Flamingo Finance Now Supports Limit Order Trading with Revolutionary OrderBook+
https://medium.com/flamingo-finance/flamingo-finance-now-supports-limit-order-trading-with-revolutionary-orderbook-f741c213926d
From the medium article:
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A Block-Based Order BookFlamingo’s OrderBook+ is a first-of-its-kind, block-based order book that leverages the powers of the Neo N3 blockchain to make on-chain limit orders without bots.
As the plus sign in OrderBook+ suggests, there’s a lot more to the brand-new Flamingo feature other than being able to just place limit orders.
Flamingo’s OrderBook+ combines the powers of an Automated Market Maker (AMM) and limit orders to create optimal decentralized trading conditions. The result is an order book with zero-spread and automated market making whilst letting users still trade like they are used to by placing limit orders.
Limit OrdersOrderBook+ allows users to create limit orders for any trading pair on the Flamingo Decentralized Exchange (DEX). A limit order is an order to buy or sell a token at a specific price or better. Just set a bid-price or ask-price and wait for your order to be executed.
OrderBook+ will open limit order trading with a few selected pairs, but more will be added in the days and weeks following the launch.
The launch pairs are:
- bNEO/FLM
- FLM/fUSDT
- bNEO/fUSDT
Completely On-Chain (Bot Free)Unlike other DEX order books, Flamingo’s OrderBook+ is run completely on-chain and does not require you or any other users to run a bot to execute orders. Many other order book implementations, such as those on Sushi and PancakeSwap, require a separate bot network to execute orders. Not OrderBook+.
Guaranteed Execution OrderBecause OrderBook+ does not require bots to execute orders, it can guarantee that the orders are executed in the order they are placed in the order book, resulting in a fair order execution mechanism for both small and big traders.
Zero-Spread TradingOrderBook+ leverages the Automated Market Maker (AMM) to create a zero-spread order book. In “zero-spread trading”, traders can trade without a difference between bid and ask prices.
Because OrderBook+ combines with an AMM, the order book can empty and still allow for trading.
Benefits the PlatformOrderBook+ also gives fees to the Flamingo Flund, a community-owned decentralized fund on Flamingo, which benefits the entire Flamingo platform.
Should I Use Convert or OrderBook+?Convert will still make asset conversions using the AMM (not the order book). This helps the GAS fee stay low for small conversions, as the order book can be more GAS heavy but again will counter the price with a much lower price impact for larger orders.
When to use Convert
For small amounts or if you are feeling lazy (fewest steps involved).
When to use OrderBook+ (market order)
When you want to go from token A to token B quickly and want a lower price impact.
When to use OrderBook+ (limit order)
When you have a fixed price you want for token A in token B.
When NOT to use Convert
For large amounts, as the conversion will go directly to the AMM, and the price impact will be higher than using a market order that uses the AMM plus the order book (but has a higher GAS cost).
When NOT to use OrderBook+ (market order)
For small amounts (has higher GAS cost) or if you have a fixed price you want for a token.
When NOT to use OrderBook+ (limit order)
When you want another token as soon as possible.
Note: There is a $10.00 USD minimum to execute limit orders.
So, if you’re looking to bring your trading skills to the next level using a block-based order book on a DEX, Flamingo’s OrderBook+ is exactly where you’ll want to be."
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