Gelato introduces Limit Order Library
Although commonplace on Centralized Exchanges, Limit Orders have yet to reach wide adoption from Decentralized Exchange platforms. The reason DEX UIs have been lagging behind on implementing this feature is deeply rooted in the limitations of the EVM that make it hard to automate users’ trades while also upholding DeFi’s core tenet of being non-custodial.
Gelato has researched and shipped systems to work around the EVM’s trustless automation limitations, without giving up user’s self-custody, since 2019. Yet to date, even AMMs such as Uniswap still offer no native Limit Order capability in the pure sense on their own UI. Many users on AMMs are still only presented with the option to go and buy at the current market rate, although it is worth mentioning that some of the bigger aggregators, such as 1inch, have made advancements on this front.
Gelato now sets out to obliterate this barrier for Decentralized Exchange developers with its brand new limit-orders-lib and limit-orders-react npm package releases. These two libraries provide an easy one-stop solution for developers to hook up native Limit Orders to their AMM or other DEX of choice — in as little as 10 minutes! The smart contract components of the limit order system have been audited by Certik. The spectrum of tooling the library provides you with ranges from ready-made React Components for the quickest go-live imaginable, to React Hooks and, on the more customizable end, simple methods for interacting with the underlying Gelato Limit Order infrastructure. The library already works with well-known trading venues on Ethereum, Polygon (Matic), and Fantom (Fantom Foundation). Soon BSC and Layer 2s like Arbitrum will also be supported.
One key aspect of the Limit Orders system and the libraries are their subgraph component. Gelato bots use one canonical subgraph per supported network, in order to index new orders that are submitted by users of any UI that uses the library and also to monitor the order lifecycle from open to canceled or executed. As Gelato Legendary Member Luis (@gitpusha) recounts:
Using a subgraph from The Graph to create one global place where all data pertaining to Gelato’s Limit Order system is continuously stored, indexed, and easily queryable once again proved super useful for both integration developers frontend-side and Gelato bot maintainers backend-side.
First debuting on Sorbet Finance, Gelato’s Limit Order feature has already been executed by thousands of users looking to buy a dip or sell a top. Tapping into the deep liquidity of Uniswap and Quickswap, Sorbet has already transacted millions of dollars of volume in the past few months.
QuickSwap and Gelato Team Up To Bring Limit Orders To Polygon by @gelatonetwork https://t.co/CEw8S7lCpN $QUICK
— QuickSwap (@QuickswapDEX) May 14, 2021
In addition, one of Fantom’s leading DEXs, Spooky Swap, became the first AMM to integrate limit orders natively on their platform thanks to Gelato’s limit order libraries.
SpookySwap x @gelatonetwork 🍨is here! Thanks to our collaboration, limit orders have arrived natively on Spooky!
Gelato is an industry veteran in smart contract automation who also powers limit orders on @Uniswap🦄and @QuickswapDEX $ETH $MATIC $FTM #crypto https://t.co/bANWgLZpN8
— SpookySwap (@SpookySwap) June 1, 2021
About The Graph
The Graph is the indexing and query layer of the decentralized web. Developers build and publish open APIs, called subgraphs, that applications can query using GraphQL. The Graph currently supports indexing data from Ethereum, IPFS, and PoA with more networks coming soon. To date, over 16,000 subgraphs have been deployed by ~20,000 developers for applications, such as Uniswap, Synthetix, Aragon, Gnosis, Balancer, Livepeer, DAOstack, Aave, Decentraland, and many others.
About Gelato
The Gelato Network is the automation layer of DeFi and beyond. Gelato is building the underlying infrastructure ensuring reliable automation on top of Web3 and with it a key part of the Web3 middleware stack, enabling trustless, automated flows of value between smart contracts.
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