ParaSwap prepares to integrate limit orders
According to a statement from ParaSwap, the famous decentralized exchange aggregator (DEX) plans in the near future to add the possibility of placing limit orders to its protocol.
This functionality will emerge through the integration of Chainlink Keepers, a tool that leverages decentralized and reliable off-chain computation to monitor user-defined conditions, then invoke on-chain functions when pre-defined conditions are met. .
Thus, ParaSwap will use the Chainlink Keepers to trigger the execution of users’ limit orders when the prices of the assets cross pre-defined price levels.
According to Mounir Benchemled, founder of ParaSwap, the integration of Chainlink Keepers with the DEX aggregator will strengthen the trading experience of its users, by giving them the possibility of attaching specific conditions to their transactions.
“Given the historical reliability of Chainlink’s services and their optimizations around decentralization and low fees, our users will have an efficient and very reliable way to automate transactions while anchoring the security of order functions. limit to the underlying blockchain, ”he added.
Already very popular with devotees of decentralized finance (DeFi), ParaSwap will soon acquire a functionality deemed essential for many users. The ability to place limit orders while interacting with DEXs should help ParaSwap to attract new users.
Supporting Ethereum (ETH), Polygon (MATIC) as well as Binance Smart Chain (BSC) networks, ParaSwap routes user transactions through one or more different DEXs in order to get the best price with the least amount of money. possible slippage effect.
Developed by a French startup, ParaSwap has today become one of the flagship protocols in the decentralized finance landscape, and does not intend to stop there.
Last June, wallet maker Ledger notably integrated the functionality of ParaSwap into its Ledger Live application. Thus, thanks to ParaSwap, owners of Ledger portfolios can easily swap tokens while saving on transaction fees.
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About the author: Clément Wardzala
Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.