OMOMO Leverage

OMOMO Leverage enables fully on-chain limit orders, longs and shorts on Ref.finance with 0 swap fee and 0 slippage.

What it does

OMOMO Leverage can create limit orders on DEX using concentrated liquidity, with leverage up to 10x on long and short positions. How this limit order works: OMOMO protocol puts the liquidity to the tiny range in the pool where Asset A is 0 and all amount is in Asset B. When price on the DEX reaches target price - liquidity from Asset B moves to Asset A Then, OMOMO protocol gets liquidity back to the user. Order completed

Now, how Leverage Trading works in tandem with OMOMO lending: For instance, Trader creates x5 Long position by depositing 1,000 $USDT. OMOMO protocol borrows the rest from the lending LP and creates it's limit order. When order executed, Trader has on-chain leveraged position and looking for the moment to get the profits

Challenges we ran into

On the start of the project, Ref.finance haven't released it's V2 protocol with concentrated liquidity feature. Our team has to be working with uncertainties on the implementation, and started with abstractions. Then, after release of V2 protocol, we managed to adapt existing implementation with the v2 protocol in short terms.

Accomplishments that we're proud of

We implemented limit orders mechanics, which have multiple dependencies on 3d-party and different attack vectors. As the result we have robust design for decentralized limit orders, unique for NEAR ecosystem. The second achievement is the prototype for leverage long and shorts which are completely decentralized as well and have the full flow of opening-to-close position.

What's next for OMOMO Leverage

1. Implement Take profit feature
2. UI/UX enhancements
3. Dashboard for Trader
4. Integrate decentralized Oracles

Built With

• amplify
• javascript
• near
• react
• ref.finance
• rust