Bamboo Relay is a relayer built on the Ethereum blockchain that works as a decentralized exchange (DEX). Integrated with the 0x protocol and bZx, Bamboo Relay allows users to trade Ethereum-based tokens directly from their wallets. Bamboo Relay also gives users the ability to engage in margin trading and borrow and lend crypto assets.
In June 2020, Bamboo integrated Chainlink oracles for stop-loss order functionalities. A stop-loss order allows users to provide specific instructions about when to buy or sell cryptocurrency tokens. The tokens may be bought or sold when they reach a certain price, referred to as the “stop price.” If and when the stop price is reached, the stop order is converted into an actual market order and is executed as soon as possible. The Bamboo team noted:
“Bamboo Relay is the first 0x relayer to add stop-loss functionality and bring it to the 0x ecosystem. While the initial integration will be limited to Bamboo Relay, future integrations will allow anyone on the 0x mesh framework to utilize Chainlink for this feature.”
The market-making connector for Bamboo Relay uses Hummingbot, a software that allows users to create and run their own market-making bots with custom strategies.
Connector Operating Modes
The Bamboo Relay connector supports two modes of operation, open order book, and coordinated order book.
By default, the open order book mode is on for maximum order visibility and network syndication.
- Open Order Book: Open order book mode allows for off-chain orders to be submitted and any taker to fill these orders on-chain. Orders may only be canceled by submitting a transaction and paying gas network costs. Open orders are syndicated through the 0x Mesh Network as well as directly submitted to the 0x API.
- Coordinated order book: The coordinated order book mode extends the open order book mode by adding the ability to soft-cancel orders and a selective delay on order fills while preserving network and contract fillable liquidity. This is achieved by the use of a coordinator server component and coordinator smart contracts. At this time coordinated orders are not supported through the 0x Mesh Network or 0x API.
Every trade on Bamboo Relay occurs between two parties:
- The maker, whose order exists on the order book prior to the trade. Makers are named so because their orders make the liquidity in a market.
- The taker, who places the order that matches (or "takes") the maker’s order. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
Bamboo Relay's trading fee for takers is 0.2%, while makers trade for 0.1%.
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