What Is OrderProtocol?

2021-08-05 23:00:00 · 330 views · 3 min read

 

Order Protocol is a decentralized order management system build on Polygon. Users are able to save orders with algorithmic conditions, and when those conditions are met orders will be sent to DEXs to be executed.

 

 

For example, you are saving an order: “If MATIC/USDT is less than $0.8, SWAP 5 $ETH to $MATIC”. 

Once you saved this order, you can close the screen and leave the rest to OrderProtocol. When the condition is met OrderProtocol will send this order to the chosen DEX.

 

 

You are able to create orders like:

  • IF MATIC<$0.8 , SWAP USDT to MATIC

  • IF MATIC >$2.0, SWAP MATIC to USDT

  • IF ETH/MATIC < 0.1, SWAP USDT to LINK

So even before the initial listing, you could save an order to buy a certain token.

 

 

When you create an Account, a smart contract is deployed to Polygon Network where you are the owner of the contract. Only the owner of the Account have rights to:

  • Save an order

  • Delete an order

  • Withdraw MATIC or tokens from the account balance.

So nobody can withdraw your balance, or submit an order for you.

 

 

$ORDP token is the protocol’s utility token based on ERC20 standard, already created and verified on PolygonScan. The team will be distributing 80% of $ORDP tokens as airdrop equally to the first 1000 users that participate in the project’s Beta Phase. There are just 19 users so far. 

OrderProtocol was just live for 4 days, the number of its users, volume and transactions are small. It remains to be seen whether it will perform better in the future.

 

 

 

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