Limit Orders on xExchange | MEX / xMEX utility

[rocko]

Hello MultiversX Team, builders, community and outsiders.

#1.
what xExchange will definitely need is a trading page, just like a professional exchange: limit orders.
I guess it’s not to complicated and not easy but definitely a must.

My proposal is that the “Swap” page can stay for “Lite mode” but for pro we need a “Trade” page with integration of Tradingview charts, limit orders, market orders and order book for the start.

#2.
If there are limit orders, we can easily work on MEX token utility.
By having MEX / xMEX in your wallet, your trading fees can be lower. We can divide this into several stages/levels, just like XMEX Energy levels: Edison, Faraday, Ohm, Newton, Tesla.
If you don’t have MEX / xMEX but you still got EGLD in your wallet, you can get some lower fees too but not so low as you would by having MEX. Like this we give more power to MEX.
If you don’t have any of these, MEX, xMEX or EGLD then the user/trader will get the highest fees possible that is established by community.

For now, I guess that’s the starting point but yes, we will improve.

Have a great day, spread the love and awareness about the crypto and MultiversX.

[eneamtiu]

Hi!

I think both your proposals are excellent!

Just some comments about the Agora (as I understand it’s supposed to work after reading the Governance overview, this being the “Off-Chain Process” step):

1. The posts here are only drafts, not actual proposals. The Agora is intended as a tool for refining such drafts before submitting the actual proposal, by facilitating discussion on them;
2. The docs mentioned above propose a template for such drafts (don’t know if it’s mandatory or not);
3. Maybe is best to isolate each draft in a post to facilitate a more relevant discussion and include links to other drafts if they are related.

Good start!

[przemek]

Great suggestions xExchange is overdue with this upgrades.

[rocko]

Yes, you are right, I was in a hurry, my mind was set on the “draft” word and “proposal” is what it’s finally written

But, let’s not let the draft dies. This is my idea and I’m sure a lot of you wants and thought about this. Let’s get this draft to a final proposal.
To shape this idea, come with what should be first implemented (I’m referring to everyone who will read this and not pointing on you especially ), what to add around it, how to mould it.

I’m not sure how fast I can come with an actual visual page for trading, (I will start working on it) or what the fees table should look like.

Together we can do it faster and put it on live .

[rismouz]

It will be a very good upgrade

[rismouz]

Limit orders are possible on OneDex, but if we could do it on Exchange, it would be better indeed

[wisoniamir]

awesome thread . My 2 cents also :

1.Cross-Chain Compatibility:

Integration with multiple blockchain networks to enable trading across various cryptocurrencies and ecosystems.

2. Improved User Interfaces (UI) and User Experience (UX):
   Enhancements in the DEX’s front-end design and usability to make it more user-friendly and accessible to a wider audience.

3. Liquidity Aggregation

Integration with liquidity aggregators to provide users with access to liquidity from multiple sources, reducing slippage and improving trade execution.

4. Order Book Depth:

Enhancements to the depth of order books to handle larger trading volumes and reduce price volatility.

5. Reduced Latency

Optimization of trading infrastructure to reduce latency and improve trade execution speed.

6. Interoperability:

Development of interoperability solutions to enable seamless asset transfers between different blockchains and DEXs.

7. Cross-Chain Bridges: - > we need way more then what we have

Development of bridges or connectors to facilitate the movement of assets between different blockchain networks.

8. Multi-Chain Support:

Support for multiple blockchain networks, allowing users to trade assets from various ecosystems.

9. Non-Custodial Wallet Integration:

Seamless integration with popular non-custodial wallets to improve user control over funds.

10. Market Depth and Liquidity Incentives:

Mechanisms to incentivize liquidity providers and market makers to participate, ensuring healthy order books.

[lucaswillems]

Really great ideas @eneamtiu !! Especially the part on using the energy for the trading fees levels.

I am just moving this topic in General Discussions . To publish in xEIP Drafts , the post should be an xEIP draft and follow the xEIP template.

