Bamboo Relay is the latest blockchain group to integrate Chainlink‘s oracle. The main goal of integration is to support more trading options to users in decentralized exchange.
Bamboo believes DEX platforms can compete strongly with traditional centralized exchanges. But they have to provide the familiar services to the users that are available ins CEX. One of the most critical and popular functionalities in CEX is stop-loss. Using this feature, traders can automate their asset management based on the price of each coin.
The integration of Chanlink’s oracle makes it possible for Bamboo to provide stop-loss functionality to the users in the DEX platform. The price reference contracts by Chainlink provide accurate price data for the platform, so all the actions based on assets price can be guaranteed.
“Bamboo Relay is the first 0x relayer to add stop-loss functionality and bring it to the 0x ecosystem. While the initial integration will be limited to Bamboo Relay, future integrations will allow anyone on the 0x mesh framework to utilize Chainlink for this feature,” according to Bamboo.
The stop-loss function in Bamboo works based on smart contracts. Smart contracts need accurate data to trigger, and Chainlink’s price reference contract provides aggregated decentralized data feed for them. After all, Bamboo can start a new era in DEX platforms providing automatic functionality. The new feature can attract more users to the decentralized exchange community.
“We’re thrilled to integrate Chainlink’s world-class oracle technology to bring stop loss-functionality to 0x users — an essential tool for successfully managing assets. Chainlink ensures that all stop-loss orders are triggered by highly accurate data from a secure oracle mechanism, bringing the highest level of security and reliability to Bamboo Relay. Through this integration, the 0x ecosystem is better positioned as a viable alternative to centralized exchanges; traders now have access to the same set of tools available on CEXs, yet receive the added benefits of user control of their assets,” said Joshua Richardson, Founder of Bamboo Relay.
The first pairs in Bamboo DEX that support stop-loss function is WETH/DAI, WETH/USDC, LINK/WETH, MKR/WETH, BAT/WETH, and ZRX/WETH.
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