Ethereum OTC Trading: chat, sign, send — settled.
We’re excited to announce that Ethereum OTC trading – using the most trusted decentralized exchange protocol, 0x – is now possible in chat on Settle!
No more scrolling back through old messages to cobble together terms, no more haggling about custody or escrow, and no more worries about trusting your counterparty. In just a few clicks, you can commit a trade to the Ethereum blockchain and send it as a rich in-chat message that can be accepted just as easily by a fellow Chat Hub member.
Here’s how Settle makes in-chat Ethereum OTC trading super easy
In any chat (Directs or Chat Hubs), click the plus sign at the right side of the message box, and then click 0x Order in the box that pops up.
That brings up a form where you can configure the details of your OTC trade order. Choose the assets you want to trade by typing into the Buy and With dropdowns. Enter the amount you want to buy and the price you want to pay. You can fill the Price field with the current market price by clicking on the suggested price.
You can set a time limit on your order by clicking the Expiration check box.
When you’re ready, click Place Order. A MetaMask window should pop up where you can Sign the transaction to publish your order to the Ethereum blockchain. As the maker of the trade order, you don’t pay any gas.
Once you’ve signed the transaction, your order will appear as a message in your chat that shows the order details and gives you the option to cancel.
At the same time, your contact will see a similar message that allows your order to be accepted.
The other trader can fill your order by clicking Accept. This brings up a MetaMask window where the gas price can be adjusted and the transaction confirmed. Keeping Settle’s Gas Station app open in the Alert Area allows for a quick check on MetaMask’s suggested gas price.
Want to see your open orders and OTC trade history? There’s an app for that
We decided to make Ethereum OTC trading super-easy by creating the OTC Manager app. OTC Manager keeps track of bids and offers across all your conversations. To view and manage your open orders and look back at your order history, install Settle’s OTC Manager app.
Chat that seamlessly integrates Web3 tools is just part of Settle’s plan to enhance and simplify the decentralized-finance user experience. Keep an eye out for more in the near future. Even better, take an active role and build a Settle app yourself!
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