What is Smart Maker

  • Updated

Overview

Smart Maker was developed in 2023 and rolled out progressively in Perp v2 markets. By the end of 2023 all markets had Smart Maker active.

Smart Maker extends the limit order system to allow traders to access better liquidity when liquidity for their trade is poor. This includes offchain components but all user-facing actions are handled onchain.

A typical order using Smart Maker looks like this:

  1. Order size and price impact is evaluated by the UI. If the trade is within a set size and price impact is above a set amount, Smart Maker will activate.
  2. The user must approve the Smart Maker contract before making the first trade, in the same way limit orders work. Approval only needs to be done one time.
  3. The user then signs a transaction that will be executed by Smart Maker.
  4. Smart Maker adds liquidity to the tick where the order will fill, in the quantity needed to fill the order.
  5. Smart Maker sends the order to be executed via the limit order system.

Note: Smart Maker is not eligible for Pool Party liquidity mining rewards.

Manual contract approval

In rare instances, the UI may fail to prompt the user to approve the Smart Maker smart contract prior to the first use of the system. To manually approve, follow the instructions below.

Prompting users to perform approvals via Etherscan is a common scam. Proceed with caution, and never perform an approval if you aren't completely sure of what you are doing.
  1. Double check the smart contract addresses by searching in the Perpetual Protocol Discord.
    1. Smart Maker:0xfd7bB5F6844a43c5469c972640Eddfa99597a547
    2. Limit Order: 0x93B9DaC2d57AaD1966859E8d1b5cCF5b95de9af4
  2. Go to the Smart Maker contract on Etherscan: https://optimistic.etherscan.io/address/0xfd7bB5F6844a43c5469c972640Eddfa99597a547 
  3. Go to the Contract tab
  4. Go to the Write as Proxy tab
  5. Open the 1. approve (0x4342e966) section
  6. Enter the following parameters
    1. delegate (address): 0x93B9DaC2d57AaD1966859E8d1b5cCF5b95de9af4 (this is the limit order smart contract)
    2. actions (uint8): 1 (1 tells the contract to allow the delegated address to open/close positions on your behalf)
  7. Connect your wallet to Etherscan using the "🔴 Connect to Web3" button
  8. Click Write and approve the transaction in your wallet
  9. If there is a problem with gas estimation, please contact support or check recent transactions on Optimism for recent gas prices.