We will soon be introducing the first ever transaction cart for DExs in crypto. The transaction cart will give users the ability to conduct multiple actions simultaneously on our DEx in a single transaction, helping to save time when managing their liquidity, and save costs on blockchain fees as multiple transactions will be bundled.
How can users utilize the transaction cart?
Engaging with the transaction cart is extremely easy. When a user wants to swap, add/remove liquidity, conduct a transaction on our BAR or buy a lottery ticket, the user will also be prompted with the option to “add to cart”. This will allow users to “save” the transaction in a list to be submitted later.
For a bar transaction,
trade,
And add liquidity
Once a user has selected all the transactions that they want to add to the cart, they can click the shopping cart icon on the top right of the page. This will open the full contents of transactions the user has added to the cart. It will appear to them as in Img 4. Depending on the number of transactions submitted by the user, there may be a need to scroll to see all the actions that are being performed.
Group of transactions waiting for confirmation
When the transaction arrives in the cart, it will give all the pertinent information required before the user executes the transaction. This will include Minimum Tokens to be received, Slippage Tolerance, Process Fee, and Concurrency. It will also show the amounts of every token involved.
It is possible for transactions to go out of range in the time between the user selecting “Add to Cart”, and submitting the trades. In this circumstance, a refresh option will appear next to minimum tokens. This indicates that the current price has shifted since the trade was added. Users can update their trade to the new “Minimum Token” value, and their trade quantity will adjust accordingly.
The user isn’t compelled to conduct the refresh. If the user chooses to keep the original price, and the order has gone beyond the range set for slippage, it will automatically turn the trade into a Limit Order.
If the price of a token has shifted in favour of the user, there will be no need to update, and the submitted trade will receive the better price upon execution.
the given token being transacted.
Once the cart has been submitted, all the trades will appear in “Recent Transactions” as per image 9.
The user then just needs to wait a few minutes for all the transactions to submit and complete.
What Advantage does this provide the user?
Users will be able to significantly reduce the time required to manage their liquidity. They will be able to bundle groups of transactions that previously, all had to be submitted independently, one-by-one.
Furthermore, in the above example, when the transaction is submitted, there is a blockchain fee of about 0.34ADA for 5 trades. Since 5 transactions were submitted, this would normally result in a blockchain fee of 0.25x5 = 1.5ADA. Since we are able to submit all these transactions at once, only a single 0.34ADA fee is required for all five trades, saving the user 1.16ADA for the trades.
Below we have included a video of the transaction cart in action!
We are super excited to present another first in Crypto, furthering our dedication to uniquely implementing the technology that Cardano offers us, and produce products that have never been seen before on DEx’s. This is not only an exciting step forwards for VyFinance, but also an exciting proof of concept, executed in a manner never before seen for bundled transactions on the Cardano Blockchain!
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