Trading in the cryptocurrency market can be a hectic activity, particularly for novice users unfamiliar with its concepts. Due to this reason, developers continue to design innovative and advanced solutions that will make crypto trading easier while simultaneously providing informative trading materials that users can utilize.
Shrimpy employs the same idea, and for three years now, users are leveraging social trading and portfolio rebalancing tools to generate profits. Through Shrimpy's long-term automated strategy, users have gained confidence in digital asset trading while allowing the platform to grow into a reputable ecosystem.
This article will cover Shrimpy’s newly launched futures trading, DEX trading, and exchange integrations.
Shrimpy Futures Trading
As mentioned earlier, Shrimpy has the goal of improving the crypto trading experience for its users. After completing the development of a Futures Trading option, a highly sought feature in the crypto market, Shrimpy rolled out the feature on July 19, 2021. In short, futures trading involves predicting the prices of digital currencies without actually owning them.
It presents an arena where anyone can bet on the future price of a cryptocurrency despite the volatility risks involved. This feature is now available on Shrimpy after receiving numerous requests from users worldwide.
According to a blog post, introducing the futures trading solution is complex, which is why it designed the following rollout procedure:
- A futures portfolio monitoring option that marks the first rollout stage was enforced on March 30th, 2021. Here, Shrimpy can view the futures trades and balances a user is making in an exchange. After that, the platform posts the trader's performances similar to what is done in a spot trading scenario. Futures portfolio monitoring is available on BINANCE exchange at the moment, and traders will not be able to conduct any trades in the futures market during the first stage.
- The second stage will allow manual futures trading on Shrimpy's trading dashboard. It is projected to launch in Q3, 2021
- Social Futures trading is the third stage which will let followers execute the same futures trades made by leaders. However, the option is yet to be determined, and in some instances, the follower may not take the same trading approach from a leader.
- The final stage will activate futures trading through rebalancing. This option is still also on the table, awaiting an implementation decision.
How to Start
Users can enable futures trading on Shrimpy by following these steps:
- Users must first initiate a futures trade on Binance exchange which then presents a list of questions that need to be answered. At this point, the futures trading option on a Binance account is unlocked.
- Come up with new API keys and enable the futures trading permission while creating the keys.
- Click on the "update keys" option on Shrimpy to update the newly formed API keys.
- Using the new Binance account with updated API keys, head over to the dashboard and select the "manage portfolios" option.
- Complete by clicking on the "enable futures trading" box. From here, Shrimpy will start monitoring your futures portfolio.
It is important to remember that when creating new API keys, users should refrain from using the "delete keys" function as it can lead to loss of data for the respective exchange account.
Venturing into DEX Trading and Other DeFi Services
Shrimpy continues to onboard exchanges on its network, most of which are centralized platforms. Among the exchanges running on the social trading network include Binance, Gemini, Kraken, Bitstamp, Bitfinex, OKEx, Huobi, Poloniex, Bittrex, Coinbase Pro, and Binance US.
In a bid to expand further into the crypto sphere, Shrimpy organized a fundraising round in mid-July 2021 with the purpose of raising resources to tackle the innovative decentralized finance (DeFi) ecosystem. The platform plans on fulfilling this mission in collaboration with notable partners such as Plug & Play Ventures and Oriza Ventures.
Following the growing demand for DeFi products and services, Shrimpy has laid down a framework that seeks to provide yield farming, DEX trading, lending, and third party wallet connections. Radar Relay's CEO Alan Curtis will also play a crucial role as Shrimpy's advisor in assisting the platform with heading into the DeFi market.
Upcoming Exchange Integrations
Shrimpy anticipates adding several exchanges to its network. Below is an outlook on the trading platforms set to feature on Shrimpy:
Crypto.Com
The goal behind the launch of Crypto.com in 2016 was to promote financial independence to its users. It is an innovative trading platform developed by Kris Marszalek, who intended to bring a full-service trading experience to millions of users. CRYPTO.COM contains an easy-to-use interface that can be used by any trader, whether experienced or not. Furthermore, users incur minimal trading fees when attempting to buy or sell digital currencies.
A Crypto Earn feature is also available for users to secure lucrative interests on their crypto holdings. In terms of security, Crypto.com uses Amazon Web Services to safeguard its infrastructure and a cold storage option that stores digital assets in an offline location.
FTX
FTX is a highly popular cryptocurrency derivatives exchange founded by Sam Bankman-fried in 2019. It represents one of the largest cryptocurrency exchanges in the world, ranked fourth on CoinMarketCap’s exchange leaderboard based on trading volume.
Users can choose to trade with an interface they prefer since FTX offers a market interface and an OTC portal. FTX enables users to leverage limit orders, stop-limit orders, market orders, and stop-market orders within the course of their trading activities.
ByBit
ByBit is the third crypto exchange platform that Shrimpy looks forward to supporting. The platform functions as a derivatives margin trading ecosystem launched in March 2018. It features a high-performing matching engine with an estimated rate of 100,000 TPS. Moreover, the trading fees at ByBit are relatively cheaper because market makers incur a 0.025% charge while takers incur 0.075%.
The Approaches Taken to Integrate Exchanges
Shrimpy follows specific criteria which decide on the exchange integration process. Some of these guidelines include:
- An exchange's reputation - This is determined through blogs, online searches, or community reviews.
- Effective security solution - Shrimpy will only feature those exchanges with adequate security measures in place
- A reliable customer support system - These include supportive staff members who can handle any concerns from customers or Shrimpy when participating in the integration process.
- Liquidity- Shrimpy advises that an exchange should have higher liquidity to handle significant volumes of trades.
Conclusion
The crypto trading experience on Shrimpy continues to dive deeper and improve gradually as it integrates more features. By using the futures trading strategy, users can earn an income from predicting the future prices of assets. Supporting exchanges make it convenient for users since one can easily buy/sell cryptocurrencies within Shrimpy's network.
Tapping into the decentralized financial crypto segment will also attract more users who seek to interact with DeFi products. Combining all these tools and platforms in an automated trading system will ultimately give Shrimpy the upper hand to thrive in the rapidly evolving crypto market.
