Using AutoSwap to Sleep Tight 💤

Every degen has probably wondered what it would be like to place limit orders and stop losses on decentralized exchanges. It’s impossible to sleep tight when you just got alpha but want to be ready to take gains at 2x. Or maybe you aped into the latest memecoin and it’s looking like you bought the top. Nobody’s got time to refresh a trading app all day.

Limit orders and stop losses are fairly popular on centralized exchanges but the Web3 space has evolved far beyond the ICO boom of 2017. All the action is happening on DeFi protocols. To take place on DEXes, however, these features would have to be implemented on-chain…

The good news is that this is now possible! AutoSwap is the new sleeping pill prescribed to all DeFi degens 💊. Powered by Autonomy’s capability to automate smart contract transactions according to pre-set conditions, the dapp is able to set limit orders and stop losses for transactions taking place on DEXes.

How to Use AutoSwap and Sleep Tight

The first thing to do when using AutoSwap for anything is to click on Connect Wallet on the dapp and approve the connection on your chosen browser extension. Then, swapping is just like using any other DEX. The dapp just automatically routes your transaction to your chosen exchange.

Limit Orders

Limit orders allow you to buy a token at a specific price. Your order will not complete unless the condition for the price is met. To place a limit order:

  1. First, choose from a drop-down list of the tokens you are able to trade from.
  2. Under Rate you can specify at what rate you want to buy specific tokens. It is important to note it isn't the price that’s used but the rate. The rate is the amount of output token divided by input token.
  3. Click on Place Order and approve the transaction. The amount of tokens on the bottom panel is the amount of tokens you will receive.
  4. On the very bottom, you’ll see three different order statuses: Open, Canceled, and Executed. This will display your order status, and every time you connect your wallet, the status should be updated.

Stop Losses

You can use this feature to sell your token at a certain price. The steps are similar to those for a limit order, except it is important to keep in mind that we are executing a sale. To place a stop loss:

  1. Again, pick a desired token pair.
  2. Set the rate at which you want to sell these tokens.
  3. Click on Stop Loss, then Confirm Stop Loss, and approve the transaction.
  4. You can see the stop loss status by clicking on the Open button or you can find executed orders by clicking on the Executed button.

You can also watch this quick tutorial to follow step by step and learn how to use AutoSwap and even delve into its advanced settings.

Currently, AutoSwap is available for ApeSwap and PancakeSwap users on Binance Smart Chain or Trader Joe on Avalanche. We will be expanding into other chains and DEXes soon. So sleep tight, degen 🛌. We’ve got this.

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