How Autonomy Network Eases The Struggles of Blockchain Trading through NFTs
If you want to rise against your blockchain trading losses, you made the right choice by opening this article.
Autonomy Network is working its way forward with the goal of drastically reducing the struggles people face in blockchain trading and transactions.
What is Autonomy Network?
Autonomy Network is a decentralized web in which you can find the ease of access as a developer and user to transactions carried on Web3.0 blockchains, by making use of the automatic execution tools provided by the network.
The automatic tools help you carry out transactions you give as requests with a foresight of what might happen in the future. The trick is that once you send a Request and the condition you set up is reached, these tools will instantly carry out the transactions.
Tools have been repetitive in the above-mentioned explanation. What are these tools?
On Autonomy Network, they are referred to as aNFTs. They are automated bots overseeing the Autonomy ecosystem, waiting for Requests that they will execute once the given conditions are met.
Autonomy calls them aNFTs because they will be made available as NFTs for people to purchase.
This is a whole new revolution to the Blockchain industry. Where NFTs were only limited to GameFi projects or minted as jpegs (photos, audios, videos) available on the blockchain, Autonomy is changing the game by giving more essence to NFTs.
How aNFTs will Ease the Struggles in Blockchain Trading.
Oftentimes, I’ve wondered, what value would NFTs hold for people who do not find pleasure in engaging in gaming activities? Or what if the era of getting artworks, photos, and the likes at expensive rates available only in digital form, comes to a close, of what use would NFTs be? Would the market of NFTs just be limited to GameFi enthusiasts alone?
Thankfully, Autonomy Network is resolving that question with the introduction of its aNFTs into Blockchain Trading.
Let me sum up all the pieces of information and make it a whole.
Have you ever engaged in trading the crypto market?
If you have followed Blockchain and understood a bit of trading, you would know Crypto Trading is like Forex Trading, where you try to predict the market and earn or loss based on how right or wrong your predictions turn out to be.
In Crypto, we have 2 types of Trading; Shot Trading and Futures Trading.
Shot Trading is when you predict a fall in the price of a coin while setting a maximum limit with an order for the coin to be bought when the price reaches your predicted price.
On the other hand, Futures Trading goes either way and has a very high risk. In this trade, you predict a rise or fall of a coin and leverage your coins like a bet.
Let’s say you predict that ETH will rise from $400, setting your “take profit” at $403, with a 10× leverage. If ETH rises to $403, you get 10 × $3, but if ETH dips to $397 or beyond, you lose 10 × whatever amount it dipped to losses.
Now that’s risky, yeah? But that’s why there’s a function called Stop Loss, which affects a stop to your losses before you hit an all-time low in your finances.
I may have delved into talking about trading on the Blockchain too long. The question is, “how does Autonomy Network and its aNFTs play a role in what occurs above?”
Autonomy Network acts as a registry where users fill out their Requests giving instructions and conditions for the implementation of the Requests.
The bots monitor the Registry, read the instructions, and carry them out once the conditions are met.
Let’s see an illustration.
Remember what I explained about Futures Trading? Now, our fear is always about losses and that’s why stop losses were put in place. But sometimes, after performing your analysis of the market, setting your orders might just become tasking.
Now, you’ve analyzed ETH/USDT market and you want to set your orders on the UniSwap Exchange. What do you do? You go to Autonomy Network and fill in the Registry with your Request as such “ETH price to increase; take profit at $403 with a leverage of 10×. But if and only if ETH falls, stop loss at $399”.
Here’s what happens; the bot takes the instructions into cognizance and studies the market for you. Once the condition for your take profit is reached, it stops it and withdraws your profits. But if it dips, the bot takes the dip condition and stops the trade before you lose more.
Also, let’s take an illustration from a Spot Trade.
Let’s say you want to buy ETH lower than the assumed current price of $400. You feel you can get it within $360 to $380 with your USDT on UniSwap Exchange.
You can’t wait for the market to fall to the price for you to initiate your order because you just have other things to do.
What do you do? You go to Autonomy Network and fill your Request stating that ETH is bought with a certain amount of your USDT if and only if ETH is less or equals to $390.
The bot that has taken in this instruction monitors the market and once the condition is met, it triggers a transfer of the agreed amount of USDT you set into the UniSwap Exchange swaps it with the equivalent value of ETH, and transfers it to your wallet. The transaction is done without you being there to trigger it
If the condition is not met, the bot does not initiate any transaction and will go as far as reverting any initiation made by anyone that contradicts the condition.
That’s how aNFTs work! Very creative, isn’t it?
Autonomy Network presents you an innovation where you purchase these bots as NFTs and they help you:
✓ manage all trading risks,
✓ stop plunging losses,
✓ transfer your liquidity to higher yield farms,
✓ create smart contracts that start transactions with very minimal losses.
All done while you are taking a break off your gadgets or doing something else.
That’s the future of NFTs Autonomy Network is bringing to the Blockchain industry. A revolution to the game of crypto trading and you should get ready for it.