[rocko]

Hello again dear community!
Since I am not a friend with “free time”, we rarely see each other. Now, WEN we get together, we’ve sketched out this idea that I started this post with.

This is how I imagined what I would like this DEX to look like.

Now let’s see how i can translate this image.

Starting from top, left to right.

In “Trade” mode I would put a “PRO” sticker below the xExchange logo.
This is a button to switch between the PRO and LITE versions of DEX, between TRADE and the actual SWAP page. Next to it is the name of the page you are on. The rest of the buttons can stay as they are for now. We will concentrate on the TRADE page.

Below I would like to see a band with price info from the top 10 crypto.
Next, on the left side of the screen is a place for your favorite coins listed on DEX, but also the “ALL pairs” option. In the middle of your screen, as big as you can, there should be the chart section. Next to it we can have an order book and below it the “Limit Order” section where we place the orders.

Last but not least, we got a place for actually placed orders to see when/how much you spent and other info about your orders.

I would like to see the option to configure this screen as you want, from 3-4 themes, the possibility to close or add panels and make them smaller or bigger. But after you’ve done all the changes, the changes should be saved in your account and when you login to xEchange from another PC, everything should be as saved.
Everything can be stored and locked in places after your lock is closed.

From a trader’s perspective, I want to keep everything simple, but with some minimum information that you still need. I want to have a clean trading screen with a big chart where you can actually analyze your coin there and your TA is saved in your account until the next time you make changes (and saved every time). Chart should be on aprox. 80% of your screen as default.

I think this way because if you zoom out, we need adoption, we need to give to people simple, clean and complex things that they actual want and need. I can see this in the future (1-2 years) a desktop app just like binance have but build by us, build with our ideas and needs.

Next time when I meet this stranger “free time” that is very hard on me and don’t want to be my friend easy, I’ll put him next to me again and do another sketch for the “Fee Trading Table”. Until then, take notes, come with ideas/changes, keep calm because the whole world is in bear market, stay safe, don’t forget to smile , tell your elders, wife, husband, lover, brother sister that you love them, and don’t forget that you are beautiful.

See you next time.

[lucaswillems]

Thanks a lot @rocko for having taken the time to do this design and explain it!

[erd1a9n74_0psge45g2]

Thanks mate for taking the time to design this layout! It would be very helpful to have such a ‘pro’ version of the xExchange even if it is not the best design possible. The team could start with a base implementation of such a layout and in time add more features as requested. Thanks again for providing such valuable information and feedback!

[xfoudres]

From the first hints we had, limit orders should arrive soon on xExchange, but some of the points raised here are interesting!

For my part, I think it would be a good idea to :

• Integrate eCompass or Arda charts to support their work and avoid having to redevelop them, perhaps vote by governance to choose which builders most deserve their place.

• And try to be an aggregator between the different limit orders that already exist, OneDex, JEX, or even integrate the future order aggregator that AshSwap is preparing!

I really like the idea of having a pro version that shows the limit order according to the user’s needs, in order to keep something clean and not scary for beginners!

[rocko]

@xfoudres

Integrate eCompass or Arda charts to support their work and avoid having to redevelop them, perhaps vote by governance to choose which builders most deserve their place.

I don’t think that it’s so important the source of the charts as long as you have all the charts for your coins, as fast as they are live on main chain. I would suggest to have them both integrated because you never know which one will integrate faster the chart for a new listed coin, so yeah, I’m in for both of them, like that you support both, no need for community to decide which one deserve the spot. But also keep in mind that TA should be saved on those charts/coin/account.

@xfoudres

And try to be an aggregator between the different limit orders that already exist, OneDex, JEX, or even integrate the future order aggregator that AshSwap is preparing!

Of course, an aggregator is cool and better but, they (orders) need to be executed nearly instant. As a professional trader (trading on all markets), yes, I had this in mind (about futures), but we really need to take them all step by step.

1st you need adoption, to have that you need to keep it simple not to complicate it to much that new commers won’t lose their minds.

