Oddz DEX Integration
The primary goal of Oddz DEX integration is to protect traders/users from loss if the market swings in the other direction than predicted. The purpose is to allow users to buy insurance (as an option contract) while also purchasing cryptocurrencies directly from the DEX. For instance, if the market swings in the opposite direction, the insurance compensates the user, but if it goes in the intended direction, the user is already in profit. Ultimately, the idea is to create a win-win situation for either market condition (bullish/bearish).
Currently, Oddz only supports ETH, BTC, and AVAX. We also have plans to add more assets including various popular altcoins.
Oddz DEX is a package that can be used by other platforms to explore the Oddz protocol on top of their native platform by exposing an intelligent UI for the user to hedge against the transactions performed on the native platform.
Following are the steps that can help any developer to integrate with the Oddz platform:
Once the user transaction has been validated on the Dex, the Oddz Dex flow begins. And, once the user has completed a successful transaction, they will be prompted with a pop-up requesting them to Hedge their purchase.
If the user decides to hedge this transaction, the Oddz component is activated. As a precautionary step, users must verify the below items before beginning the Oddz flow
- The minimum quantity of the asset purchased, i.e. the minimum quantity of BTC, ETH or any other assets to be purchased.
- The user must also verify whether the asset he wants to buy is being supported by Oddz. For now, Oddz supports the following assets in their respective chains:
- BTC and ETH on the BSC mainnet.
- BTC, ETH, and AVAX on the Avalanche mainnet.
Hedge Your Transaction with Desired Parameters
Once done with verification, users can choose options to define underlying strategies to hedge their purchases. The above image depicts a detailed view of how a user can create a hedging strategy based on the market view, risk factor, and duration of the contract.
Moreover, users can also view the PnL graph and the premium to be paid for the option purchased. Once done with the analysis, the user can click “Next” to proceed with the transaction.
Confirming trade on MetaMask
To confirm the hedge, the user needs to verify their transaction on connecting wallet (Metamask) by clicking on “Purchase.” Once the transaction is completed successfully users will see the below screen.
As the last step, users can view their hedging positions in the Oddz Dashboard by visiting the Oddz website.