Flamingo has launched OrderBook+, which enables on-chain limit orders through the DeFi platform’s trading module. At the onset, OrderBook+ will only support three trading pairs (bNEO/FLM, FLM/fUSDT, and bNEO/fUSDT), but the team intends to add more in the coming weeks. Additionally, fees accrued on the onchain AMM will go to the FLUND DEX-traded fund.
OrderBook+ is a block-based order book that utilizes AMMs and limit orders to establish a decentralized trading protocol with zero spread. AMMs allow users to trade tokens permissionlessly and automatically through liquidity pools, while limit orders automatically trigger a trade at the user’s pre-selected price of an asset.
On centralized exchanges, the trader leaves the asset on the platform for its order book to execute the trade at the user’s pre-determined price. Flamingo’s on-chain order book allows users to lock NEP-17 assets in a smart contract that will execute the trade at a limit order’s target price. Through OrderBook+, on-chain limit orders are placed on the Neo blockchain without bots, which traditional AMMs (i.e., Uniswap, Pancake Swap) utilize for their trading processes.
Trades must be at least US $10.00 to execute limit orders.
Trading Competition
Poly Network is an interoperability protocol that facilitates cross-chain transactions between all participating blockchains without issuing a new token. To celebrate Poly Network’s second anniversary, Flamingo is hosting a rewards campaign for those who use the bridging protocol. Users must initiate cross-chain transactions by wrapping or unwrapping tokens on the DeFi platform to participate. The top 100 most active addresses will share rewards from a pool equivalent to US $1,000 in FLM tokens.
The winning participants will earn a proportionate share from the pool according to the amount of fees paid in transaction costs. For example, if one of the addresses paid an equivalent of 10% of the top 100’s total fees spent, then they would receive $100 of FLM.
The Poly Network team is also distributing Poly Network NFTs to the top 1,000 addresses, which will be determined by the amount users spend on cross-chain transaction fees.
Flamingo’s reward campaign is live and will run through 3:00 a.m. (UTC) on Sep. 8.
The full announcement can be found at the link below:
https://medium.com/flamingo-finance/flamingo-finance-now-supports-limit-order-trading-with-revolutionary-orderbook-f741c213926d
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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