Bamboo Relay Integrates Chainlink Oracles

Bamboo Relay has become the first-ever 0x relayer to incorporate stop-loss functionality. This was made possible by integrating the Chainlink Price Reference Contract.

Despite the current onslaught of the novel coronavirus and the subsequent volatility in the crypto space, Decentralized Exchanges (DEX) have continued to attract users’ attention. However, to continually remain relevant DEX exchanges need to provide common services that centralized exchanges provide. While still ensuring top-notch decentralization. Some of these features include, peer-to-peer (P2P) non-custodial trading, lending, borrowing of digital assets, etc.

One major feature associated with centralized exchanges is the stop-loss functionality. With this in mind, Bamboo Relay has announced the addition of this feature on its platform. This huge feat was made possible by integrating Chainlink’s top-notch Price Reference Contracts.

For now, the stop-loss functionality will only be available on Bamboo Relay. However, plans are in place to introduce it to the entire 0x mesh ecosystem.

More on the Stop-Loss Functionality

Popular 0x Protocol is a smart contract with a network of relayers with a unique and mutual messaging channel for communication. Bamboo Relay is also an 0x Relayer.

There are basically two types of stop-loss functions, as mentioned below:

  1. The Sell Stop Limit allows users to instruct Bamboo Relay on the limit to sell a certain number of tokens and at a particular spot price.

2. The Buy Stop Limit, on the other hand, informs Bamboo Relay when to buy a specific number of tokens at a particular spot price. The idea, in general, is to create conditional trading functions built on the price of an asset.

To ensure the smooth running of the stop-loss functionality Bamboo Relay needed a reliable price data feed. Hence, its integration with Chainlink Price Reference Contract.

According to the official blog announcement, the price feed will “automatically trigger the execution” of the stop-loss function. Ensuring price feeds are accurate and reliable is an essential part of the stop-loss feature.

Chainlink has repeatedly proven to be both accurate and reliable. The decentralized oracle network provides a gateway between off-chain market data and on-chain data for smart contracts.

More on the integration

Speaking on the announcement, Bamboo Relay disclosed that its entire team is thrilled by the integration. And its subsequently enabling the stop-loss functionality.

Adding that, Chainlink will ensure that all it’s stop-loss orders are only activated by accurate data. Subsequently, providing Bamboo Relay with both security and reliability. The integration also puts the entire 0x framework a step ahead of centralized exchanges.

Joshua Richardson further added that “traders now have access to the same set of tools available on CEXs, yet receive the added benefits of user control of their assets.” For the uninitiated, Richardson is the founder of Bamboo Relay.

For now, the stop-loss functionality will support the following trading pair orders. They include; WETH/DAI, WETH/USDC, LINK/WETH, MKR/WETH, BAT/WETH, ZRX/WETH.

Chainlink is known worldwide for its secure and reliable oracles. It has provided oracle services to top firms like Google, Oracle, and SWIFT. As well as AVA Labs, Kyberswap, Vite Labs, Digitex, Tezos, etc.

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