Welcome to the new episode of UpBots Academy!
This week we’ll talk about various types of Decentralized exchanges and how to start using SuperBots to make DEX trading fully auto-piloted.
DEXs, short for decentralized exchanges, are based on smart contracts for currency prices. Like many DeFi targets, DEXs are designed with a rationale for innovation and personalization and because of this the foundation is basically open source.
Private database or blockchain
CEX (centralized exchanges) transactions are recorded in the company database and require proof of identity (ID). DEXs require no identification and record everything securely and reliably on the blockchain. Unlike the DEX’s, CEX’s are considered less secure because they can be prone to human error or hacking.
What Types of DEX Are There?
There are several types of DEX, but there are three that currently dominate the market.
- Order book exchange: The order book exchange (the original DEX) works most closely like a traditional exchange. They organize assets and trading pairs based on trading prices and external information. This means there is higher volatility during trading. Additionally, they require their users to deposit assets on the exchange before making a trade. Because the cryptocurrency market is changing as quickly as it is, this additional time to deposit assets can be disadvantageous for traders.
- Automated market maker (AMM) exchanges, also known as swap exchanges: As a fully automated platform, AMM exchanges like Uniswap allow instant swaps with low fees. Additionally, they do not require assets to be deposited on an exchange prior to settlement. They also rely on the pricing algorithm rather than outside information, which can affect costs and lead to a rise or fall. This makes them more transparent than the order book exchange.
- DEX aggregators: These types of DEXs use their technology to monitor crypto prices in all DEX markets to offer the buyer the cheapest possible exchange rate.
Using Trading Bots on DEXs
As you know, the UpBots team launched BETA.SuperBots.Finance on February 1, 2022 which allows users to use trading bot on decentralized exchanges via automated vaults.
SuperBots provide an opportunity for anyone to start auto-piloted crypto trading their favorite tokens such as Bitcoin Ethereum and more in the world of DeFi right away. There are “no” upfront fees or tokens to purchase, and performance fees are charged and automatically converted to UBXT only after a transaction is completed.
All transactions are managed by smart contracts, and just like with the UpBots platform, the “pay only if you profit” model is passed on to SuperBots, so if a trade ends in a loss, there are no fees unless the vault is in profit.
How to activate SuperBots trading bots?
Here are steps you need to follow:
Step 1 : Visit BETA.Superbots.Finance and Launch app
Step 2: Connect your Metamask- make sure you select Binance Smart Chain Network
Step 3: Click any vault you want to activate
Step 4: Deposit BUSD and approve transaction on Metamask
Head on over to BETA.SuperBots.Finance and start your journey in DeFi today!