Glossary for LayBot

When you start exploring the Laysion ecosystem, you'll likely come across some unfamiliar terms and phrases. To assist you on your journey, we've defined some of the most common trading vocabulary

Centralized exchange (CEX)

An exchange which is operated by a central authority. In addition to order matching and broadcasting, the centralized exchange keeps custody of users’ assets.

LayX Decentralized exchange (DEX)

An exchange which operates in a decentralized way, using smart contracts to facilitate the transacting in and settling of assets. Generally, one distinguishing feature of a decentralized exchange is that participants keep custody of their own assets in their own wallets; the DEX facilitates the direct wallet-to-wallet settlement between counter-parties in a transaction.

API Key

A unique identifier used to authenticate a user, developer, or calling program to an API (Application Programming Interface).

Market Making

A type of trading strategy where projects and/or traders provides liquidity to the market by placing both buy and sell orders to capture the bid-ask spread.

Order Book

A digital list of buy and sell orders organized by price levels, used by exchanges to facilitate trading.

Telegram UI

The user interface of the Telegram application, used by LayBot to allow users to manage their trading strategies and configurations.

Trust-less Operation

An operational mechanism that eliminates the need for users to trust the platform with sensitive information such as API keys.

Volume Strategy

An algorithmic trading strategy focused on contributing to trading activity by executing high-frequency trades.