David Schwartz took to social media to show off his skills as the chief technology officer at Ripple with his recent innovation.
The Ripple CTO shared a post on X unveiling a new AI-powered trading bot capable of trading on centralized exchange markets. Although David asserted that the code is rough for now, he plans on adding a GitLab link for better experiences.
Outlook On Ripple CTO’s Trading Bot
The chief technology officer at Ripple, David Schwartz, has launched a new trading bot to carry out trade orders on crypto centralized exchange markets. David who made this revelation on X said that his innovation uses an algorithm that works almost like the XRP Ledger’s AMM algorithm.
I spent two weekends implementing a trading bot that uses an algorithm that’s as close to the XRPL’s AMM algorithm as possible to trade on centralized exchanges. Here’s it trading Solana: pic.twitter.com/9G32958c3p
— David “JoelKatz” Schwartz (@JoelKatz) March 21, 2024
According to the Ripple CTO, he spent two weekends implementing the trading bot codes but confirmed that the code is “really rough” and will add a GitLab link soon.
David Schwartz shared screenshots of the trading bot trade history on Ethereum (ETH) and Solana (SOL). The trading bot’s preliminary testing on ETH and SOL raised questions about how profitable it could be for traders. David explained it was too early to discuss the profitability score, but it could make about 11% per year.
“But it’s really hampered by the trading fees it has to pay. You can see from the log that it can’t take advantage of smaller price movements and so misses a lot of volatility,” David Schwartz said.
The Ripple CTO also revealed that the bot only executes Good-Til-Cancel (GTC) orders when buying or selling an asset. According to him, an Immediate or Cancel (IOC) order does not work on the trading bot due to high market-taking fees.
