Decentralized automation protocol Autonomy Network has released a new dApp product. The new dApp is known as AutoSwap promises to be a one-of-a-kind product. This is because it becomes the first dApp to offer stop loss, limit order, stop loss, impermanent loss protection, and recurring payment features.
The dApp is compatible with DEXes built on the Binance Smart Chain, such as PancakeSwap. In addition to Ethereum, Polygon, Avalanche, and Solana, the dApp will be available on a variety of other chains. There has never been a time like this in the entire DeFi ecosystem when these features have been made available.
What makes AutoSwap stand out?
In order to help consumers better control risk and increase returns, AutoSwap provides functionalities that were previously only available on centralized exchanges. Traders can use Autonomy to automate their orders on the crypto exchanges 24/7.
James Key, the co-founder of Autonomy Network, expressed confidence in the new product, saying “By introducing both limit orders and stop losses to DEXes for the first time ever on any blockchain, Autonomy has enabled DEXes to have the same features as centralized exchanges”.
Autonomy has worked with leading decentralized exchanges (DEXs) on many blockchains to provide their customers with the same services as centralized exchanges. The lack of limit orders, stop losses, recurring payments and impermanent loss protection had become a significant cause of concern. DeFi customers were helpless even as trading volumes of DEXes increased tremendously.
Since most of crypto trading volume is not in market orders, this means that the main inhibitor of the growth of DEXes has been removed and is the final nail in the coffin for the dominance of centralized exchanges, allowing most of the volume to move over to DEXes.”
Autonomy Network has also integrated a number of platforms. This will see it develop a greater capacity to offer more products with more efficiency. For instance, SushiSwap’s lending platform Kashi has natively integrated Autonomy to offer automating self-liquidations. SokuSwap, a multi-chain decentralized exchange has also onboarded Autonomy on BSC.
Autonomy will also have a presence on Avalanche, following its integration by Pangolin. The move will see Pangolin support Autonomy’s stop losses, limit orders and impermanent loss. In addition, it will bolster the platform’s liquidity pool and enhance its risk management capabilities. ApeSwap is also integrating Autonomy and will support its limit orders on Binance Smart Chain.
These integrations are happening few weeks before Autonomy launches its Initial DEX Offering (IDO). The launch will happen in February.
About Autonomy Network
Autonomy Network is the main decentralized automation protocol for Web3 dApps. It provides the necessary infrastructure for the automation. By enabling DEXes to offer a greater range of services like as limit orders and stop losses, the platform enables DEXes spanning Ethereum, Binance, Avalanche and other chains and Layer-2 solutions to expand their volume.
Thanks to the network, users of DeFi can set up arbitrary activities to be triggered in a decentralized and guaranteed manner. It’s not just for trade, either. DEXes, DAO management tools, lending protocols and even NFTs and metaverse projects could all be integrated with the platform.