Stellar Protocol 11 Improvements: Part 3
On June 10, validators on the Stellar network will vote to upgrade the network to Protocol 11. Protocol outlines three main changes, the third change being the introduction of buy offers.
Before Protocol 11, there was a single operation for placing an order on Stellar’s decentralized exchange – ManageOffer – and it only expressed an offer in terms of what you were willing to sell in exchange for another asset. This only made sense when the user was selling an asset. For example, if you wanted to buy EUR with USD, you had to instead sell USD for EUR, which was confusing.
After Protocol 11, a new operation called ManageBuyOffer will be introduced. This will allow users to submit buy offers.
Source: SoftwareReviews, Accessed July 19, 2019
Our Take
These changes allow Stellar to behave like other major market orderbooks with both buy and sell offers. It also creates a better user experience: before when users wanted to buy they had to think about the transaction upside down.