Update: Bogged Finance Stop Losses are here!
Visit: https://bogged.finance/stoploss and read on to learn more.
We’re excited to announce that we’re launching Stop Losses for the Binance Smart Chain, at 2PM UTC on Saturday 22/05/2021 — in under 24 hours from the time this post goes live.
This is a first-ever for the Binance Smart Chain, and is part of the Limit Orders v2 release which will continue to release over the following week.
This is a Bogged.Finance Premium Feature, and requires holding 100 $BOG.
The Stop Loss feature works for any token on Pancakeswap v1, v2 and ApeSwap — with additional DEX support coming in the future.
The Quick Rundown
What is it: Stop Loss orders allow you to place an order that will sell your token if the price of your token dips.
What do you need to use it: Hold 100 BOG + a $3 fee per order in BNB.
Who is it for: People who want to sleep at night and autosell if a token they hold crashes/dips.
Buy 100 BOG today to make use of Stop Losses from 2PM UTC Saturday 22/05/2021.
Click here to use Bogged.Finance/swap
How to use Stop Losses on Bogged.Finance
A Step by Step Guide
Firstly, you’ll need to make sure you hold at least 100 BOG (or 10LP staked) to use the Bogged.Finance Stop Losses.
Secondly, you’ll need to connect your wallet and use the token picker to select the token you wish to place a stop loss order for.
Thirdly, you’ll need to enter the number of total tokens you wish to sell.
Fourthly, a Trigger Amount will automatically fill. This is the current price of all the tokens you are wanting to sell. You’ll need to adjust this to the “Amount Out” of which you wish to receive — It’s setup like this so you aren’t sold short w/ high slippage.
Next, ensure you have set the correct slippage for the token. If you set incorrect slippage, your order will fail.
Finally, you’ll need to both make the approval transaction for the token (if it’s not BNB) and then make the Stop Loss Transaction.
Each Stop Loss order costs a $3 fee in BNB.
Q: What is “Trigger Amount”?
A: The Stop-Loss will trigger once the amount you are able to sell for drops below this value?
Q: Can this be manipulated?
A: We measure against the largest pool for the token, to prevent manipulation of the Stop Losses. Bogged.Finance stop losses are not susceptible to flash loans/temporary liquidity pool draining.
Q: Are my stop losses public?
A: Yes, they are public on the blockchain.
Q: Why is there a $3 fee?
A: The gas costs associated with processing stop losses are significantly higher than limit orders. This is a nonrefundable fee.
What’s Next for Bogged.Finance?
- Limit Orders v2 — with support for Pancakeswap v2 and Apeswap
- Swap Update with Pro Features for $BOG holders
- Additional Chart Updates
- and more we’re yet to announce.