We are excited to announce the integration of Chainlink Automation into Oku, a professional trading interface for the Uniswap v3 protocol. With this integration, Oku is now leveraging the power of Chainlink Automation on Ethereum, Polygon, Arbitrum, and Optimism to enable secure and efficient limit orders on Uniswap v3 markets. This integration marks a significant milestone in bringing advanced trading features and a seamless user experience across L2 networks to the Uniswap ecosystem.
Uniswap v3 does not natively support limit orders which have historically been a pain point for traders accustomed to the feature at traditional exchanges. In Oku’s effort to provide the best onchain trading experience, limit orders are considered a critical feature.
Oku’s limit order implementation is an active limit order that traders inside and outside of Oku can access thanks to its direct integration with Uniswap v3. Most importantly, limit orders are all fully onchain and non-custodial.
Chainlink Automation was chosen as the preferred automation service for Oku’s limit order functionality due to its unmatched reliability and reputation in the Web3 space. The Chainlink Automation Network is operated by a robust network of proven and trusted node operators that secure billions of dollars in DeFi, even during periods of high network congestion and extreme market volatility. This battle-tested infrastructure helps ensure that every limit order executed on Oku using single-sided liquidity is performed accurately and on time, instilling trust and confidence in our users.
Oku, developed by GFX Labs with the support of a Uniswap Foundation grant, stands as a professional trading platform for the Uniswap V3 protocol. Oku's trading platform was developed to serve as a bridge between decentralized finance (DeFi) and centralized exchanges, providing advanced trading functionality that users are accustomed to in traditional trading environments.
Chainlink Automation is a decentralized service purpose-built to manage tasks on behalf of smart contracts. Chainlink Automation leverages decentralized, hyper-reliable, and economically incentivized automation nodes to wake up smart contracts when they need to perform critical onchain functions, which usually take place at specific time intervals or in response to external events (e.g., when an asset hits a specific price).
The integration of Chainlink Automation into Oku signifies a notable enhancement in our platform's capabilities. It allows Uniswap users to seamlessly execute limit orders, empowering them with greater control and flexibility in their trading strategies. Unlike other limit order implementations, where liquidity is required on both sides of the trade, Oku enables traders to actively take the other side of the limit, offering a unique trading experience.
How do Oku limit orders work?
Unlike Uniswap v2's requirement to cover the full range, Uniswap v3's concentrated liquidity enables liquidity providers to select specific price ranges. For instance, on Uniswap v2, liquidity providers in the ETH/USDC pool covered the entire price spectrum. In contrast, Uniswap v3 allows providers to choose narrower ranges, such as $1000 to $3000. Oku utilizes this feature to offer limit orders by providing liquidity at a single point within the chosen range. For example, if a user places a bid for one ether at $1500, Oku opens a one-sided liquidity position at $1500 to $1500, effectively a range of zero. Chainlink Automation helps manage the position, closing it if the price goes below $1500. This empowers users to utilize onchain, trustless limit orders on any Uniswap v3 pool.
Looking ahead, Oku has ambitious plans to support additional blockchains in the future, expanding its reach and ensuring compatibility with various ecosystems. Additionally, Oku intends to introduce more sophisticated order types, including stop limit and TWAP (Time-Weighted Average Price) orders. These advanced order types enhance trading strategies and provide users with greater flexibility and precision in executing their trades.
“We’re excited to be using Chainlink Automation to help users post limit orders on Uniswap v3 across all of the top chains. Without the battle-tested automation service, we would need to maintain in-house infrastructure to enable limit order functionality. Chainlink Automation helps make our lives easier so we can focus on building more advanced tools for Uniswap v3 users and the broader DeFi ecosystem.”—Getty Hill, Founder of GFX Labs & Oku
About Chainlink
Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.
Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.
About Oku
Experience the future of decentralized trading with Oku, a frontend built for the Uniswap v3 protocol and seeded by the Uniswap Foundation. Oku goes beyond the standard trading interface, offering professional-grade features like live order books, detailed price charts, advanced limit orders, and a customizable favorite markets list. Designed with an intuitive interface that caters to both novice and experienced traders, Oku seeks to fill the gap between Uniswap and traditional exchanges. Our commitment is to enhance the DeFi user experience and pioneer the next generation of trading, making the transition from centralized to decentralized platforms seamless and empowering. Welcome to Oku, where we're making DeFi better, one trade at a time. For more information, visit Oku.trade.