Short BEX client
We learned about margin trading recently. The possibilities for margin trading are large, and immediately applicable with today's technology.
What it does
Traders pessimistic about a certain decentralized currency can bet against it on our platform Short BEX.
- Choose a currency you decide to short
- Provide collateral of an amount of your choice
- A leverage amount will be automatically selected for your trade
You may choose the moment you close a short anytime before 2 months. Our platform is designed as so traders may lose no more than the collateral they provide.
Margin used for short traders are supplied by volunteering lenders, making the concept decentralized. Margin trade liquidity is sourced from Binance DEX.
Holders of decentralized currency can generate 6% interest per year through lending on SignaLend, having their assets throw off more value.
Both SignaLend and Short BEX assets permissioned by users are managed by a Binance DEX escrow account.
How I built it
- Created algorithm
- Tested functionality modularly
- Design of wireframes
- Server creation by spec of the algorithm
- User interface creation integrating marking material
Challenges I ran into
Binance DEX currently does not support automated trades.
Accomplishments that I'm proud of
This could exist as a product.
What I learned
Simplicity may often be better.
What's next for Short BEX
Start converting the server to decentralized backend solutions. This begins with integrating current Binance DEX SDK to transfer user funds to our escrow account.
In the meantime, features may be optimized and added, such as providing more options for collateral, voiding positions if insufficient liquidity is found on Binance DEX, and optimizing the leverage algorithm.