Join us as we take a deep dive into Bogged Finance - what do they offer; how do their tools work; and why should DeFi traders consider using them?
Since their launch almost a year ago, Bogged Finance have spent time creating and nurturing an advanced DeFi platform that they frequently refer to as “The Bogged Finance Ecosystem”. Their vision is simple; empower DeFi traders with powerful tools similar to what traditional centralised exchanges offer.
They began working on this vision by releasing DeFi charts and Limit Orders. And now, they offer many more tools, such as an advanced DEX aggregator, trailing stop-losses and a cross-chain bridge. These tools are available on ten blockchains, including BNB Chain, Avalanche and Fantom. So let’s take a look at their most popular offerings, and find out what’s making Bogged Finance a market leader in DeFi trading.
Limit orders are one of Bogged Finance’s original tool offerings, and most popular, with 100k orders placed on BNB Chain since launch. They are also available on the Avalanche and Fantom blockchains, with multiple DEXes supported including Trader Joe, PancakeSwap, Pangolin and SpookySwap.
In layman’s terms, a limit order is a buy/sell order which one can submit to a market, with a specified price. The order will only fill if the price is reached, meaning traders only pay what they want. This is very powerful in DeFi, where prices are dictated by automated market makers.
Defi Limit orders on Bogged Finance work exactly like they do on large centralised exchanges, which is an incredible achievement considering the mechanics of trading on DEXes (Decentralised Exchanges). Bogged Finance goes into detail about how these orders work in a recent article. In it, they claim that their limit order platform is an improvement on competing offerings, as their system is guaranteed to fill (in suitable market conditions), and traders don’t need to keep their devices switched on for the order to be made.
For more information about limit orders on Bogged Finance, you can refer to their instructional video:
Bogged Finance DeFi Stop-Losses are an incredibly powerful tool in any pro trader’s arsenal. As their name suggests, they help to prevent losses during strong downward trends. If the price of a token crashes below a specified threshold, Bogged Finance will automatically exit the trader’s position, saving them from further losses.
Stop-losses on Bogged Finance work completely automatically, meaning traders can sleep easy knowing that their funds are safe.
Bogged Finance also offers DeFi trailing stop-losses on BNB Chain, with planned Fantom and Avalanche support. This advanced type of stop-loss can lock in even more profit when used correctly.
This has only been a quick glimpse into Bogged Finance’s offerings, of which there are many more. For example, BogSwap DEX Aggregator, which processes 100’s of millions of dollars worth of transactions over ten chains every month, and saves traders money on their DeFi swaps by utilising intelligent routing algorithms.
These tools are being constantly updated, and there’s many more developments planned, as shown on Bogged Finance’s roadmap. Notably, they plan on increasing their cross-chain presence, with trading tools being released on further chains. They also plan on bringing more advanced order types over from centralised exchanges into Defi.
The future certainly looks promising for this upstart decentralised trading project, and it’ll be exciting to see what they manage to pull off next.
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