Bamboo Relay announced an integration with Chainlink to support stop loss order functionality on its decentralized exchange on June 15. It is now the first 0x Protocol relayer to support this order function, through access to high quality Chainlink price reference contract for data feeds. Though, initially available only on Bamboo Relay, the integration would be available to other 0x Protocol mesh network operators. The available pairs for now are WETH/DAI, WETH/USDC, LINK/WETH, MKR/WETH, BAT/WETH and ZRX/WETH.
@BambooRelay now supports stop-loss functions via integration w/ #Chainlink’s Price Reference Data. Bamboo Relay is the first 0x relayer to bring the popular stop-loss trading feature to the @0xProject, closing the gap between #CEX & #DEX infrastructure. https://t.co/TK9yjZ5QtO— Chainlink – Official Channel (@chainlink) June 15, 2020
Automated Trading Strategy And Investment Management – Stop Loss / Stop Buy
An essential pillar of the rising Decentralized Finance (DeFi) industry, the decentralized exchanges (DEX) allow P2P non-custodial trustless trading, lending, and borrowing of digital assets. This addition of stop-loss functionality brings DEX, one step closer to its centralized counterparts running custodial services. A stop loss function is a necessary part of a user’s automated trading management strategy, which sells a specific asset, if the asset falls below certain price. Similarly, a stop buy function buys a specific asset, when the asset goes above certain price. An accurate price feed is necessary, for the smart contracts to know the price and execute the order accordingly.
“We’re thrilled to integrate Chainlink’s world-class oracle technology to bring stop loss-functionality to 0x users — an essential tool for successfully managing assets. Chainlink ensures that all stop-loss orders are triggered by highly accurate data from a secure oracle mechanism, bringing the highest level of security and reliability to Bamboo Relay. Through this integration, the 0x ecosystem is better positioned as a viable alternative to centralized exchanges; traders now have access to the same set of tools available on CEXs, yet receive the added benefits of user control of their assets.” — Joshua Richardson, Founder of Bamboo Relay
About Bamboo Relay
Bamboo is a 0x Protocol relayer, which forms part of its mesh network. It is basically a decentralized exchange (DEX) with its own interface and functions, which uses the wider 0x network for trading activities and sourcing liquidity.
About 0x Protocol
0x protocol is a Decentralized Finance (DeFi) protocol operating on the Ethereum network, which facilitates peer-to-peer exchange of Ethereum assets. It provides smart contract infrastructure for project, looking to integrate exchange functionality and access to pools of shared liquidity. The protocol can be used to develop decentralized exchanges, digital marketplaces, trading bots, DeFi component and over the counter (OTC) trading desk, by aggregating liquidity from 0x Mesh, Kyber, Uniswap etc.
Chainlink is a decentralized data oracles service, which connects smart contracts to off-chain real world events information. The oracles are secure, resistant to manipulation and thus reliable. The main product Chainlink price reference contracts consists of 30 DeFi price feeds, on the Ethereum network, each consisting of 7 to 21 secure, independent Sybil resistant nodes, sourcing data from a high quality aggregator.