Bogged Finance, a DeFi trading platform boasting over a quarter of a billion dollars in monthly volume, have recently completed making their popular tools available on the Fantom (FTM) Chain, including limit orders, stop-losses and a cross-chain bridge.
Users trading tokenized cryptocurrencies on Fantom can now set stop-losses and limit orders on DEXes (Decentralised Exchanges) such as SpookySwap, SpiritSwap and SushiSwap. The platform provided by Bogged Finance currently has over 300 000 active monthly users across BNB Chain and AVAX.
According to the Bogged Finance team, their DeFi trading tools solution is very similar to what users have become accustomed to on traditional centralised cryptocurrency exchanges.
The launch of these tools will be welcomed by many Fantom chain traders, particularly the stop-losses which can prevent significant losses when used correctly.
How do Fantom limit orders and stop-losses on Bogged Finance work?
A limit order allows a trader to buy or sell an asset at their expected price, once the asset reaches that price. A major convenience with limit orders is that they are automatically filled by the trading platform, without constant monitoring needed on the trader’s part.
Stop-losses are another important tool, helping traders to protect themselves from losses in the event of market crashes. According to Bogged Finance, they offer standard stop-losses as well as trailing stop-losses, which can help traders exit positions at a higher price point.
The decentralized version of these tools offered by Bogged Finance works exactly like their centralised counterparts, and theyhave been well received by traders on the Binance-operated BNB Chain blockchain; within two weeks of launch over $1m worth of DeFi limit orders were placed, and since then over 100,000 orders have been placed, according to a recent EOY report from Bogged Finance.They also recently deployed these tools to the Avalanche chain.
Bogged Finance also offers a charting service called BogCharts which can be used to track historic price data, similar to many centralized trading platforms.
They also provide a service known as a cross-chain bridge, which allows users to transfer funds between blockchains without involving centralised exchanges. It is currently operational on BNB Chain, Avalanche and Fantom. While it’s currently only possible to transfer the platform’s own token, they plan on implementing seamless bridging, meaning users can bridge any token in a single transaction.
With this line-up of features, and more in the works according to their roadmap, it’s clear that Bogged Finance have one goal in mind: being the one place traders need to visit for decentralised trading. They certainly seem intent on cornering this market, with their recent focus on rapid cross-chain expansion. If they continue at this pace they may well dominate this new and emerging market in the coming years.