⏳Limit orders
Last updated
Last updated
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.
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.
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.
