📈 Four Implementation Methods of Solana Chain Limit Orders 🤔 1. What is a limit order? When trading spot goods on CEX, the two most common ways to place orders are market orders and limit orders. The so-called market order, as the Taker role, you directly transact with the best current market price. And the so-called limit order, as a Maker role, you "place an order" in the market at a specific price, waiting for others to complete your order. The advantage of market orders is fast transaction speed, but the disadvantage is that there may be some slippage; On the contrary, limit orders are just as good, and transactions are slow (you need to wait for the market price to move to your hanging position), but the advantage is that there are no slippage points. 💎 2. What are the advantages of limit orders? This starts from the perspective of the limit order itself. If market orders belong to the category of manually triggered and immediately executed, then limit orders belong to: No need for manual intervention, automatically execute according to market expectations Its core uses are twofold: 1. Take profit 2. Stop loss Add another attributive to the above two points, which is' automatic '. Combined, it means: Hang a limit order in advance, without the need for manual operation, and it can automatically take profits or stop losses when the market price fluctuates to your pre-set position. 📝 3. What does on chain limit order mean? Traditional CEX operates in an order book mode, which naturally includes market orders, limit orders, and other more advanced order modes. However, DEX was limited by the early blockchain performance of its invention and was almost unable to replicate the traditional order book model. Instead, it invented the AMM automatic market maker model. Its characteristics determine that almost all orders are "market orders" because your counterparty only has a huge liquidity pool. How did the limit orders on the current chain come about? Generally divided into three categories: 1. Smart Contract 2. Bot automatic duty 3. Uniswap V3 unilateral LP pseudo limit order 🔮 4. How to implement limit orders on Solana chain? According to the three types previously classified, there are currently four ways to implement limit orders on the Solana chain: 1. Smart Contract: OKX App Limit Order It needs to be executed on the mobile app, signed to execute actions, and automatically executed when the conditions are met. I speculate that the principle is to sign the permission for asset transfer in advance, and then have a dedicated calling program help you perform asset exchange operations after the condition is triggered. 2. BOT Duty: Typical TG Bots such as private key custody Because these types of bots have your wallet private key, they can directly sell assets on your behalf at a specific price, achieving the effect of a so-called 'limit order'. Actually, this is still a market order behavior, but due to the intervention of the Bot, it has achieved an automatic execution of the "limit price" effect. 3. Transfer assets+bot on duty: Jupiter limit order Jupiter has long implemented Solana's on chain limit order function. The implementation method is a bit unique: Transfer a specific asset to a contract address on Jupiter with dedicated bot supervision. When a specific price is reached, sell the asset and transfer the received asset to your wallet address. 4. Uniswap V3 pseudo limit order: DLMM That's right, due to the features of Uniswap V3, you can achieve a limit order like effect by adding a single-sided V3 LP. However, this limit order is not a single price, but a very small 'price range', with the minimum being a tick. Please quote this paragraph as an extended explanation: Uniswap V3 divides a continuous price range into a finite number of discrete price points. Each price corresponds to a tick, and when setting the price range for liquidity, users can only choose one of these discrete price points as the boundary price for liquidity. Similarly, you can achieve a "limit order" effect by deploying unilateral liquidity at a specific price point through DLMM. 🆚 5. Comparison of four methods We can compare these four limit order methods based on their scope of application, safety factor, and sliding point height. OKX limit order: can only be operated on the mobile app, with significant restrictions; The safety factor is relatively high; The slippage should not be significant (based on the official introduction of its implementation method) TG Bot limit order: Operated through Telegram with certain restrictions; The safety factor is average; The slippage is average (because it is actually a market order) Jupiter limit order: unlimited, can be operated by web wallet plugins; High safety factor; Low sliding point (aggregating huge liquidity) DLMM single point liquidity: unlimited; High safety factor; Basically no slippage points Finally, use a table to compare these four methods. P.S. What specific method should I choose? If you are already using TG Bot to operate buying and selling, you can completely use Bot to place limit orders; If you are already using the OKX App, why not try their newly launched limit order feature; If Jupiter uses it frequently, it is strongly recommended to try their limit orders; If you want to try something new, you can try DLMM limit orders.