The brand new 1inch Limit Order Protocol provides users extensive flexibility while decreasing the trade execution costs as well as execution time considerably.
Distributed decentralized network 1inch has unveiled its new revolutionary protocol dubbed 1inch Limit Order Protocol. It’ll be available on various blockchain networks like Polygon, Ethereum, and Binance Smart Chain.
Besides, it will also encourage other chains attached to the 1inch network. The 1inch Limit Order features allow users to purchase and sell cryptocurrencies at a specific price. The new limit purchase routine from 1inch provides users a higher level of efficiency and flexibility. The chances of consumers viewing their orders executed punctually have significantly increased. At the same time, the implementation time has substantially dropped.
This attribute is also available in the 1inch DApp for a while, however, it was previously hosted on the 0x protocol. The dispersed network says that the new protocol is a lot more efficient compared to 0x. In any case, unlike 0x along with other legacy protocols, the 1inch Limit dictate fees no protocol charges. Additionally, the 1inch Limit Order Protocol is much more gas efficient.
Besides, the absence of fees is a welcome move for consumers putting small limit orders. Formerly, the user with little limit order has to wait until the fee costs come down. Now the waiting period has come down significantly.
Some of the present token standards supported by 1inch comprise ERC20/BEP20, ERC 721, and ERC1155. In any case, it also aims to encourage other token standards using its outside expansion.
1inch Limit Order Protocol: Dynamic Pricing and Conditional Execution
These will be both big features of this 1inch Limit Order Protocol which bring unmatched flexibility to its users. The lively price facilitates a consumer cost function on different contracts that are smart. This is based on different properties which users find applicable for example oracles, supply and demand, etc.
On the other hand, conditional implementation lets users specify arbitrary conditions for order implementation. This allows maximizing the earnings on various trading operations.
Besides, the protocol also enables the satisfaction of requests for quotations (RFQs). Therefore, the purchase and sell orders for the specific amount of cryptocurrencies are optimized for market makers.
Just like greater flexibility, its features translate into different use cases. Including stop-loss and trailing stop orders. Explaining additional broader functionalities, 1inch notes:
Due to the dynamic pricing feature, the protocol can be utilized to power aucti