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Order NFT

Unlike centralized exchanges (CEX) where all traders' order information is managed centrally, Coinmeca DEX gives ownership of orders to traders. When a trader submits an order, the transaction is tokenized, and the trader immediately receives an OrderNFT.

정보

NFTs may not be immediately displayed in certain wallets like MetaMask. In such cases, a separate importing process is required, using the NFT Contract Address and Token ID.

This allows the owner to have direct ownership of the transaction and trade it privately or on secondary markets like NFT marketplaces. Tokenizing orders enables the creation of new opportunities by selling or transferring them to others.

OrderNFT is issued through orders at Coinmeca DEX, and a separate OrderNFT exists for each market. It is issued when orders for limited price spot trading and futures trading are received in a specific market. The funds invested when placing an order through the market can be recovered by canceling the order through OrderNFT, or the funds for the executed order can be withdrawn. In other words, it can be interpreted as a tool to liquidate funds deposited in a bank called an order book.

Minting​

OrderNFTs can be obtained in each market of the Exchange service when the following types of orders are placed:

  • Limit orders in spot trading
  • Futures trading orders

Life Cycle​

OrderNFT는 주문의 다음 과정에서 mint되고 burn 됩니다.

Spot LimitFuturesOrderNFT
OrderPosition openMint
ModifyAdd Margin-
Cancel-Burn
Claim-Burn
-Close PositionBurn
-Liquidate PositionBurn

Use case​

OrderNFT not only represents ownership of order information through tokenization but also has a value equivalent to the amount invested in placing the order, reflecting the actual size of the order. Users can utilize OrderNFTs in various ways on the DEX, both before and after order execution.

OTC​

Over-the-Counter (OTC)trading involves direct buying and selling of financial assets between parties outside the exchange, thus not affecting market prices. To execute OTC trading with OrderNFTs, consider the following scenario: First, place an order in the market and acquire an OrderNFT either before it gets executed or at price levels where execution is challenging. Then, you can proceed in two ways:

  • Conduct a private transaction between two parties under separate conditions.
  • List the NFT on an NFT Marketplace to attempt selling to a broader audience.
Loans and Hedging​
노트

This feature is planned for future support.

In the case of limit orders in spot trading, the value corresponds to the amount invested in the actual order. Therefore, users can attempt price-predictive spot trading or liquidate these trades or positions while maintaining them.

For position trading, if the current order is profitable, users can choose not to close the position but rather liquidate it. In other words, by using OrderNFTs as collateral for loans, users can hedge or secure additional leverage.

Details​

Spot Limit Order​
Pending Order
  1. The order type is displayed.
  2. The order price is displayed.
  3. The order status is displayed.
  4. The market ticker is displayed.
  5. The order key is displayed.
  6. The order amount is displayed.
  7. The amount of tokens returned when the transaction is completed is displayed.
  8. When a transaction is concluded, the amount of the fee deducted from the amount of tokens returned is displayed.
  9. When the transaction is concluded, the actual number of returned tokens obtained through the claim is displayed.
Filled Order
  1. The order type is displayed.
  2. The profit or loss is displayed when if you resell.
  3. The order status is displayed.
  4. The market ticker is displayed.
  5. The order key is displayed.
  6. The order price is displayed.
  7. The last price is displayed.
  8. The order amount is displayed.
  9. The amount of tokens returned when the transaction is completed is displayed.
  10. When a transaction is concluded, the amount of the fee deducted from the amount of tokens returned is displayed.
  11. When the transaction is concluded, the actual number of returned tokens obtained through the claim is displayed.
Futures Trading​
Opened Position
Liquidated Position
  1. The order type is displayed.
  2. The profit or loss rate is displayed.
  3. The order status is displayed.
  4. The market ticker is displayed.
  5. The order key is displayed.
  6. The order price is displayed.
  7. The last price is displayed.
  8. The total order amount is displayed.
  9. The leverage amount is displayed.
  10. The margin is displayed.
  11. The profit or loss is displayed.