ModeBook

Wallet Connect
Trading Board

Inspiration

MODE's SFS is an excellent feature. We are considering the development of a necessary application with a significant number of transactions. With the support of SFS, we can reduce platform fees, enhancing the user experience and gaining a competitive advantage. As a result, ModeBook, an Orderbook application, has been successfully built.

Demo information

Frontend: ModeBook

Smart contracts: Github

Test tokens (WETH & USDM): Faucets

What it does

ModeBook provides the fundamental features of an order book, including:

Token pair management.
Support for buy/sell orders based on the price index.
Automatic order matching based on the liquidity of the traded token pair.
Display of active orders and order book data, including transaction volume for each price index.

Each token pair's orders are managed by a dedicated contract, and all smart contracts are registered with the SFS contract

How we built it

The steps we take include:

Searching for ideas that can leverage the SFS advantages to enhance the user experience.
Referencing similar applications.
Identifying features to develop within the hackathon timeframe.
Building a prototype.
Writing smart contracts.
Testing smart contracts.
Developing UI/UX.
Conducting integration tests.

The technologies we use are: Solidity, Hardhat, Wagmi, Ethers JS, and Next JS.

Challenges we ran into

Challenge 01: For the first time, we are coding a fully on-chain Order Book application. Consequently, we spent a considerable amount of time learning, coding, and testing locally before making the initial commit. Currently, we can only complete limit price orders and have not yet implemented support for market orders.

Challenge 02: Lack of support from external APIs. This limitation restricts the sophistication of certain price-related features in ModeBook, making them achievable only at a basic level. It is not particularly convenient for users.

Accomplishments that we're proud of

Successfully completing ModeBook within the allowed timeframe brings us great joy. The application is truly a decentralized exchange as all business processes are handled using smart contracts.

What we learned

The first thing we understood while building ModeBook is the complexity of a decentralized exchange. We have also realized that there are many features we can implement with it.

The second thing we understood is the potential and advantages of applications with a large transaction volume when integrated with MODE and SFS. Low transaction fees, coupled with SFS, will help reduce costs and thereby enhance the user experience.