Bitfinex Exchange Releases Honey Framework: Open-Source Framework for Custom Order Types

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As the various cryptocurrency exchanges vie for a piece of the growing market for digital currencies amid SEC warnings to exchanges, crackdowns, and probes, Bitfinex adds new functionality to its developer tool chest. With the open-source, Honey Framework, traders will have the ability to implement custom order types and trading strategies using their platform.

The Honey Framework was designed as the foundation for an open marketplace where users could share and purchase automated trading strategies based on custom order signals. Bitcoin trading bots are nothing new. Companies like Crypto Hopper, Crypto Blizz, BTC Robot and Gekko are just a few of the many solutions. They generally offer mixed results, but algorithms can be tested against real data from the past with transparency, making buying decisions easier when comparing one algorithm against another.

Crypto trading bots may prove useful, particularly when you’re HODLing. Unlike the stock market, the digital currency markets never shut down. They run 24/7/365 (except when the exchanges crash on occasion), and big moves can happen when most of us are fast asleep. If used effectively, bots can be a great tool to hedge your bet at a minimum, and to grow your wealth under the best circumstances. Some bots are free through open-source platforms, and others charge a licensing fee or may be purchased outright.

Bitfinex has seen an increase in the utilization of its API for automated trading. As demand continues to grow, the Bitfinex team will seek to provide more tools for its user base. Honey Framework will reportedly make it easier to create highly complex, custom order types. They plan to overhaul their trading engine, code-named Hive, using the Honey Framework so that traders using and creating bots may implement their strategies in Javascript, through API connections.

Custom order types using Honey Framework will have access to the full suite of trading APIs, including live market data and indicators. They’ve also taken on the painstaking effort to give coders the ability to use their custom trading strategies with the existing user interface, so that people may get a simple, visual representation of the effects of their strategies when upgrading their algorithms.

Honey Framework is still in its pre-alpha stage of development, meaning that it is not yet ready for public consumption. The team has released an internal demo of the primary components of the framework, and have gotten positive feedback on its implementation.

Other exchanges like Bittrex are in a race to add fiat trades to their platforms. The ability to accept fiat transactions is no doubt an important upgrade that will help such networks retain control over large swaths of the digital currency market, given the low number of exchanges that do take it. However, it raises the question as to whether these same exchanges are putting equal effort into improving their technology. Upgrades that improve speed and security should be at the top of the list, but adding flexibility for developers to interact with such platforms is also noteworthy. Bitfinex may very well be ahead of their competitors in this regard with The Honey Framework.

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