgodEX Finance : VDF-01.2021

Cypto Trading Volume YTD

Centralized Exchanges Decentralized Exchanges

WhitePaper VirgodEX Finance : VDF-01.2021

VirgodEX Finance is a proprietary multi-chain aggregation platform built by Virgo Foundation.

WhitePaper VirgodEX Finance : VDF-01.2021

1.4 Key Features

Permissionless, Anti-censorship: In any environment, anyone can access VirgodEX Finance

1.5 Size And Expected Growth Of The Market

Further Growth Is Expected By Means Of:

WhitePaper VirgodEX Finance : VDF-01.2021

Such a variety of exchanges made discrepancy in crypto-assets price a norm, created

WhitePaper VirgodEX Finance : VDF-01.2021

VirgodEX Finance is an ecosystem of community-based products that significantly contribute

1.6 VirgodEX Finance Problem Solving

Background: The Case For VirgodEX Finance Platform

WhitePaper VirgodEX Finance : VDF-01.2021

1.8 Lack of Liquidity

1.9 Lack of Price Uniformity, High Trading Fees

Price charting is an essential part of asset/commodity trading. It is often necessary to develop

1.10 Price manipulation, wash trading

WhitePaper VirgodEX Finance : VDF-01.2021

1.11 Transaction Delays

2. Products and Services

2.1 Multi-Chain Swap

WhitePaper VirgodEX Finance : VDF-01.2021

2. Market Liquidity: The aggregation of different liquidity sources through VirgodEX

VirgodEX VirgodEX VirgodEX

VirgodEX VirgodEX VirgodEX

WhitePaper VirgodEX Finance : VDF-01.2021

VirgodEx Finance Aggregator

2.3 VirgodEX Portal

WhitePaper VirgodEX Finance : VDF-01.2021

2.4 VirgodEX - Exchange Traded Fund (ETF)

VirgodEX ETF design

WhitePaper VirgodEX Finance : VDF-01.2021

There are high requirements for ordinary people:

2.5 VirgodEX – Cross chain payment Protocol

WhitePaper VirgodEX Finance : VDF-01.2021

VirgodEX Finance packages all types of transactions, including mint/burn/transfer transactions,

WhitePaper VirgodEX Finance : VDF-01.2021

The consensus of VirgoPay Protocol is secured by a storage-oriented blockchain and checked

WhitePaper VirgodEX Finance : VDF-01.2021

Unrestricted By Signature Algorithms

3. Target Customer Segments

Crypto Hedge Funds

WhitePaper VirgodEX Finance : VDF-01.2021

Accurate price discovery is complicated

WhitePaper VirgodEX Finance : VDF-01.2021

Exchanges Disabling New Registrations

WhitePaper VirgodEX Finance : VDF-01.2021

Professional Traders And High Frequency Traders High Fees

Limited Trade-Tracking Tools

WhitePaper VirgodEX Finance : VDF-01.2021

BarterDEX: the only competitor with integrated atomic swaps https://dexstats.info/

WhitePaper VirgodEX Finance : VDF-01.2021

5. VirgodEX Finance Protocol

WhitePaper VirgodEX Finance : VDF-01.2021