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Limit orders
Limit orders are not a new concept. Although commonplace on centralized exchanges, they have yet to reach wide adoption from decentralized exchange platforms. Realizing the market volatility and traders' needs, we have worked constantly for a month to deliver the remarkable feature of limit orders to all Firebirds.
To get started, we need to understand the concept of a Limit Order and how it works.
A limit order allows users to actively place buy/sell orders and maximize profits according to their strategies. To put it more simply, users can get their swap at desired prices by leaving orders in advance and setting a specific expiration date for them.
Features | Market Order | Limit Order |
Buying/Selling Price | Buy or sell a token at the best available price on the current market. | Buy or sell a token at a specified price. |
Transaction Execution | Execute immediately. | Only execute when the desired price is reached. |
Ability to set expiration time | No | Yes, you can choose from 10 minutes, 1 hour, 24 hours, 3 days, 7 days, or 30 days. |
- The first concept of a limit order consisted of fully on-chain contracts, which guarantees the safety of the limit order but is costly, especially in times of extreme market volatility.
- Gelato's Limit Order feature has already been used by thousands of users looking to buy on a dip or sell at a top. Limit orders are stored off-chain, and only trade settlement occurs on-chain. This concept allows Firebird to offer free limit orders.