Limit/market orders should be on same, future another tab. You cannot mix them.

To put all together:

• Different page for limit/market orders
• Different tab for futures
• The possibility to custom your trading screen
• The possibility to save your technical analyses in your account, doesn’t matter if you have to sign a SC for that, for simple purpose and not using TV so much
• Possibility to rearrange panels as you wish and save the position (this means adding and removing them too)
• Chart integration from both eCompass and Arda and yes, we do need the rest of the charts token that exists on other chains because we got bridges.
• For spot trading aggregators are good, but for futures, they need to be tested to see the time an order is placed through aggregators and on xExchange directly, even if the fees are higher, a fee table can solve it in the future, because this can influence in scalping.
• Because this wants to be a DEX for crypto, I still want to see the prices of top 10 coins live on same page.

I want to see more engagement from the community to deploy this as fast as we can, and in the best way possible. I want to see others’ ideas about what should be on these pages and I still need some ideas for the fee table (even if I am working on it).

[rocko]

I’m putting together the trading fee table for xExchange. I’ve conducted some research, comparing fees from other CEXs. I can tell you that the fees I will present are not the highest nor the lowest, or even 0.

So, here’s the trading fee table:

Level	EGLD Balance	Maker / Taker	and/or	XMEX	Maker / Taker #2
#1	≤ 25 EGLD	0.0900% / 0.1000%	or	in any league	0.0820% / 0.0920%
#2	≤ 100 EGLD	0.0650% / 0.0800%	and	Edison	0.0600% / 0.0780%
				Faraday	0.0600% / 0.0780%
				Ohm	0.0550% / 0.0720%
				Newton	0.0550% / 0.0720%
				Tesla	0.0550% / 0.0720%
#3	≤ 250 EGLD	0.0500% / 0.0680%	and	Edison	0.0500% / 0.0680%
				Faraday	0.0500% / 0.0680%
				Ohm	0.0450% / 0.0600%
				Newton	0.0450% / 0.0600%
				Tesla	0.0400% / 0.0550%
#4	≤ 1000 EGLD	0.0350% / 0.0550%	and	Edison	0.0350% / 0.0550%
				Faraday	0.0350% / 0.0550%
				Ohm	0.0350% / 0.0550%
				Newton	0.0280% / 0.0450%
				Tesla	0.0220% / 0.0400%
#5	≤ 5000 EGLD	0.0115% / 0.0255%	and	Edison	0.0115% / 0.0255%
				Faraday	0.0115% / 0.0255%
				Ohm	0.0115% / 0.0255%
				Newton	0.0090% / 0.0115%
				Tesla	0.0075% / 0.0100%
#6	trade between stable coins	0.0005% / 0.001%

I will explain what this means, starting from the top left to right.

• “Level” refers to where the trader stands, determined by EGLD and XMEX owned.
• “EGLD Balance” is the amount the trader has in their wallet (xPortal, Ledger, web wallet) or in lending protocols on the MultiversX blockchain.
• “Maker/Taker” refers to fees for makers and takers. A maker places orders at a specific price, while a taker buys or sells at the market price.
• “and/or” is the condition
• “XMEX” represents where are you in the league ladder, energy.
• “Maker/Taker #2” refers to fees with certain conditions.

Some may find this easy to understand, while others may not. Therefore, I’ll provide some examples to illustrate how I envisioned this working, even when xExchange becomes fully decentralized.

Example 1.

John has 19 EGLD and 0 XMEX. He trades on xExchange with 0.0900% for limit orders and 0.1000% for market selling or buying.

Example 2

Over time, John accumulates profits and now has 43 EGLD and still 0 XMEX. He now trades with 0.0650% / 0.0800%.

Example 3

John decides to invest in MEX, so he purchases some and locks them for 4 years. After this investment, he has 25 EGLD and is in the Ohm league. When he trades again on xExchange, he will trade with 0.0820% / 0.0920%. Here, you can see that regardless of the league he is in, if he has only 25 EGLD, he will trade with the same fee.

