Define Base and Quote Token on markets

[fredo]

There is the confusion of what is defined as the base token and counter token.

General Definition

Base Token

The Base Token or respectively the Base Token Address is the token to be traded against the Quote Token.
In a Buy Order, the trader wants to buy the base token for a certain price quoted in the Quote Token.

Example:

BUY 100 RTT 0.01 WETH -> Buy 100 RTT for a price of 0.01 WETH per RTT resulting in a full price of 100 * 0.01 = 1 WETH

Quote Token

The Quote Token is the underlying token in which the price of any order is defined. The Quote Token is the one other tokens can be traded against. Price is always defined in Quote Token.

Example:

SELL 100 RTT 0.01 WETH -> Sell 100 RTT for a price of 0.01 WETH per RTT resulting in receiving the Quote Token amount of 1 WETH.

Future Idea

The idea in the future is to abstract that scheme in the backend to turning the market around making always the second token the quote token. For the user, the sell and buy for specified markets could stay but in the raidex client itself, it could be treated as two different markets which then match against each other.

[fredo]

For now the only quote market is WETH

[LefterisJP]

Sorry to bump in here but in general it's really good to have the pairs in the "BASE_QUOTE" form. It's easier to understand and is standard in many exchanges (not all though).

[fredo]

definitely, that's the way to go on from now. The future idea was just a thing to elaborate in the future if it was easier but no priority at all.