3 things you probably missed about KyberSwap limit orders
Few weeks ago, Kyber Network unveiled limit orders on its trading platform — KyberSwap. One of its kind, limit order at KyberSwap is non custodial swap at the preferred price point of user. Team’s claim to fame is limit order’s non custodial feature aka removal of tedious and time consuming step of deposit and withdrawal of funds. All a user needs to do is — choose tokens, decide the rate and sign the transaction — and that’s it. User funds stay with in user’s wallet all the time. We know its really cool !
But there is more to limit order in addition to its non custodial nature. In this post we will highlight 3 things that you probably missed while using limit orders –
Your wallet ETH balance is shown as ETH*, which is sum of ETH and WETH (ERC20 compliant) available in your wallet. Remember limit order works with WETH, not ETH.
ETH* improves user experience
Imagine you want to place a limit order of 3 WETH and you have only 2.5 WETH and 4 ETH in wallet. ETH* will show you 2.5 + 4 = 6.5; When you submit limit order for 3 WETH, On the screen you will be offered you to convert 3–2.5 = 0.5 ETH to WETH. And you can get 0.5 WETH with just one click without leaving limit order screen. This massively reduces the hassle to get WETH first before using limit orders.
KyberSwap charges a fees of 0.1% to place a limit order of 3 WETH. In ETH terms, You pay 0.003 ETH only if your order executes. If your order fails, you don’t pay anything.
When we checked how much gas fees you pay for swapping 3 ETH as normal swap. It comes out to be 0.0076 ETH (20 Gwei price at the time of writing this post).
Limit orders can be -38% cheaper than normal swap.
To avoid transaction failure, KyberSwap broadcasts your limit order at a slightly higher rate than you originally set. A potential upside of that is — Your order will be executed at a higher rate and chances of you getting more tokens than originally expected are higher. Recently KyberSwap has made it more prominent by showing how much extra tokens you got. Just head to “Order history” tab under limit order and click on “extra”.
Tell us in the comment section how many of these 3 things you’ve already noticed.
Published at Mon, 05 Aug 2019 03:28:10 +0000
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