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Project Fire Salamander is LCX developers’ answer to a growing community of disgruntled Uniswap users. These users aren’t mad because Uniswap functions incorrectly. The platform conducts its primary services flawlessly. What has these investors up-in-arms is the lack of many of the most basic trading functionalities found on more extensive centralized exchanges. Project Fire Salamander eliminates these issues through the integration of proprietary technologies and some good old fashioned creativity.
Project Fire Salamander is a layer-two solution that exists atop the Uniswap ecosystem. Layer two solutions are more popular than ever in the market. For example, Bitcoin’s Lightning Network is another popular layer-two solution currently. These revolutionary protocols function independently of their designated networks. In this way, they open the door to new and exciting opportunities to expand functionalities.
Complex Smart Contract Framework
Project Fire Salamander utilizes a complex smart contract framework to provide investors with an intelligent DeFi Terminal for use with decentralized cryptocurrency exchanges. This strategy allows the system to provide users with all the functionalities they have so desperately missed since their conversion to DEXs (decentralized exchanges).
To this extent, LCX developers succeeded spectacularly. Project Fire Salamander provides Uniswap users with access to added features and an enhanced UX that is more familiar to centralized exchange users. There are all the standard functionalities of these platforms, such as limit orders and advanced market monitoring tools. Uniswap has never been so robust.
What is Uniswap?
Uniswap is the top DEX in the market currently. This platform rose to stardom due to its removal of all onramp barriers. Specifically, the platform introduced an unlimited token listing feature that made it ideal for startups and new projects in the sector. Currently, Uniswap provides much-needed liquidity to the ERC-20 token market.
The ERC-20 token standard is the most popular in the world. There are over 180,000 ERC-20 tokens in use today. This number will expand significantly in the coming months. Consequently, LCX made a smart decision to cater to the needs of this growing sector of the market.
A Better UX
At the core of Project Fire Salamander is a new user interface designed to streamline the entire process. This new interface simplifies the Uniswap investment experience. For example, you can easily display all the ERC-20 tokens you desire, quickly and in an organized manner, directly from your portal. You can also monitor all the UniSwap liquidity pools at the same time with ease.
Another powerful feature the add-on brings to the table is the ability to show all the current trading pairs. This view also allows you to create advanced filters to find the best investments. You can set filters based on a project’s name and total liquidity. There are also volume-related filters. You can filter for 24h volume, 7d volume, 24h fees, and 1y fees/liquidity based on 24h fees annualized.
Discussing the launch, LCX’s CEO, Monty C. M. Metzger spoke on the “enormous growth” of the DeFi sector this year. He explained that these developments are promising, but they also highlight the shortcomings of the current market state. He went on to describe the current position of investors on Uniswap.
Specifically, he touched on the complexity of utilizing the platform. It requires an investor to perform a large amount of tracking of exchanges, liquidity pools, token stats, and more. Additionally, there is only a poor user interface lacking vital data and the statistics necessary to evaluate an investment’s potential. Lastly, he touched on perhaps the largest complaint of Uniswap users, the lack of basic functionalities such as limit orders.
When you place an order on an exchange, there are usually a few options. The two main options are a market buy/sell or limit buy/sell. In a market order, your order will be filled by what’s available at the market at that time. This order will fill using the closest to the current market value first. Then it will go up or down in cost depending on if you use a market buy or sell.
The advantage of a market buy/sell order is that they are quick. The disadvantages are obvious. You have no way to know the price that your order will fill at. You are at the mercy of the market. Additionally, market orders create more volatility in the market. There is less consensus from investors on market value when there is no limit order option.
Limit orders allow you to set a firm price for your trade. For example, let’s say you buy a token at $7. You could then immediately put your limit sell at $10. When the market gets to your target price, your token sell order will fill, and you will make your profits. Limit orders are a powerful tool that traders rely on to maximize their returns.
How Fire Salamander Works
Fire Salamander introduces these functionalities to Uniswap users and more. For example, the platform has an integrated price discovery engine. This protocol monitors the price of each trade continuously. The system automatically executes the limit order to Uniswap when the set parameters align. This strategy frees up your time and helps you to predict your ROIs better.
LCX – Liechtenstein Cryptoassets Exchange
LCX is a Liechtenstein-based blockchain firm that seeks to build a global token economy. Currently, the platform offers a variety of enterprise-level blockchain services. Specifically, LCX is best known for its tokenization and fundraising accomplishments. The LCX terminal is a popular service in the market that combines the most vital information regarding cryptocurrencies and organizes it to enhance an investor’s capabilities and responsiveness.
A Step in the Right Direction
LCX’s latest venture into the DeFi sector is sure to provide some impressive results. When you look at the lack of competition and the overall comprehensiveness of this new interface, it’s easy to imagine Project Fire Salamander taking a dominant market share moving forward.