Limit Orders Now Available on PlasmaFinance
DeFi traders on PlasmaSwap can now trade digital assets as if they were using a conventional exchange, setting the precise entry and exit points to buy or sell tokens at their preferred price.
This is made possible through the Limit Order feature just released on PlasmaFinance, the all-in-one DeFi dashboard that connects seamlessly to all the major DeFi platforms. DeFi traders can now enjoy a crucial feature that traditional crypto traders on centralized exchanges have used for years to professionalize and automate their trading experience.
Because PlasmaFinance is also a DeFi aggregator, it integrates major DEX protocols like Uniswap. Currently, this Limit Order feature will only work on PlasmaSwap but Limit Order integration for Uniswap will soon be possible if accessed via the PlasmaFinance dashboard, and will eventually work for all other protocols integrated (including Sushiswap and BSC-based DEXs).
Regular market orders are still possible but users can now choose two types of Limit Orders for PlasmaSwap:
- A buy limit order that executes only at the limit price you set or lower, if available.
- A sell limit order that executes only at the limit price you set or higher, if available.
Users simply need to select the assets they want to trade, adjust the rate and output desired, and submit their Limit Order. The tokens or assets they wish to exchange are then locked into a smart contract that will automatically execute the trade if desired conditions are met OR until the user cancels the Limit Order. The user doesn’t even need to be online for this trade to happen once the Limit Order has been submitted.
For a full explanation and detailed step-by-step guide, please read this blog post on Limit Order functionality on the PlasmaFinance blog.