☘️Wasabi Trading

Trading on the Wasabi Protocol can be done entirely from within the bot. Want to learn how to trade your favorite NFT's with Looter? Let's begin!

🌱 What is the Wasabi Protocol?

Wasabi is a fascinating protocol that combines NFTs (non-fungible tokens) with derivatives. Let’s dive into the details:

1. NFTs (Non-Fungible Tokens)

  • NFTs are unique digital assets. Unlike cryptocurrencies (like Bitcoin or Ethereum), where each coin is interchangeable, NFTs represent something specific and cannot be swapped for another.

  • Think of NFTs as digital collectibles, art pieces, or even virtual real estate. Each NFT has its own distinct value and identity.

2. Derivatives

  • Derivatives are financial contracts based on an underlying asset (in this case, NFTs). They allow users to trade on price movements without directly owning the asset.

Imagine you want to bet on whether the value of a rare PokΓ©mon card will go up or down - you could use a derivative contract to do that!

What does the Wasabi Protocol do?

  • The Wasabi Protocol brings NFTs and derivatives together. Here’s how it works:

    • Wasabi Perps (Perpetual Contracts):These are perpetual bets on NFT prices. You don’t need to own the NFT itself; you can just bet on its value.

    • Wasabi Options: These are like NFT insurance. You can buy an option that lets you protect your NFT investment or even make leveraged bets.

    • Liquidity Aggregation: Wasabi combines liquidity from different sources, making it easier to buy or sell NFTs.

Wasabi is like a bridge between NFTs and financial tools. It makes NFT trading more accessible and safer for the wider crypto community. So whether you’re an art lover or just curious about NFTs, keep an eye on Wasabi! πŸš€ Now lets explore how to use Wasabi with Looter! πŸ•Ή

πŸ•Ή Using Wasabi on Looter

To begin, select the "🟒 Wasabi Trading " button from the main page.

Trading with Wasabi on Looter is easy! Provided is a list of all currently tradable tokens, their chart links and a quick-access button to begin an order from within Looter.

πŸ“š Opening a Position

Let's dive into it! Select "Open" on the supported tradable NFT of your choice and displayed will be all the relevant information to your order, such as; the name of the tradable NFT token, order type (SHORT/LONG), leverage multiple, entry price, liquidation price, order fees, borrow rate and the price impact on the order.

The tokens shown in the images on this document were used strictly for testing, do not copy or use any of the tokens shown without doing your own prior research.

πŸ’Ό Choosing your Order Type

A long position refers to a scenario where a trader buys an asset (such as stocks or cryptocurrencies) with the expectation that its value will increase over time.

  • Buy and Hold: In a long position, you purchase the NFT and hold it in your portfolio.

  • Profit from Price Appreciation: You make a profit if the asset’s price rises. The goal is to sell the asset at a higher price than the purchase price.

A short position occurs when a trader sells an asset they don’t own (borrowing from Wasabi) with the expectation that its value will decrease.

  • Borrow and Sell: In a short position, you borrow the NFT (in this case, the NFT from Wasabi) and immediately sell it in the market.

  • Profit from Price Decline: You make a profit if the asset’s price falls. The goal is to buy back the asset at a lower price than the initial sale price.

πŸ“Š Choosing your Amount

πŸ“ˆ Choosing your Leverage

βœ… Confirming the Order

Just like that you're ready to confirm your order and trade NFT's on Looter with the Wasabi Protocol! If you would like to read more on the protocol and its innovative features, you can do so using their official documentation website with this link.

Like any trading platform or crypto-currency token, Wasabi operates in a volatile market meaning prices of NFTs can fluctuate rapidly, also affecting your positions rapidly! Using Leverage amplifies gains but also magnifies losses. Be cautious when using leverage, especially in a volatile NFT market! Safe trading!🫑

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