MC Mong XYZ
@mcmongx
[DEX MASTERY SERIES] - Part 2: What is trading/sniping BOT? What do we use BOT for? 🧵 1/ 🤖 BOT - it is an automated machine that executes pre-set commands, with basic buy and sell functions. Specialized BOTs can be used for sniping, copy trading, farming airdrops, etc.
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MC Mong XYZ
@mcmongx
2/ 🦉 BOTs can be used on both #DEX (decentralized exchanges) and #CEX (centralized exchanges), but currently, most people use BOTs for DEX trading. 🦉The reason for avoiding trading directly on DEX is that it often results in failed transactions due to errors and slow processing times.
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MC Mong XYZ
@mcmongx
3/ a simple e.x: 👉🏻@solana processes 3 blocks every 2 seconds, each block can hold around 200-300 transactions (from all projects and dApps running on Solana) on average. When a new project launches and receives a large influx of transactions, it may take up a significant portion of the transactions in a block.
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MC Mong XYZ
@mcmongx
4/ 👉🏻 Trading on DEX like @RaydiumProtocol, a typical transaction (with Average Trading Volume) takes about 10 seconds to complete, not including transaction approval time. 👉🏻 Issues such as gas and slippage, etc., may cause delays for a few extra minutes, especially when using unreliable wallets like C98.
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MC Mong XYZ
@mcmongx
5/ 👉🏻 Just estimate how many transactions you think occurred during that period?
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MC Mong XYZ
@mcmongx
6/ 🔫 Given certain conditions, a BOT can execute a transaction within 150-200 milliseconds of pasting the token contract for a buy or sell transaction. ✨ BOT handles MOST of the other cumbersome tasks for users, especially for newbie traders! Just need to click buy/sell or set up sniping.
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MC Mong XYZ
@mcmongx
7/7 👀 So, will you trade directly on DEX or use a BOT? You probably have your answer already. 🚬 Stay tuned for Part 3, where Owl will discuss how BOT operates. 😎
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