CoinStats - Autopilot DeFi is Here with Limit Orders on H...

Autopilot DeFi is Here with Limit Orders on HyperDEX / Ethereum network / All DEXes

4y ago•

PPAY

bullish:

bearish:

Decentralized exchanges (DEXs) are the beating heart of decentralized finance (DeFi), where just about anyone with an internet connection and a crypto wallet can access all kinds of financial products and services without the typical restrictions that centralized or conventional exchanges have.

But at the same time, as we’ve pointed out before, DEXs need to develop and mature to offer the same level of advanced tools and sophisticated functionalities that more professional traders and institutional participants are used to on centralized exchanges. This is a big driving point of PlasmaFinance, and the release of cost-free Limit Orders on our native PlasmaSwap DEX was a step in this direction.

And now, we’re very pleased to announce that the same awesome functionality is now available on our popular cross-chain HyperDEX — an infinity DEX that lets you swap any DeFi token across Ethereum, Polygon and Binance Smart Chain (BSC) at the best rates, lowest fees, from one place.

HyperDEX Limit Orders: Why this is going to change DeFi

All DEXs on DeFi support market orders, which is sometimes called spot. This means when you swap, you are executing at the current market rates, a condition not within the control of the trader. This can be a big problem in DeFi because traders often find that markets in DeFi are extremely volatile, and could result in a situation where prices can go above or below their desired rates very quickly. The ensuing outcome is price slippage and huge losses. More so, this can even render their swap invalid by the time their transactions are confirmed.

Of course, DEX traders can adjust price impact settings to accept a certain percentage of possible loss in rates, but they still have to be online in real-time to react to prevalent market conditions as the majority of DEX trading in DeFi happens based on market orders. Traders must be online, monitoring prices and swapping as soon as they see their desired rates. This is definitely not a good user experience when compared to centralized exchanges with limited order functions.

With Limit Orders on HyperDEX, you not only benefit from the best, cheapest, and fastest DeFi swaps — but also get to choose the exact entry and exit points to buy or sell tokens at your preferred price, free of cost!

It’s free: Very few other DEXs offer Limit Orders and when they do, it will cost you, since you have to create the smart contract on-chain. Regardless of whether your swap occurs or not, you still pay a cost as the miner fee to execute the smart contract Limit Order. But on HyperDEX, we use our very own off-chain relay and on-chain settlement architecture to make limit orders FREE. Only when the transaction settles on-chain, then will the taker of the order pay for the transaction’s gas fee + protocol fee. You will pay a TX fee only if you wish to cancel the limit order.
Use your time more wisely: Do research, live life, get a good night’s sleep while your Limit Orders are automatically settled on HyperDEX if the right conditions are met, without you needing to be online.
Trade more professionally: No need to wait and hope that you get the right rates on Spot swaps. Limit Orders ensure you swap at the rate you want, so you get the amount of tokens you asked for.
Control your risks: You can use Limit Orders as a Stop Loss, to protect your capital from unnecessary losses and unexpected volatility. By setting Trailing Stop Loss you can set your Stop price at a fixed rate below the current market but also with a “trailing” amount. Should the market price go up, the Stop price will also rise according to the trailing amount. The Stop doesn’t change if the market goes down. This allows you to hold on to profits or increase your floor price if the market improves.
Get better-than-expected value: HyperDEX Limit Orders will at minimum swap your requested value, but oftentimes gives you slightly better rates. This means that most of the time, you will get a little more than you want if a swap executes!
Your assets are still liquid: Unlike traditional Limit Orders that lock your assets until the order is triggered, HyperDEX Limit Orders leave your funds securely in your wallet, giving you full liquidity and flexibility to use them for other activities. Your assets are only swapped out at the moment Limit Order conditions are met.

Note: Limit Orders on HyperDEX will work with a major improvement from the previous Limit Order capability we introduced on our native DEX PlasmaSwap. On PlasmaSwap, your assets for swapping are locked onto a smart contract for the Limit Order, holding them in there until they are executed in the future once the determined market conditions are met.

On HyperDEX, Limit Orders merely create a digital signature that indicates to the platform to swap your funds once desired market conditions are met. Your assets are not moved out from your wallet and are fully liquid, as secure as ever inside your wallet, free for you to use at any time for other transactions.

Using Limit Orders on HyperDEX

If you’re ready to trade on DeFi at the prices you want, then all you need to do is trade on HyperDEX using Limit Orders. There are many ways you can set a Limit Order but the two most common are:

A buy limit order sets a buy limit price. Your swaps execute only at that price or lower, if market conditions become available. Hence, you get the amount of tokens you want, but usually more.
A sell limit order, which sets a sell limit price. Your swaps execute only at that price or higher, if market conditions become available. In this case, you get at least the selling price you want, but usually better.

Here are the steps to set a Limit Order on HyperDEX:

Go to PlasmaFinance HyperDEX and connect your wallet.
Select the asset you want to swap and enter the amount. If you don’t see the asset, simply search for the token and add it first to your wallet.
Next, select the asset you want to receive in return for your swap. HyperDEX will automatically give you the best rates from over 40 different DEXes on your network (ETH, Polygon, or BSC). The Current Rate value will appear based on the current market rate. The Output (in the Buy field) is the estimated amount of asset/currency you should receive from swapping your asset.
Adjust the Limit Rate or Output to set the desired price you want or the amount of asset you wish to receive for the swap. These fields will adjust themselves as you adjust the values, as they are dependent on each other. Additionally, a message may appear in this format: “Order XX% above/below market”. This indicates that the rate you set is a certain percentage above or below the current market price across the best available market on HyperDEX.
Set the Expiry time. This will determine how long you want the order to remain in place. It will continue to fill as long as it remains active. If it is still active and reaches the Expiration time, the Limit Order will cancel itself. It is a good idea to set an expiry time to save on manual cancellation gas fees.
Click the Review Limit Order button to place your limit order. You will need to sign the confirmation prompt to place the Limit Order!
After successful placement of your limit order, you will see it in your history tab and you can close this order anytime you want and receive back the asset that you wish to sell. If you place many Limit Orders, you will see them all here.

Note A: Cancelling a limit order is possible, just click Cancel from the history. You will have to pay a TX fee to cancel them, however. So if you have multiple Limit Orders.

Note B: To set the limit order for the native currency of the chain (ETH) you need to use the wrapped version of native currency: Wrapped ETH (wETH) on Ethereum;

On HyperDEX, wrapping and unwrapping is a zero-fee transaction. Simply swap the native currency to its wrapped version or vice versa to set Limit Orders! E.g. ETH to wETH or vice versa.

So if you want to level up your DeFi and trade on Autopilot superpowers like the PROs do, then you need to get on HyperDEX now and unleash the power of Limit Orders!

🔥 Try HyperDEX: https://apy.plasma.finance/#/hyper-dex

🚀 SpacePort IDO Launchpad:

Website | Telegram | Twitter | Substack | Launchpad Alliance

Autopilot DeFi is Here with Limit Orders on HyperDEX / Ethereum network / All DEXes was originally published in PlasmaPay on Medium, where people are continuing the conversation by highlighting and responding to this story.

4y ago•

PPAY

bullish:

bearish: