Limit Orders

On October 23rd, 2023, limit order functionalities were introduced for all bond markets. However, this feature is only available for markets that have chosen one of the following quote assets:

Asset	Asset	Asset
USDC	WETH	OHM
DAI	WBTC	tBTC
USDT	wstETH	CRV
FRAX	frxETH	CVX
LUSD	rETH	AURA
DOLA	cbETH	BAL

Limit orders allow bonders to pre-set a bond transaction with a specific price and expiry. When conditions are met, the transaction executes. This feature enhances the bonder experience, boosts competition, and improves order visibility within issuer markets.

They also help issuers gauge demand as orders can be placed after a market is scheduled, but before it starts.

System Architecture

Limit orders employ a hybrid on-chain and off-chain system that provides several key benefits to users. Off-chain services store approved limit orders, monitor market data, and execute orders for bonders, which enables gasless purchases, protection against MEV, and free order cancellations. Additionally, the system uses Sign-In with Ethereum to review your off-chain limit orders so they can’t be seen by other market participants. For more information, view our developer documentation.

Issuer FAQ

Is there a specific configuration needed during market deployment to activate limit orders?

No. Limit orders are automatically available as long as the chosen quote asset is within the list provided above.

Why are limit orders only available for markets with specific quote assets?

Limit orders are limited to markets with specific quote assets because the chosen quote token is used to cover the gas costs associated with transactions.