Injective is collaborating with PARSIQ to enable fully automated decentralized trading. This will allow users to set custom rules that automatically execute trades and other functions based on predefined parameters.
Bringing Power Back to Retail Traders
PARSIQ is a blockchain monitoring and workflow automation platform that has introduced smart triggers to the crypto world. PARSIQ allows real-time on-chain events to trigger off-chain actions, giving developers the possibility to automate workflows which helps create endless avenues to interact with real world applications.
PARSIQ enables IFTTT rule sets. IFTTT stands for “If This Then That”. Put simply, IFTTT services allow users to group a number of actions that are automatically executed. For example, “If Bitcoin drops below $50K, buy $100 worth of Ethereum”.
Injective’s integration with PARSIQ helps to unlock limitless trading possibilities. Users can set custom rules such as executing a buy order when the underlying Bitcoin is trading at a premium compared to the future. Users can also use a combination of tools to create truly unique solutions across different platforms. For instance, a user can send a message on Telegram which can trigger a buy order on Injective which in turn would execute a “success” message on Slack once the transaction is completed.
Given that crypto is a 24/7 market, it is often difficult to keep track of all changes throughout the day. However, on Injective you can now trade while you sleep with zero hassle. This vastly helps to level the playing field since these tools are normally utilized by sophisticated institutional traders and mega funds who have the technologies needed to capitalize on inefficient markets. Now, retail traders on Injective will have access to much of the same tooling used to carry out automated trades.
“The PARSIQ team is working on a much needed innovation for the rapidly growing crypto sector. We first met the team during our time with CoinList last year and have been thinking through different avenues of collaboration. Injective couples seamlessly with PARSIQ’s solution and can enable our traders to carry out entirely automated trades with sophisticated rule sets. This integration will be a game changer for the decentralized trading ecosystem as a whole,” said Eric Chen, Injective Labs CEO.
Injective contributors plan to create new derivatives using the native PARSIQ token for use in sophisticated structured products such as indices. They also plan to explore connecting a number of new off-chain apps and devices to allow the creation of more complicated IFTTT functions as well.
“The Injective team has truly provided the crypto space with a much needed, both faster and cheaper alternative to the large DEXs in existence today. Not only are fees keeping smaller traders out, trading on the Ethereum network is also lining the pockets of frontrunners, something Injective has fixed entirely. At PARSIQ we couldn’t be more excited than to see our technology being utilized to help projects provide better services to their users, in this case allowing multiple new layers of utility in trading.” said Tom Tirman, PARSIQ CEO.
Injective's relationship with the PARSIQ team will be explored more deeply as both communities seek to spur a new world of automated decentralized trading.
PARSIQ is a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications. PARSIQ technology is a proprietary ParsiQL programming language that allows users to monitor and interpret an endless stream of data on the blockchain; thus, it’s possible to monitor traders and ordinary users’ wallets.
Injective is the first cross-chain protocol built for decentralized finance applications. On the Injective exchange, anyone can access, create, and trade unlimited DeFi markets such as futures and perpetuals. Developers can also build cross-chain Ethereum-compatible projects that are lightning fast and achieve instant transaction finality. Injective is backed by a prominent group of stakeholders including Binance, Pantera Capital and Mark Cuban.