***In my perspective, there are 2 ways for xExchange. I will discuss one here; for the other one, please read the link above

MEX Trading Pairs

Hello guys, I’ve noticed a challenge this adoption of MEX for all of us and I’d like to share my thoughts on it. When the team introduced a new token called MEX, I became concerned about how it might complicate the process of introducing people to blockchain and the new financial system. It seemed like using EGLD and MEX could become confusing or might struggle to find a clear purpose in the world. When I first learned about cryptocurrencies, I found the idea really exciting. I wondered if thi…

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I want xExchange to be dependent on both EGLD and XMEX simultaneously, not favoring one coin over the other, because it’s evident.

Example 4

Now, John has made more profits and invested more in EGLD and XMEX, and he now has 287 EGLD and is in the Newton league. When he trades, the fees for him are 0.0450% / 0.0600%.

I hope you get it. This way you won’t invest only in EGLD or only in XMEX if you want some good trading fees. Now they’re dependent on each other. So, this creates interest and volume for both. For stables swaps like USDC/USDT, USH/USDT, etc. fees will be 0.0005% / 0.001% no matter if you have any EGLD or MEX/XMEX in your wallet.

I look forward to hearing your opinions, ideas, changes, pros, and cons. Keep building, keep improving. See you soon.

[bnistor4]

That’s an interesting solution.
Not easy to understand initially but i got what you mean in the end.

Would work great with limit order on xExchange
Without having limit orders it loses potential

[rocko]

These fees should be applied only on the exchange, the rest of fees network for coins transfer, NFTs, or other tx on the blockchain should remain like it is, or lower.

[angie44120]

Hello,

So let me get this straight, you propose to actually build a new platform exchange and adapt it’s fees to existing/new holders of XMEX/EGLD as a side product in xExchange wich would actually work like a classical “CEX” (without the custodial side of course) ? (Because obviously you can’t put this fee structure on the existing xExchange (swap fee is 0.3%) as team would need to rewrite all smart contracts and migrate all pools into new ones to adapt).

Good day

[rocko]

So, the xExchange V3 is almost here but I do not see a greater and more real involvement from the community regarding “limit orders” at least on the “spot” (that in the future there are also “Futures”) and this is 1 thing all the community is waiting for.

I hope, however, that the core team will do the right thing.

The idea I presented above, with all the specs, it’s from the view of a trader, holder of those tokens and for good of the community in a long term. Maybe it’s not the best, but that’s why this Agora exists, to debate it.

Have a great day everyone!

[johnnyxmas]

Very inspirational proposals.
Those benefit of reducing fees don’t actually only exists in CEX in DEX too they are implemented very wisely. Injective spot DEX is a good example on how to apply those fees reductions. Injective recently voted new requirements for fee discounts.

xexchange is not injective and we have the advantage of a veTokenomics systems (locking and untransferable). To my point of view the EGLD balance (staked on not) shouldn’t be taken in consideration because it is not part of the veTokenomics of MEX. but MEX or holdings in the LPs with EGLD should be. Ponderation could be a manifestation of the governance and if Ashswap participate to the aggregation, veAsh could be taken in consideration. Still lots of topics for future governance discussions.

The real strength in injective on this matter is that the benefit of holdings are spread on multiple DEX which is leveling up every parties involved.
I am more confident in bringing up this topic as injective is back. I am hopeful they will be keen to introduce those concept in MvX ecosystem.

[rocko]

@wisoniamir

7. Cross-Chain Bridges: - > we need way more then what we have

Development of bridges or connectors to facilitate the movement of assets between different blockchain networks.

8. Multi-Chain Support:

Support for multiple blockchain networks, allowing users to trade assets from various ecosystems.

This would be nice to be integrated into xExchange, with option to connect to multiple wallets like, xPortal, Metamask, etc and bridge tokens directly from the exchange and not going to the bridge page, in ‘1 word’ = simplicity, efficiency, speed, automation. Many DEXs have this already integrated or they are doing now.