Decentralized finance (DeFi) aggregator PlasmaFinance has introduced what it claims to be an “industry-first” Limit Order functionality for its native DeFi (decentralized or non-custodial) (DEX), PlasmaSwap, which lets users make swaps at “precise” price points, thus enabling “safer, stress-free DeFi trading.”
As mentioned in a release shared with CI:
“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.”
The announcement further noted that this was made possible via the Limit Order feature recently released on PlasmaFinance, the “all-in-one” or comprehensive DeFi dashboard that connects “seamlessly to all the major DeFi platforms to help you make the most out of their DeFi experience.”
The release confirmed that DeFi traders many now take advantage of a key feature that traditional cryptocurrency traders on centralized platforms have been using for several years to “professionalize and automate their trading experience.”
At present, 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),” the announcement clarified.
The release also noted that 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.”
The release explained that users just need to choose the assets they want to trade, “adjust the rate and output desired, and submit their Limit Order.” The tokens or assets they intend to exchange are then “locked into a smart contract that will automatically execute the trade if desired conditions are met OR until the user themself cancels the Limit Order,” the announcement noted.
The user does not have to be online for this trade to take place once the Limit Order has been submitted, the update explained.
For a complete explanation and step-by-step guide on these processes, you may review how Limit Order functionality works here.