Orbs Network, a decentralized blockchain infrastructure aiming to remove any single point of failure on dApps and DEXs, announced the launch of dLIMIT on its platform, this Thursday. The dLIMIT platform is an innovative limit order solution for DEXs, built atop Orb’s unique Layer 3 (L3) infrastructure. The platform will streamline limit orders, providing users with optimal prices for assets and reducing transaction fees.
“The Orbs dLIMIT smart contract offers DEX users an unprecedented ability to execute limit orders at optimal prices with fair fees,” says Ran Hammer, Vice President of Business Development for Orbs. “Moreover, the technology comes with a user interface template, designed for seamless integration and customization by any DEX, for an intuitive, user-friendly, and informative trading experience.”
The Orbs Layer 3 technology is utilized as a separate decentralized execution layer operating between existing layer-1 and layer-2 solutions and the application layer. The novel technology has seen several dApps built atop it including the dTWAP (decentralized time-weighted average price), a decentralized algorithmic TWAP order tool for DEXs. dLIMIT becomes the latest product to be integrated into the L3 infrastructure, providing optimal and reliable execution of limit orders on DEXs.
dLIMIT is built on the Orbs’ dTWAP protocol, which will provide a ‘decentralized price oracle’ for limit orders created on the former platform. Since its launch, the dTWAP platform has witnessed increased adoption rates, as top DEXs including QuickSwap and SpookySwap integrated it and has since facilitated millions of dollars in trading volume.
“dLIMIT, backed by Orbs’ robust network infrastructure and smart contract, offers DEXs an optimal limit order solution that ensures decentralization, redundancy, reliability, and user protection,” the press release adds.
Orbs Guardians set to play a vital role on dLIMIT
The Orbs Network is the base layer for the L3 infrastructure and is governed by a network of permissionless validators (Guardians) using Proof-of-Stake consensus. The Orbs Network Guardians allow developers to design applications that extend the capabilities of their smart contracts without relying on traditional centralized server solutions.
Following the launch of dLIMIT, Guardians will be vital in ensuring every limit order set on the platform is valid and honest. As the press release explains, “they run a tailored function utilizing ORBS-Lambda that acts as the single honest bidder, or “taker”, required for the dLIMIT protocol to run optimally”. Guardians monitor the dLIMIT Smart Contract and calculate and submit an honest bid when an order is open for bids.
These bids are set to specify every trade to take the minimal gas fees and optimal trading path, ensuring that the user saves money when setting limit orders and dLIMIT finds the best DEXs offering the best market prices.
Finally, the statement confirms there has been growing interest in dLIMIT from leading DEXs and the Orbs team is already integrating the platform on several DEXs.