Autonomy Network’s Setting the Pace in Decentralized Finance
Introduction
The future of Decentralized Finance (DeFi) is one where transactions can be done in a transparent, seamless, and effective manner. It is a future where users can automate their transactions with the help of a decentralized network of bots positioned to receive and carry out transactions continuously and productively taking the stress off the trader who normally would have to stare at his screen 24/7, with limited options to avoid losses during trading.
Crypto traders have always desired to maximize profits, manage risks and minimize loss, but unfortunately, the necessary tools to bring these about aren’t there. The frustration grew with many turning their backs on cryptocurrency trading because of huge losses incurred.
The coast is Clear…Let trade!
At some point trading on Decentralized Exchange (DEX) was a nightmare to many crypto traders facing the ordeal of haven to stare at their screen all day carrying out technical and fundamental analysis.
Moreover with the increasing volume of trades on DEX came the need for an innovation that would squarely tackle these challenges and that would provide users with the opportunity to effectively carry out their transactions in a decentralized, fast, seamless, and profitable way.
Autonomy Network came about in response to the yearning demand of crypto traders and investors and the need to provide an automation tool for web 3 developers. Also, it is focused on automating trading that is to enable users automate their transactions or orders to stay active even while they are offline. With this automation tool, crypto traders and investors can heave a deep sigh of relief as they can now perform arbitrary actions under arbitrary conditions. All thanks to the innovative mind of Autonomy Network!😃🌅
The Launch of AutoSwap
To enable the actualization of this goal, Autonomy Network launched a unique Decentralized Application (DApp) that functions to limit orders, stop losses, prevent impermanent losses, provide recurring payments for DEX like PancakeSwap that runs on the Binance Smart Chain blockchain network, and executes arbitrary orders or requests.
The launch of AutoSwap was of good omen to crypto traders as they can now perform transactions with limit orders and stop-loss, automate actions under any condition, with the ready support of a decentralized network of bots to execute requests.
Furthermore, AutoSwap’s primary focus is to fight risks encountered by crypto traders across decentralized exchanges (DEX) by offering features that were exclusive to centralized exchanges (CEX), such as stop-loss, limit orders, impermanent loss prevention, etc; in addition to execution of arbitrary actions.
The importance of this app. to DeFi is huge as seen by its wide acceptance on several blockchains and most recently by Traderjoe: a trading platform. Users of traderjoe can now perform their transactions with limit orders and stop loss. This would protect them from avoidable losses during trading, boost profits, and ensure risk management.
Carrying out Arbitrary Actions
This is an important feature of AutoSwap; to perform arbitrary orders under arbitrary conditions. With Autonomy’s Smart Contract, crypto traders can request what they want to happen in the future and that would be effectively carried out by a programmed and decentralized network of bots. How do they carry out these tasks?
Stage One: Registration of Request
It begins with the user registering a request of what he wants to be executed in the future. It could practically be anything from sending messages, to minting NFTs and have them sent to him on his birthday😃, lending/borrowing, carrying out trading activities, doing things off-chain, etc. This sounds incredible right!😄
Stage Two: Execution of Request
The request is executed by a network of bots that are monitoring the request to see if it can be carried out under favorable conditions needed to be met by the trader or user. This could be to pay enough transaction fee (either ETH or AUTN) known as ‘gas fee' to the executing bot, and a Proof of Stake Algorithm that determines the readiness of the bots to carry out a request at a given time.
Once the conditions are met the bot who is authorized to execute the request calls the Autonomy registry, and executes the request as desired by the user.
Repeating the Process
A new request can be carried out depending on the initial request by the user and on the supply of gas fee. For example, if the user wants a contract that mints an NFT and have it sent to him on his birthday every year, he would simply register a request saying, “I want a contract that mints an NFT and want to have it sent to me every year during my birthday🎂🎉 🥂 with a Happy Birthday message.” This is his request and it would be registered.
Now the executing bot would go on to call Autonomy’s registry as long as the condition for execution is met. Again the condition is to ensure enough supply of ETH or AUTN and to ensure the request are stated in clear terms.
The executing bot mints NFTs and have them sent to the user on his birthday every year by simply repeating the process.
As stated by the user, this request would be carried out every year, thus, a new request is registered and an executing bot is monitoring all pending requests. Again, once the condition is favorable, the request is executed. This continues repeatedly as long as the user supply enough gas fee for the execution of his requests.
Note: The user is expected to pay 30% of ETH upon submission of request or 10% of AUTN before or during the transactions.
In conclusion,
Autonomy Network provides automating tool that can automate multiple actions with different conditions, that’s executing arbitrary actions under arbitrary conditions, with a single request from the user.
In addition, Autonomy Network can execute transactions/requests, thus enabling users to actively trade, gain more profits, minimize loss, and efficiently manage risks while he/she is offline or doing other things.
Being able to carry out arbitrary orders is a plus to Autonomy-powered DApp; AutoSwap and is loved by many crypto traders.
Thank you for your time and interest in our project.
Check out our services in brief:
Explore more about us on …
👉https://blog.autonomynetwork.io/how-autonomy-works-simple-6c0059a2ee89
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