Understanding Order Types: Market vs. Limit in DeFi
For new folks diving into DeFi, understanding the difference between market and limit orders is fundamental to managing your trades and avoiding slippage. A market order executes immediately at the best available price, which can be great for speed but might not be optimal for the price you get, especially with assets like $LUNA at $1.31 where liquidity can fluctuate. A limit order, on the other hand, allows you to set a specific price at which you want to buy or sell; it won't execute unless that price is met or bettered, offering more control over your entry or exit points.
It's worth noting that even with limit orders, there's still the potential for MEV bots to front-run or sandwich your transactions on DEXs, impacting the final execution price. It's not a perfectly clean solution.