2021-07-29 04:48:00
LunarSwap: Limit Orders & Pending OrdersLimit OrdersAnd the end of July is nearing, we're here to talk about the development and functionality of our primary feature, Limit Orders.
In our initial roadmap, limit orders were planned to go out at the end of July. Since then, we have been working diligently on creating a safe and fast service that anyone can utilize with minimal effort.
The release of limit orders will be delayed into august, but we believe the wait will be worth it. We are designing a system that is easier to use while providing extremely fast and reliable speeds for your orders to be fulfilled once it hits your mark. Our API is made in the Rust programming language and monitors all prices of submitted orders through our own BSC node at the fastest of speeds.
To create a safe and trustless environment, we are
at no point in control of your funds , instead utilizing a pure allowance based system that will only transfer your funds to our smart contract
at the time of swap execution, meaning even our smart contract does not possess your funds at any time other than the same transaction the order is fulfilled and your desired token is sent back to your wallet.
We strongly believe this is the best case scenario for
you, but at the same time puts a small amount of responsibility on you:
* You are expected not to transfer or swap your input tokens.
If your order can't be fulfilled due to a lack of funds, your order will fail and be cancelled. The upfront fee won't be refunded.
* Allowance only works for BEP-20 tokens, not BNB.
We will be utilizing WBNB as a solution. You are similarly expected not to swap away the WBNB if you want the order to be fulfilled.
As a clarification, if you transfer away or sell your tokens it does not automatically cancel an order. An order will only cancel if the funds are missing at the time of execution (when the price reaches your target).
Pending OrdersPending orders, or pending limit orders, will be a
premium feature where you can
submit a limit order without having the initial funds necessary to fulfill the order.
This allows you, for example, to create a limit order to buy $LUNAR, and immediately create a pending sell order to sell that $LUNAR at a higher price without having to wait for the buy order to fulfill first. Once the buy order is fulfilled, you will have the tokens necessary and the sell order will automatically execute when the time comes, with no issue.
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