An order book is the list of orders that a exchanges uses to record the interest of buyers and sellers in a particular financial instrument. A matching engine uses the book to determine which orders can be fully or partially executed.
Currently I don’t know any dex, with this tool. I believe that the first Dex to offer and promote - marketing - this tool will have great liquidity because it will attract day traders.
With the recent crisis caused by FTX, I believe there could be a big move to Dex, as long as they offer a user experience similar to centralized exchanges.
How I think it might work:
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A bit more scalability will be needed (perhaps Hydra or the use of containers);
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In the ‘Trade’ button that already appears in Minswap, the trader selects the types of negotiation: a) ‘Swap’; b) ‘Order Book’;
- To trade, the trader will authorize the wallet only once, allocating only part of his resources to trading (avoiding putting all his money at risk);
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At the end of trading, the trader subscribes to the wallet again to return the trading funds to the wallet;
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The normal fee will be charged in these two moments (allocation and de-allocation of resources), as well as a cheaper negotiation fee for each trade (which will be compensated by the number of orders, which tends to increase);
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To support order book liquidity, liquidity pools are used through a trading robot. Coinex Broker did this some time ago.