BogTools announces yet another highly-anticipated DeFi trading feature to help traders lock in more profits
BogTools, a DeFi project aiming to bring advanced trading tools into decentralised exchanges, is just about to get one step closer to its goal.
Earlier today, they put out a statement on their Medium page, saying that Trailing Stop-Losses are due to launch on Wednesday 23rd of June.
For those that aren’t aware, a trailing stop-loss is a sell order that triggers if the price of a token dips below a certain percentage, which intelligently adjusts the exit price, by “trailing” it behind the current price, meaning more locked-in profits.
For example, if a trader were to set a trailing stop-loss with a 25% trigger, and a token were to shoot up 200%, then dip 50%, the trader would walk away with 175% profit.
This feature has been highly-anticipated by the DeFi community, as it will give more peace of mind when entering volatile trades, which can fluctuate in minutes.
This announcement comes during the third week in a row of new feature launches for BogTools, and they don’t show any signs of stopping, with a major BogCharts update hinted at in their medium article.
To date, BogTools have launched Limit Orders, Automated DEX routing, various BSC oracles and a selection of professional DeFi trading tools that give traders more control over their investments.
And all of this has been on top of dealing with a Flash Loan attack on their governance token, which the team has dealt with by migrating to a completely new contract. This has given them a chance to write a more robust and future-proof contract that’s compatible with a major exchange listing.
BogTools is currently available on the Binance Smart Chain, but there are plans to take their tools cross-chain within the coming months, meaning they may truly end up being a one-stop shop for any DeFi trading, and at the rate the team is pushing out updates this may end up being very soon.
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