Autonomy Network, an “off-the-shelf” decentralized automation protocol, is pleased to launch AutoSwap, which is a dApp providing limit order, stop loss, impermanent loss protection, and recurring payment features for Binance Smart Chain (BSC)-based DEXes like PancakeSwap.
The dApp will also be available on Ethereum, Polygon, Avalanche, Solana and other major blockchains. It’s reportedly the first time that these features have become available to the entire decentralized finance (DeFi) ecosystem.
By providing key features in DeFi that were available only on centralized trading platforms, AutoSwap intends to assist users with better managing risk while increasing returns without having to “stare at the screen 24/7.” Since the cryptocurrency markets are open around the clock, traders can “automate their orders using Autonomy to stay active in the market even when they are asleep,” the announcement explained.
James Key, the Co-founder of Autonomy Network, stated:
“By introducing both limit orders and stop losses to DEXes for the first time ever on any blockchain, Autonomy has enabled DEXes to have the same features as centralized exchanges. Since most of crypto trading volume is not in market orders, this means that the main inhibitor of the growth of DEXes has been removed and is the final nail in the coffin for the dominance of centralized exchanges, allowing most of the volume to move over to DEXes.”
Large DEXes or non-custodial exchanges on multiple blockchains have teamed up with Autonomy to provide users the same features found on centralized platforms. With trading volumes of DEXes growing steadily, the lack of automated solutions like limit orders, stop losses, recurring payments, and impermanent loss protection “had become a real pain point for DeFi users,” the update noted.
SokuSwap, a multi-chain decentralized exchange, has now integrated Autonomy on the Binance Smart Chain. And Pangolin is integrating Autonomy’s limit orders, stop losses, and impermanent loss prevention features on Avalanche.
It aims to enhance its usability and offer improved risk management to users and LPs by integrating Autonomy. Soon ApeSwap will also “have Autonomy-powered limit orders on Binance Smart Chain,” the announcement revealed.
Autonomy Network enables DeFi users to “set up arbitrary actions to be triggered under arbitrary conditions, in a decentralized and guaranteed way.”
It is not simply limited to trading. It could “integrate with decentralized exchanges, lending protocols, DAO management tools, or even metaverse and NFT projects.” For example, SushiSwap’s lending platform Kashi has “decided to natively integrate Autonomy to offer automating self-liquidations.”
These integrations are “happening even before Autonomy Network launches its token” and the protocol is “preparing for its Initial DEX Offering (IDO) in February,” the update revealed.
As noted in a release, the Autonomy Network is a decentralized automation protocol building “critical automation infrastructure for Web3 dApps.”
Autonomy Network helps DEXes across Ethereum, Binance, Avalanche, Polygon, and other chains and Layer-2 solutions “increase their volumes by enabling them to offer users a wider range of features such as limit orders, impermanent loss protection, recurring payments, and more.”