NEAR Foundation Awards Autonomy Network $30,000 Grant to Improve DEXes

NEAR Foundation Awards Autonomy Network $30,000 Grant to Improve DEXes

The Autonomy Network, the off-the-shelf generalized automation solution for dApps, has been awarded a $30,000 grant by the NEAR Foundation to help to limit orders and stop losses on decentralized exchanges (DEX).

Autonomy Network is helping onboard more users into the world of DeFi by bringing the features typically found on centralized exchanges and bringing them to their decentralized equivalents in a simple, easy to apply way.

Once Autonomy’s smart contracts go live on NEAR in Q4 of this year, dApps will be able to simply integrate these features into their tech stack.

Autonomy has been on the lookout for experienced Frontend and Rust Devs who will be working closely with the founders and core team of devs to build the future of automation for web3.

“If you are experienced and interested we are hiring front end and rust devs” — Diego Chui, Co-Founder

The DeFi Challenge

In order to interact with a blockchain, you have to be at your computer, pressing the send button. If you want to trade a token at a certain price, you either have to use a centralized exchange, or be present to execute each trade in real time.

With trading volumes of DEXes growing exponentially, this is a real pain point for a rapidly growing number of DeFi users.

The essential missing piece here is automation. If there was a way for users to set up arbitrary actions to be triggered under arbitrary conditions, in a decentralized, guaranteed way, the crypto space would be able to level up. That is where Autonomy comes in.

It has built a decentralized automation tool allowing its users to make requests for future actions with arbitrary conditions. For example, a user using Autonomy could set up a trade that follows a set of instructions, such as when price of X token goes below Y, buy).