OpenOcean announced integration to Chainlink Keepers

OpenOcean announced this Friday, January 7, through its Twitter account, its integration to Chainlink Keepers for the limit order functionality in swaps and trading on the DEX network.

Image about OpenOcean’s Twitter post

“Our community has been increasingly requesting limit order exchanges from our team to eliminate the burden of waiting for a certain price or missing the opportunity to trigger an exchange at a desired price. Therefore, we are pleased to announce that OpenOcean is integrating Chainlink Keepers to enable safe and reliable limit order functionality in our DEX aggregator, starting with BSC but expanding to additional networks in the future. Chainlink’s oracles will also support the business tools in our new SaaS product for smart wealth management, such as e-commerce”, he said in an article posted on the Medium platform.

The company indicated that, in the same way that users can set limit orders on centralized exchanges, it can also set limit orders on decentralized exchanges through OpenOcean. Limit orders allow traders to place buy orders for any asset at the desired price, which will be executed automatically only if specified conditions are met. For example, you can place a limit order to buy BNB if the price falls below $ 420 USD. All you must do is set an order and then go enjoy your life, taking comfort in the fact that your orders will be activated while you are away, or even sleeping!

In addition, he highlighted that, with network trading, users can implement trading robots that automatically place buy and sell limit orders within a configured price range. Limit orders are placed above and below a predefined price that creates a grid of orders at increasing and decreasing prices. For example, a DeFi trader can place buy orders every $0.00001 below the SHIB market price and at the same time place sell orders every $0.00001 above the SHIB market price to take advantage of price fluctuations within the SHIB market price rank.

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The company assured that OpenOcean reassures network traders knowing that limit orders within a network strategy are monitored and executed by a safe and reliable limit order functionality supported by Chainlink integration.

“The magic behind OpenOcean’s limit order functionality is Chainlink Keepers, a decentralized network of DevOps professionals incentivized to automate the calling of smart contract functions when pre-defined conditions occur. Third-party smart contract automation functionality is necessary because smart contracts are inherently incapable of self-executing on their own. They need to be pushed by a chain transaction that informs the logic of their contract to execute”, he added.

In addition, he noted that, for limit order exchanges, Chainlink Keepers will use decentralized off-chain computing to monitor asset prices. When asset prices cross predefined thresholds set by users’ limit orders, Chainlink Keepers will call the OpenOcean smart contract responsible for limit orders. Once called, the OpenOcean smart contract will reference Chainlink Price Feeds to verify that certain price points were crossed and, if verified, the limit order operation will be executed on behalf of the users. Through this process, our users will be able to better manage their portfolios and protect themselves against volatility without any manual intervention.

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