An effective tool in a cryptocurrency investor’s toolbox is copy trading, which allows them to automatically mimic the tactics of seasoned and profitable traders.
Timing is crucial when trying to mimic the moves of successful traders in the quick-paced world of cryptocurrency. Odinbot, the PR head for the project, told Decrypt that the Solana copy trading platform has “first and foremost concentrated on speed,” making it one of the fastest copy trading bots available.
With 15% of its trades, Odinbot claims to have achieved “zero block latency,” which means that copy deals are finished in the same block as the trader they are mirroring. Demeters continued, “Most others hit within one to two seconds.”
The project asserts that in a comparison of copy trading bots, Odinbot’s bot outperformed its three main competitors in 62% of the deals.
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Trading predictions
“Predictive trading” is the platform’s secret sauce, according to Demeters. He clarified, saying, “We start trades before they’ve even been confirmed on the chain. We’re looking for pre-confirmation signals to smash our confirmation through.”
Odinbot is built on a specialized web application as opposed to a Telegram bot, which can be erratic and prone to outages, like most other copy trading platforms. Demeters stated, “It’s already happened two or three times since we’ve been building,” comparing our 99.9% uptime to Telegram’s occasional outages and outages due to its size, after which none of your tools function.
Slippage protection and granular price impact
In addition to giving community members access to daily curated lists of Alpha Wallets, Odinbot offers granular control over price impact and slippage protection to shield customers from bad trades. Certain things can be done manually if you wish to protect yourself, while other protection techniques are entirely automated.
He said, “Until you’ve vetted a wallet after a couple of successful trades, we put strict controls on per day and per hour limits, per wallet.” “We stop them from aping into low liquidity tokens,” he continued, adding that those trades must adhere to Odinbot’s “conservative” rules. The platform also prohibits trading of tokens that haven’t renounced their freeze power.
“Everyone keeps buying in, it looks like it’s going to the moon, but really no-one can sell,” he claimed, adding that “I can’t explain how many billions were rugged in the last year from people doing this very simple scam of rugging their frozen authority tokens.”
In a recent trading competition, one member turned $400 into $60,000, demonstrating the effectiveness of the platform’s strategy.
Including DEX perpetuals and meme coins
Looking ahead, Demeters predicted that on-chain copy trading will shift from meme currencies to DEX perpetuals during the next significant cycle.
According to him, “perps will be deep enough liquidity to provide much better volume for copy trading in general, more stability” with on-chain spot trading and shortly perpetual futures trading.
He contended that the market for on-chain copy trade is only going to expand, and Odinbot is putting itself in a position to dominate it. Demeters stated, “This is the golden age of copy trade, and we’re trying to build the best copy trading tool and platform on Solana.”
