Order Book Protocol

Smart contracts are excellent for online global storage, allowing all transaction participants to complete data exchange based on smart contracts, i.e., order matching. BCDEx stores orders from different chains in corresponding on-chain order contracts and has implemented the following protocols based on the order protocol:

a. Order placement protocol: Buyers/sellers can deposit quotes and assets into the contract to complete order placement. The counterparty can complete the transaction separately, even when the order placer is offline. By querying order information in the contract and performing order-taking operations, order matching is completed.

b. Market maker quoting protocol: To facilitate multiple, batch, and automated order placements by market makers, users can create quoting contracts, setting trading strategies within the contract, such as maximum/minimum transaction amounts, slippage curves, quotes, and other features.

c. Cross-chain exchange routing based on multi-chain orders: Market maker A provides exchange services between BTC-ETH, while market maker B provides exchange services between BTC-BSC. When a user wants to exchange BSC's BTCB for ETH's WBTC, they can place orders to both A and B within the order protocol, completing two exchanges in one step and achieving cross-chain routing.