SnownadIntroducing Phoenix - The Fastest On-Chain Orderbook in DeFi (A Deep Dive - Part 1)
A Brief History of Solana Decentralized Trading Infrastructure from Serum to OpenBookSerum:Serum launched on the Solana blockchain as one of the first decentralized exchanges for the new platform. It was a Central Limit Order Book that provided a familiar trading environment for regular tradFi investors. This allowed the DeFi space to flourish on Solana as it helped bring reputable investors and institutional traders into the Even though the source code for Serum was open to all, the Serum Fo...
SnownadSingle Slot Finality on Monad: The Autobahn for Crypto Transactions
Imagine pulling over on the crypto “highway”, forced to watch your transaction confirmation crawl by like a rusty pickup truck with an EVM engine. Delays, uncertainty, and a nagging sense of "why is this even happening?" plague the daily users of decentralized applications. As with most problems that get solved in time with the help of experts, the implementation of a concept known as Single Slot Finality on the Monad blockchain network will solve these problems.A Truck on the HighwayThe Fina...
anon crypto bro with no girlfriend... I write. Pipelinoor.
This Article explains how to trade using the Phoenix Order Book in simple terms and how to interact with the decentralized
In a decentralized exchange (DEX), the order book functions like a digital marketplace bulletin board. Sellers list what they're selling and at what price, while buyers list what they're looking to buy and how much they're willing to pay. It's akin to a stock market ticker, but for cryptocurrencies and tokens. Traders use the order book to find suitable matches for their trades, ensuring they get the best possible price. It's a dynamic system that updates in real-time as trades occur, providing transparency and efficiency in the trading process.
exchange.
Login to Phoenix DEX here:
Explanation of terms used in app:
Market Order:
A market order is a trading instruction to buy or sell a security at the current market price, executing immediately. Unlike limit orders, market orders do not specify a price, prioritizing speed over price precision. However, they may result in price slippage due to changing market conditions.
Think of a market order like buying something from a store without negotiating the price. You just walk in and say, "I want this item right now," and you pay whatever price is listed on the tag. It's quick and easy, but you might end up paying a bit more or less than if you had shopped around for a better deal.
In the screenshot below, I had 6.76 SOL balance that I swapped to USDC (Market Order Sell). It’s that simple, just click on “Place Market Order“ and your trace gets filled almost immediately.
After a trade is successful, the history will be displayed under the “My Trades“ tab. Immediately that is done, you can switch from Sell button to the Buy button with which you can use the USDC you received to buy SOL.
Limit Order:
A limit order is like giving the cashier at a store a specific instruction on what price you're willing to pay for an item. You tell them, "I want to buy this toy, but only if it's under $20." The cashier will only sell it to you if the price is at or below $20. If the toy costs more than that, you won't buy it. This way, you have more control over the price you pay, but there's a chance you might not get the toy if the price doesn't drop to your limit.
In this picture, if you look at the Order Book, you’d see that the price SOL was ranging at was $77.145. What it means is that I’m trying to Limit Order Buy SOL at $77.153 even it is trading at $77.145. It means I’m trying to pay less for the SOL I was planning to buy.
Inversely, this means if I want to Limit Sell SOL, I am trying to sell it at the highest possible price.
Do this actively and you would be leaving a print of your steps on the Phoeni
This Article explains how to trade using the Phoenix Order Book in simple terms and how to interact with the decentralized
In a decentralized exchange (DEX), the order book functions like a digital marketplace bulletin board. Sellers list what they're selling and at what price, while buyers list what they're looking to buy and how much they're willing to pay. It's akin to a stock market ticker, but for cryptocurrencies and tokens. Traders use the order book to find suitable matches for their trades, ensuring they get the best possible price. It's a dynamic system that updates in real-time as trades occur, providing transparency and efficiency in the trading process.
exchange.
Login to Phoenix DEX here:
Explanation of terms used in app:
Market Order:
A market order is a trading instruction to buy or sell a security at the current market price, executing immediately. Unlike limit orders, market orders do not specify a price, prioritizing speed over price precision. However, they may result in price slippage due to changing market conditions.
Think of a market order like buying something from a store without negotiating the price. You just walk in and say, "I want this item right now," and you pay whatever price is listed on the tag. It's quick and easy, but you might end up paying a bit more or less than if you had shopped around for a better deal.
In the screenshot below, I had 6.76 SOL balance that I swapped to USDC (Market Order Sell). It’s that simple, just click on “Place Market Order“ and your trace gets filled almost immediately.
After a trade is successful, the history will be displayed under the “My Trades“ tab. Immediately that is done, you can switch from Sell button to the Buy button with which you can use the USDC you received to buy SOL.
Limit Order:
A limit order is like giving the cashier at a store a specific instruction on what price you're willing to pay for an item. You tell them, "I want to buy this toy, but only if it's under $20." The cashier will only sell it to you if the price is at or below $20. If the toy costs more than that, you won't buy it. This way, you have more control over the price you pay, but there's a chance you might not get the toy if the price doesn't drop to your limit.
In this picture, if you look at the Order Book, you’d see that the price SOL was ranging at was $77.145. What it means is that I’m trying to Limit Order Buy SOL at $77.153 even it is trading at $77.145. It means I’m trying to pay less for the SOL I was planning to buy.
Inversely, this means if I want to Limit Sell SOL, I am trying to sell it at the highest possible price.
Do this actively and you would be leaving a print of your steps on the Phoeni
SnownadIntroducing Phoenix - The Fastest On-Chain Orderbook in DeFi (A Deep Dive - Part 1)
A Brief History of Solana Decentralized Trading Infrastructure from Serum to OpenBookSerum:Serum launched on the Solana blockchain as one of the first decentralized exchanges for the new platform. It was a Central Limit Order Book that provided a familiar trading environment for regular tradFi investors. This allowed the DeFi space to flourish on Solana as it helped bring reputable investors and institutional traders into the Even though the source code for Serum was open to all, the Serum Fo...
SnownadSingle Slot Finality on Monad: The Autobahn for Crypto Transactions
Imagine pulling over on the crypto “highway”, forced to watch your transaction confirmation crawl by like a rusty pickup truck with an EVM engine. Delays, uncertainty, and a nagging sense of "why is this even happening?" plague the daily users of decentralized applications. As with most problems that get solved in time with the help of experts, the implementation of a concept known as Single Slot Finality on the Monad blockchain network will solve these problems.A Truck on the HighwayThe Fina...
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