Decentralized exchange SushiSwap has expanded its token swap functionality with free limited order swaps.
SushiSwap users can now buy and sell tokens at any price, without having to constantly monitor the market. The team announced the new free limited order swaps upgrade on May 31.
Furthermore, the new feature is available on various networks including Ethereum, Polygon, Avalanche, and Fantom.
Limit orders allow traders to set trades and automatically execute them whenever the asset reaches a given price. Most centralized exchanges offer this functionality but very few DEXes do.
Sushi's Limit Orders let you set as many trades as you like, and automatically execute them.
Try Limit Orders now at https://t.co/SwXERhPnVm
And read more at https://t.co/51Kef7in6r
— SushiSwap (@SushiSwap) May 31, 2022
Gas-less Limit Orders
SushiSwap stated that limit orders usually cost a high amount of gas to approve and execute. Additionally, they come with a high opportunity cost. This is because traders need to deposit tokens in a simple contract instead of a yield-bearing pool.
Sushi’s new limit orders will allow users to place trades for any rate of a token pair. Additionally, they can still earn yields on funds deposited in the BentoBox DeFi vault.
SushiSwap claims to be the first DEX to allow users to set any number of limit orders of any amount. “This way, you can create orders that exceed your current balance in BentoBox,” it explained.
Users can set a chain of orders, which increases in volume after each successful trade that adds to the balance.
For example, a trader wants to buy $10K in ETH at $2,500 and sell it at $2,600. However, they only hold $1K in USDC in the BentoBox. If the price bounces between that range, the orders will keep getting partially filled using whatever funds are available.
Furthermore, multiple limit orders can also be made for multiple tokens at different prices. To use the new system, users can follow these steps:
1) Navigate to app.sushi.com and select the “Limit” tab.
2) Approve limit order contract to access BentoBox funds (Approve BentoBox).
3) Deposit funds to BentoBox if they are not there yet.
4) Select tokens, input amount, input price.
5) Sign the order (zero gas).
SUSHI Price Outlook
The SushiSwap native token has been hit hard in the crypto bear market. As a result, it has dumped a further 7.7% on the day to trade at $1.64, according to CoinGecko.
However, SUSHI prices have actually gained 29% over the 14 days. Nevertheless, the token has tanked a whopping 93% from its March 2021 all-time high of $23.38.
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