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I noticed that many web3 trading platforms require over-collateralization to trade. But for a less volatile asset class like foreign currency trading, it made sense to allow for lower capital requirements. With Chainlink/Honeycomb, we can also allow leveraged trading without any centralized party.

What it does

ForexTrader is a platform to trade currency pairs (e.g. EUR/USD) permissionlessly. Via an innovative smart contract, traders only need to post minimal collateral to trade, although they need to be vigilant about maintaining a minimum collateralization ratio (10% initial but traders are liquidated below 5%). Chainlink oracles reprice the trade when called, and reallocate collateral between the counterparties.

What's next for ForexTrader

In v1, traders still need to find a counterparty (offchain). In future iterations, I'd like to add a matching mechanism so traders won't need to go through the process of finding someone to trade against.

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