Leverage Trading Development and Implementation for OMOMO

Within the process of co-operation with OMOMO – a contemporary and complex TradeFi platform for trading, we have successfully developed, implemented and launched a limit orders mechanics. Our next level of cooperation was to develop and implement leverage trading.

TASK WHAT WAS THE TASK?

As a further development of Limit orders, we had decided to implement leverage trading based on integration with OMOMO Lending borrowing protocol and ref.finance. 

Another goal was to test and present our idea within METABUILD III Hackthon.

PROJECT OVERVIEW

Leverage trading in crypto allows investors to use borrowed funds to amplify potential returns. By opening larger positions than their initial capital, traders can benefit from price fluctuations. OMOMO’s leverage trading offers users the ability to open long or short positions, manage risk, and integrate with lending/borrowing protocols and decentralized exchanges.

The chart below demonstrates the part of business logic of the leverage trading mechanics we implemented for OMOMO.

WE AT BLAIZE PROVIDE MULTIPLE SOLUTIONS FOR TRADING PLATFORM. FIND MORE DETAILS ON OUR WEBSITE.

THE DEVELOPMENT PROCESS

This project is further development of Limit orders feature. It’s development started from a detailed release plan which was step-by-step implemented via the scrum approach. Initial we split delivery into three milestones. The target of our first milestone was an architectural barebone for the project and one user-ready feature for the hackathon. As such feature, we took a long position so we have to implement opening position, executing, canceling, and liquidating. It took us 4 two-weeks sprints to finish the functionality of 1st milestone and one more week to stabilize and deploy to testnet.

The second milestone included a short position and take profit order. Despite of few features included into milestone it took 6 sprints as Take profit order significantly affects all flows and required a lot of gas optimizations. And the last milestone was about testnet release and UI polishing for the product.

Core team: 

• 2 blockchain developers
• 1 backend developer 
• 1 frontend developer 
• 1 QA specialist 
• 1 DevOps
• 1 Architect
• 1 PM.

CHALLENGES WE CONFRONTED

During development, we encountered many obstacles and challenges like gas optimization due to the extreme cost of cross-contract calls in NEAR, building failproof asynchronous architecture, integration with ref.finance smart-contract API and considering their limitation over maximal positions per user and so on. That was a thorny path that gave us a much deeper understanding of the NEAR ecosystem and leverage trading logic.

Recently we finished a 12-month long development project for a blockchain-based platform. Find more details here.

RESULT

We have created a leverage trading platform that could be easily integrated with any liquidity providers and decentralized exchange and launched testnet version integrated with OMOMO protocol as a liquidity provider and ref.finance as DEX.

Within the terms of METABUILD III Hackthon we successfully created an MVP of the project and later on, had a lot of thorough work done to make the product perfect and efficient.