RESPECT won the grand prize in the General category of the recent Neo APAC Hackathon, taking home a $10,000 award. RESPECT is a Telegram-based customized-strategy trading bot, where users can set predefined trading strategies for investments. The current V1 implementation is built on the early development version of NeoEVM.
RESPECT is a team of three, each contributing various expertise to the project. Founder James holds a Bachelor of Economics from University of NSW, with majors in Econometrics and FinTech. He also has garnered blockchain experience working at Pacman Finance and Ondat Labs, along with previously completing an internship at Neo. CTO Lindsey has a Bachelor’s degree in Computer Science and Commerce from University of Sydney, specializing in AI and Machine Learning, which is complemented by their experience as a quant trading researcher at Optiver. Richard, the Chief of Design, graduated from UNSW with a Bachelor’s degree in Design, majoring in interaction design and graphics.
RESPECT defines itself as a customizable crypto trading bot that specializes in on-chain quantitative trading. It prioritizes built-in security checks, multi-chain support, and multi-language capabilities to enhance the trading experience.
The platform operates through an interface within the Telegram app where users can set up a wallet and manage their trading strategies using various commands. Users have the flexibility to select from preset strategies or tailor their own, offering a personalized trading experience.
These strategies are stored both locally and online so they can be accessed via a dashboard. The bot’s core functionality lies in its iterative execution of strategies, occurring every 10 seconds. Once the appropriate conditions are met, trades are executed via the Uniswap Smart Order Router and profits or tokens are distributed to users.
For instance, a key feature of RESPECT’s V1 is that it allows users to automatically sell half of their position when a token’s price doubles, ensuring the preservation of their initial investment. This aims to maximize gains and protect against market downturns, positioning RESPECT as a tool for a safer, more profitable trading experience.
RESPECT also notes Liquidity Withdrawal Protection as a key innovation. Understanding the risks associated with non-locked Liquidity Pools, it employs a “Liquidity Withdrawal Detection” method. This preemptive strategy helps users minimize losses in the event of liquidity withdrawal from projects. If a user implements Liquidity Withdrawal Detection, the bot will attempt to exit a position on a token if a major liquidity provider is detected to have withdrawn its own liquidity.
Looking forward, RESPECT has marked account abstraction as a priority feature. In simple terms, account abstraction is a technique that would allow users to maintain non-custodial ownership of assets, while still managing the account via more traditional Web2 methods such as OAuth login or email and password. In the current implementation of RESPECT, the trading bot needs to temporarily store private keys on its server to facilitate trade execution on the user’s behalf. For this reason, RESPECT recommends using a burner wallet to isolate risk.
RESPECT also plans to launch a user-friendly web terminal, aiming to combine the ease of centralized exchanges with the functionality of decentralized exchanges. Beyond being a trading bot, the team aspires for it to become an omnichain on-chain order book aggregator and evolve into a community-led project. The team plans to offer various frameworks, protocols, and APIs for on-chain trading as a “Tool as a Service,” providing market makers with diverse profit models.
RESPECT’s choice to build on Neo is strategic, aimed at boosting the Neo ecosystem by attracting more users. Its overall mission is to bring the next million users into Web3, focusing especially on onboarding them onto on-chain platforms.
V1 of the RESPECT platform can be accessed via it’s website at respectcoin.xyz