Stacking sats is a term used in the crypto community which means to regularly accumulate small amounts of Bitcoin. It can be done manually on centralized exchanges, but what about automating it on a decentralized exchange like Serum.
Bonfida Bots 🤖
Bonfida Bots can be used to automate a trading strategy in a decentralized, non-custodial and trustless way.
Let’s start by going to the Create Page
There are different strategy templates you can use to get started:
- DCA Monthly, Weekly and Daily: These templates allow you to do exactly as the names suggest i.e automate a Monthly, Weekly or Daily DCA strategy on any Serum market.
- TradingView: This template allows you to plug any TradingView strategy directly into Serum. See this video to learn how to use it
- Custom: For more advanced users who want 100% control over the bot they create.
For this example, let’s choose DCA Daily, after clicking on this template we can choose which markets we want the strategy to trade, let’s choose FIDA/USDC.
At this step you also need to choose how much to deposit into your bot initially. This will determine the initial value of the pool token. To keep things simple let’s choose 1 USDC and 0 FIDA and click Create.
After clicking Create you will have to approve the transaction and once the transaction has been confirmed you will receive a pool seed i.e the address of the bot. Click on the link to get to the bot’s page.
Once you are on the bot’s page you can see all the information about your bot in the different tabs: Pool Content, Pool Information and Fee Schedule
You can also change the name of your bot, for instance let’s call it FIDA Daily DCA
And to finish let’s add another 100 USDC into the pool and click Deposit
And that’s it! The bot will automatically use 10% of the USDC contained in the pool to buy FIDA on Serum everyday. This works similarly with Weekly and Monthly DCA strategies.
At any time you can withdraw from the pool and you will receive everything contained in the pool in exchange for your pool tokens. This will make the bot stop.
Bonfida Bots documentation: https://bonfida.github.io/bonfida-bot-docs/
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
None of the above is financial advice.
Bonfida does not provide services to personal accounts of current residents of the United States of America, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea and other prohibited jurisdictions.
FIDA is not offered within the United States or prohibited jurisdictions.