Non-custodial decentralized trade (DEX) Dolomite introduced that on Nov. four it’s going to add a margin buying and selling with stop-loss orders.
The firm defined in a press launch shared with Cointelegraph that — whereas its present trade relies on the Loopring protocol — its margin buying and selling function will probably be constructed on the dYdX protocol.
Long and quick positions with cease orders
Per the discharge, the platform’s customers will have the ability to take lengthy positions with as much as 5x leverage and quick positions with as much as 4x leverage from their wallets. Furthermore, the agency additionally claims:
“Dolomite will also be one of the first decentralized exchanges to offer leveraged limit order trades, allowing a leveraged trade to fill only at a certain price. Dolomite is building off of the dYdX margin lending protocol, giving it access to over $30 million in lending liquidity.”
A trustless margin buying and selling protocol
Dolomite co-founder and CEO Corey Caplan defined in an unique remark to Cointelegraph that dYdX protocol permits the platform to “seamlessly work with any exchange to open and close positions” and is designed in a modular vogue. He mentioned that this brings a number of benefits to platforms make use of it:
“This allows Dolomite to capture the trade volume from users opening/closing positions. Users are also able to maintain a lower collateralization in comparison with other margin lending protocols, so users can trade with more leverage.”
Caplan additionally claimed that his platform is the primary one to combine with dYdX. Lastly, he defined that the chance to function restrict orders on the DEX arose due to the modular design of the protocol in query:
“Dolomite is also uniquely offering Margin Protection which is a stop-loss function that will close your positions on Dolomite before they are liquidated by dYdX. This saves users from losing the entirety of their margin deposit when they open a position. We were only able to add this feature in because of the modularity of their protocol.”
Given the obvious relationship between dXdY and decentralized stablecoin DAI (and the decentralized autonomous group behind it MakerDAO), Cointelegraph requested Caplan as an instance the main points of this collaboration. He admitted that he doesn’t know the main points, however the two methods are working collectively:
“We’re unsure of their relationship. However it’s likely good considering they are one of the biggest lending protocols surrounding DAI in the ecosystem. DAI is also central to dYdX’s lending liquidity and trade volume.”
As Cointelegraph reported in late October, entrepreneur and crypto advocate John McAfee has argued for the significance of stablecoins for DEX adoption.
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