Captain’s log:
- With yesterday’s upgrade, all Terra-based limit orders placed on Astroport.fi are now powered by Warp Protocol
- Warp’s flexible infra improves the reliability of limit orders and can be easily modified for potential future enhancements
- Pre-existing limit orders can be accessed and closed at autonomy.astroport.fi
A long-time staple in the world of TradFi trading, limit orders let you buy or sell anytime, anywhere – even while you sleep. Simply set a limit order at a prespecified level, and let bots handle the rest.
This advanced trading functionality is relatively easy to deploy in the centralized world of TradFi. Since they’re custodial, centralized exchange operators can simply build the databases and write the code necessary to execute trades on behalf of their customers. But how can you do the same on a non-custodial DEX like Astroport?
Enter decentralized limit orders powered by Warp Protocol. Deployed yesterday on Astroport.fi, let’s explore the UI’s newest feature and the protocol that powers it.
Introducing Warp Protocol
Warp gives app developers a way to enhance their platforms with decentralized, cost-efficient automation. Once integrated, the protocol can automatically execute any on-chain transaction or ‘job’ when pre-specified on-chain ‘conditions’ are met.
But who actually executes the jobs?
That’s the role of Warp keeper bots. This decentralized bot network reads all available jobs. Then, it monitors the Terra blockchain for changes. If and when specific job conditions are met, a keeper bot can then execute the transaction and collect a fee in the process.
Generalized and powered by a simple-to-use software development kit (SDK), Astroport contributors have leveraged Warp to offer a new background infrastructure for limit orders on Astroport.fi.
How to use limit orders on Astroport.fi
Imagine you want to automatically buy or sell LUNA if the price falls below x. Limit orders give you that power. Here’s how.
Visit app.astroport.fi/swap and connect your wallet to Terra mainnet. Then, select the “Limit” tab to enter your desired buy or sell price. The first time you create a limit order, you’ll be prompted to create a Warp account.
After the account creation process, you’ll be able to set multiple limit orders. For each order, Astroport.fi currently sets a fixed fee of 0.35 LUNA (about $0.22 at the time of this writing). 90% of this fee flows to the keeper that ultimately executes your trade if and when it’s completed. The remaining fees flow to Warp Protocol to cover the job creation (5%) and cancellation fees (5%). The initial 5% creation fee is used to buy LUNA on the open market and burn it.
That makes it a win for everyone: Astroport swappers, bot operators and the widerTerra Luna community.
Tracking and editing limit orders
Open limit orders can be viewed at the bottom of the “Limit” tab. Click on the pencil icon to edit a pre-existing order, or click the x to cancel it.
Once your order is set up, Warp keepers monitor the Terra blockchain. If and when your price level is hit, a keeper can execute a trade on your behalf. Remember, though, that you must keep the funds for the trade in your wallet.
For example, if you place a limit order to sell 100 LUNA at price x but you trade or transfer away some of that LUNA (and have less than 100 LUNA in your wallet), your trade will not execute. That’s because it no longer meets all of the required job conditions.
There is no expiration date on your limit orders. So long as Terra and Warp’s keeper bots are operating, they will look for the appropriate conditions to complete your trade. That means you can sleep like you’re in a suspended animation pod and still never miss a trade again!
💡 AstroHint: If you had pending limit orders on Astroport before yesterday’s upgrade, they will no longer be accessible through app.astroport.fi. But don't worry – you can still cancel them at autonomy.astroport.fi.
The power of Warp
With the integration complete, Warp could potentially be leveraged for future functionality on Astroport.fi. The protocol’s flexible design enables numerous use cases including:
- Reward distribution
- Stop-losses
- Fund migration
- Dollar-cost averaging (DCA)
Learn more about Warp in the protocol’s docs (including how to launch your own keeper bot).
If you have ideas or proposals for interesting new use cases on Astroport, please share them in Astroport’s forums. Then, visit app.astroport.fi/swap and select the “Limit” tab to make your first Warp-powered limit order!
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DISCLAIMER
Remember, Terra, Injective and Astroport are experimental technologies. This article does not constitute investment advice and is subject to and limited by the Astroport disclaimers, which you should review before interacting with the protocol.
