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Jun 10, 2024
Ecosystem Spotlight
Ecosystem Spotlight: Bitoro Network, Pioneering Onchain Derivatives Aggregation
by Guest Post
Ecosystem Spotlight: Bitoro Network, Pioneering Onchain Derivatives Aggregation

The proliferation of new tokens, networks, and individual DEXs has created a fragmented, inefficient market with a number of deterrents for traders. These include the underutilization of collateral, high trading fees and slippage, and the hassle of having to navigate multiple protocols or bridging processes.

Cue Bitoro—the first aggregation protocol for onchain derivatives trading. While many platforms offer perpetual futures trading, they’re often siloed within specific ecosystems.

Bitoro solves this by creating a network of ecosystems that enables trading from a single, unified entry point. By aggregating perp liquidity, removing multi-chain complexities, and dynamically selecting the best trading routes, Bitoro offers an exceptionally smooth trading experience.

The Onchain Futures Aggregator

Bitoro Network initially launched its perp ecosystem aggregator across Arbitrum, Optimism, Polygon, and Base with Orderly Network and Injective among the various sources of liquidity spanning 150+ trading pairs. In a short time, Bitoro has reached more than a billion USD in volume and attracted north of 30,000 users.

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One key to Bitoro’s success has been the combination of Orderly Network’s omnichain liquidity layer with this advanced trading infrastructure.

Orderly Network offers a powerful SDK, enabling seamless integration for builders, and superior performance for traders – rapidly positioning it as the ultimate destination for DEX building and the permissionless liquidity layer for all Web3 trading. With trading volumes soaring beyond $47 billion on Orderly’s omnichain infrastructure, Bitoro is tapped into one of the largest liquidity sources in all of DeFi and empowered to deliver an optimized trading experience across the most popular EVM chains for pro traders.

Behind the curtain, Bitoro Protocol manages a set of smart contracts that represent its users’ open trading positions on underlying liquidity layers. When a user creates a trade on the platform, a so-called position container is created through Bitoro’s aggregator. Users supply the position container with the margin, and the container opens a position on the perp liquidity ecosystem like Orderly Network.

Bitoro Protocol’s position routing ensures that each trade is executed via the best available channel to achieve the lowest trading fees possible. To find the best route, the aggregator compares the composite costs of opening the position on different ecosystems. The composite cost of a trade is influenced by various factors of the underlying layer, including price, spread, slippage, liquidity depth, leverage, margin requirements, and position opening/closing fees.

Based on these factors, Bitoro finds the optimal route for trades, ensuring that its users get the maximum utility from their capital.

Trade on Bitoro

If you’re still wondering why you might want to start trading perps on Bitoro, there are more than a few reasons. First, Bitoro offers extremely low fees thanks to its proprietary aggregation engine. On top of that, its simple UI combined with fast settlement times provides an experience that matches that of centralized exchanges – powered by Orderly Network.

Beyond the trading experience, there are a bunch of generous incentives currently on. You can earn Bitoro points (correlated to the upcoming $BTORO drop) for each dollar in trading volume and user referrals and by participating in various challenges and competitions. Orderly Merits are also in play. Just like Bitoro points, Merits will be converted into a juicy airdrop allocation in the near future. Discussing the upcoming TGE, Bitoro Network Founder Brian Purcell said:

“Bitoro values community greatly, and we’re dedicated to giving back to those who regularly use our platform. That’s why our upcoming airdrop will distribute up to 12 percent of the total $BTORO supply to our loyal users. Additionally, we have strategically limited exposure to VCs and other large investors, including stringent vesting cycles to support the long-term stability of our ecosystem.

Bitoro provides a CEX-like experience without the need for third-party trust, KYC requirements, or a lack of transparency. If you want to get in on the action, benefit from low fees, as well as the opportunity to double up on Bitoro points and Orderly Merits, then head over to Bitoro Network, join the community on Twitter and Discord, and participate in challenges on GALXE and Zealy.

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