Unified Order Network
Last updated
Last updated
Unified Order Network is a mega-layer of the Quotex intent-based architecture. It consists of 2 parts: (i) Order Pool, which stores all intent-based orders; and (ii) Resolver Pool, where all resolvers are integrated. The interactions of the pools are processed by a Matching Engine.
Unified Order Network has 3 main functions: (i) to save, structure, and composite all intent-based orders in a secured space; (ii) integrate resolvers and provide them access to the Order Pool; and (iii) create a structured space for the Matching Engine to operate.
Within Quotex architecture an order is a signed intent by a user. There are several types of orders based on: type of order execution, destination chain, and assets.
Orders based on the destination chain:
On-Chain. If the source and destination chain matches;
Cross-Chain. If the source and destination chain are different.
Orders based on the execution type:
Limit Orders. Allows users to trade by setting an order to buy or sell assets at a specific price or better;
Auction-Based Orders. Enables users to trade through an auction where the price starts high and decreases until it reaches the limit of the sum minus slippage.
Orders based on the asset type:
Bridge. Users swap asset A for asset A on different chains;
Swap. User swaps asset A for asset B either on the same chain or cross-chain.
Separately we should mention mirror-type orders. Mirror orders are the type of orders when different users want to execute opposite transactions, allowing them to be inter-executed.
For example, User A wants to bridge 1,000 USDT from ERC-20 to BNB, and User B wants to bridge 1,000 USDT from BNB to ERC-20, so their orders are matched and executed against each other.
As orders are inter-executed by the Matching Engine, there is no Resolver to cover the gas fees, so Quotex manages the gas costs by taking a fee that does not exceed the slippage set by the user. This fee is specifically used to cover the gas expenses incurred during execution. To assist users in decision-making, Quotex provides an estimation of the gas fees, helping users determine the appropriate slippage to set.
For example, if User A wants to bridge 1,000 USDT from ERC-20 to BNB, and User B wants to bridge 1,000 USDT from BNB to ERC-20, both users might set a slippage of 0.1%, or $0.50. The Matching Engine evaluates whether this slippage is sufficient to cover the gas fees, meaning the total gas cost on both networks should not exceed $0.50. If the slippage is adequate to cover the costs, the orders are inter-executed. If not, the engine searches for alternative options to execute the orders.
Quotex is committed to expanding the base of resolvers, as this drives competition, which ultimately benefits users by providing lower prices and fostering innovations in DeFi.
In theory anyone can be a resolver by integrating in the Unified Order Network. Practically, we see the following categories of resolvers to take part in executions of intent-based orders:
Matching Engine. Matching Engine can execute mirror orders by its own, therefore reducing the costs for a swap for users and making it more efficient;
DeFi Users. Any user either intentionally or unintentionally can be a resolver. Unintentional execution by another user happens when he signs a mirror order to the relevant order. Otherwise for any DeFi user to intentionally execute orders he should integrate within a Unified Order Network and execute preferred order;
Bridges. Can serve as a resolver by facilitating cross-chain intent-based orders, ensuring asset transfers between different chains;
Market Makers. Professional entities that provide liquidity and facilitate trades by executing orders and balancing liquidity across various platforms are one of the categories that should take advantage of executing intent-based swaps in a Unified Order Network;
Intent-Based Protocols. Our Unified Order Network forms the foundation for a mega-layer that supports all intent-based swaps. This means that any other intent-based protocol can integrate with the Unified Order Network, allowing their resolvers to execute intent-based orders from Quotex or any other protocol that has integrated their intent-based orders into the Unified Order Network;
Other DeFi Protocols. These can include lending platforms, yield farming protocols, and decentralized exchanges that integrate with the Unified Order Network to enhance their liquidity management;
Automated Trading Software. Bots and automated systems that execute trades based on predefined algorithms and strategies to optimize efficiency and profitability can be integrated to execute intent-based orders;
Potentially other resolvers, such as, however not limited to, institutional traders, CEXs and others.
Unified Order Network as a Mega-Layer for Intent-Based Protocols
With the increasing number of intent-based protocols, we recognize the imminent need for the aggregation of intent-based swaps, similar to how DEX aggregation became necessary with the proliferation of DEXs. Instead of merely aggregating intent-based protocols and their routes, we have decided to create a foundational mega-layer.
The Unified Order Network will serve as this foundational mega-layer for intent-based protocols, streamlining and enhancing the execution of cross-chain transactions.
Technically, this means creating circumstances around a Unified Order Network that allows other intent-based protocols to integrate with our order and/or Resolver Pool. This enables them to source their intent-based orders for resolvers within the Unified Order Network to execute, or allow their resolvers to fulfill respective orders from the Unified Order Network.
This integration does not compromise the independence of other intent-based protocols. Instead, it offers new opportunities: (i) providing their users with more efficient execution of their orders by integrating with the Quotex Order Pool, and (ii) offering more earning opportunities for their resolvers by integrating with the Quotex Resolver Pool.
By acting as a central hub, the Unified Order Network facilitates the seamless interaction of different protocols, ensuring that orders, such as mirror-type transactions, are paired and processed optimally.
