Our community has already been continually requesting limit order swaps from our team in order to alleviate the strain of awaiting for a certain price or losing a chance to activate a swap at a price fixed. As a result, we're pleased to announce that OpenOcean is integrating Chainlink Keepers to provide safe and dependable limit order functionality on our DEX aggregator, beginning with BSC and growing to more networks in the future. Chainlink oracles will also enable trading techniques like grid trading in our upcoming SaaS offering for intelligent wealth management.
Users may issue limit orders on centralized exchanges in the same manner as they do on decentralized exchanges with OpenOcean. Limit orders enable traders to put purchase orders for any asset at their preferred price, which will be executed automatically only if the criteria indicated are satisfied. You can, for example, establish a limit order to buy BNB if the price falls below $420 USD. All you have to do is put an order and then go live your life, safe in the knowledge that your orders will be activated while you're gone, or even sleeping.
Users can utilize grid trading to deploy trading bots that automatically place buy and sell limit orders within a specified price range. Limit orders are put above and below a certain price, resulting in a grid of orders at steadily increasing and decreasing values. A DeFi trader, for example, can place buy orders at every $0.00001 below SHIB's market price and sell orders at every $0.00001 above SHIB's market price to profit from price changes within the range.
Grid traders may rest easy knowing that the limit orders inside a grid strategy are monitored and executed via safe and dependable limit order functionality offered by the Chainlink connection, thanks to OpenOcean.
Chainlink Keepers - a decentralized network of skilled DevOps encouraged to automate the invocation of smart contract functions when specific conditions occur - are at the heart of the OpenOcean limit order feature. Because smart contracts are intrinsically incapable of self-execution, third-party smart contract automation functionality is required. They must be prompted to perform their contract logic by an on-chain transaction.
Chainlink Keepers will utilize decentralized off-chain computing to monitor asset values for limit order swaps. When asset prices exceed the predetermined thresholds set by users' limit orders, Chainlink Keepers will contact the OpenOcean smart contract in charge of limit orders. When invoked, the OpenOcean smart contract will check Chainlink Price Feeds to see if specified price points were passed, and if so, the limit order transaction will be performed on users' behalf. Our consumers will be able to better manage their portfolios and hedge against volatility as a result of this procedure, which will require no manual involvement.
If you're concerned about costs, don't be. Chainlink Keepers guarantee that your request is processed at fair market fee rates by dynamically setting gas pricing depending on prior blocks. If the gas price rises over the following few blocks and your order fails to execute, Chainlink Keepers will replace it with a higher gas price and continue to raise the gas price until your transaction is verified, ensuring that your order executes precisely as you intended.
Some of the distinguishing elements that set Chainlink Keepers apart from the competition are as follows:
High Uptime - Chainlink Keepers are managed by the same expert DevOps teams who have a track record of providing high dependability to Chainlink Price Feeds during times of heavy network congestion and market volatility.
Low Costs - Chainlink Keepers have various gas-optimizing features that reduce the costs of automated maintenance jobs for users, such as a rotating node selection procedure that prevents gas price auction wars and stabilizes costs.
Chainlink uses a decentralized and transparent pool of Keepers to give strong assurances around safe contract automation, saving teams time and avoiding the dangers associated with manual interventions or centralized servers.
Expandable Computation - Chainlink Keepers execute off-chain calculations and provide call data verified by smart contracts, allowing developers to create complex, trust-free dApps at a lesser cost.
This integration will be a big benefit to OpenOcean users and the DeFi community as a whole. We're pleased to implement limit orders and give our consumers the finest trading experience in the ecosystem, both for swaps and grid trading. We anticipate that our consumers will be able to sleep better at night knowing that they have the power to protect themselves against turbulent market circumstances as well as the ability to grasp opportunities when they emerge.
"We're happy to be integrating Chainlink Keepers and enabling limit orders for swaps and grid trading for our community. As a trader myself, I understand the frustration of having to sit in front of the computer and monitor prices in order to get the desired outcome from a swap. With Chainlink Keepers, we have a decentralized solution for limit orders on swaps that is cost-effective, reliable, and secure."
Cindy Wu, Co-founder of OpenOcean
About Chainlink
Chainlink is the industry standard for developing, acquiring, and reselling oracle services required to run hybrid smart contracts on any blockchain. Chainlink oracle networks enable smart contracts to connect to any external API while also leveraging safe off-chain calculations to enable feature-rich apps. Chainlink presently protects tens of billions of dollars across DeFi, insurance, gaming, and other important industries, and provides a universal gateway to all blockchains to global organizations and prominent data suppliers.
About Openocean
OpenOcean is the world's first comprehensive exchange aggregator, allowing traders to aggregate liquidity from both the DeFi and CeFi exchanges. OpenOcean collects liquidity from a variety of decentralized exchanges and splits deals into the route that delivers the best price with the least slippage for your trade for users who want a decentralized experience. OpenOcean can link into centralized exchanges to improve liquidity for traders that seek additional liquidity for lower slippage across larger deals. OpenOcean is free to use and does not charge any additional costs to execute your trade, allowing you to get the most out of your transactions - all from a single, simple-to-use cross-chain aggregator.