Trade Widget

Using Jasmine’s trade widget users can buy and sell RECs using three different types of order: Market, limit, and Over-the-Counter (OTC). Under-the-hood, these orders are all built on the 0x Protocol.

Market Orders

Our market order is a hybrid between a TradFi fill-or-kill (FOK) order and an on-chain DEX swap. They are immediately filled against current liquidity but with a guaranteed minimum. If the order can’t be filled at the minimum the order in the next block, the order will be canceled (killed).

A oder may be filled by DEX liquidity, limit orders, proprietary just-in-time liquidity, or a mix of those. They priority is to fill the whole order at the best possible price before/during the next block.

Market orders do not have any counterparty guarantees. If you need counterparty guarantees, use an OTC order (below) or contact Jasmine for more options.

Limit Orders (Coming Soon)

Limit orders allow the user to place a reserve price (the limit) that must be met. They are generally filled gradually by many smaller counterparty orders. They’re very useful for when you want to place an oder, but there’s not sufficient liquidity to fill it as a market order.

Limit orders do not have any counterparty guarantees. If you need counterparty guarantees, use an OTC order (below) or contact Jasmine for more options.

OTC Orders (Coming Soon)

Over-the-Counter (OTC) orders are for trades between two specific counterparties.

Imagine Alice and Bob want to do a trade of 100 JLT (from Alice) for $200 (from Bob). In a conventional off-chain OTC transaction, one of the parties need to deliver before the other and take it on faith that their counterparty will deliver (or they could opt for a expensive/complex escrow service). The need for this interpersonal trust makes OTC markets clubby and exclusionary.

Using Jasmine’s OTC order, Alice and Bob can execute their trade “trustlessly,” using a smart contract for less than a penny.

Alice can make a OTC order for trade with Bob marked as the counterparty and sign it (this is gasless). Alice can cancel that order at any time and the order is inert to everyone except Bob. In the Jasmine App, Bob can see that there’s an OTC order waiting for him. He can review it, countersign it, and gas the transaction (typically less than a penny). The order then executes on the chain and the assets (JLTs and $) are simultaneously swapped between Alice and Bobs wallets.

NOTE: The effective price of an OTC deal does not need to be the same as the current market price. It can be any price.