Concordex.io: A Secure and Compliant DEX on the Concordium Blockchain — PART 3

Earning on Concordex

Building on part 1 and 2 of this series, which introduced CONCORDEX and it’s key features, this deep dive delves into their practical application. We’ll explain how to leverage each feature, empowering you to navigate the CONCORDEX platform effectively, trade, stake and earn on Concordex.

TOKEN TRADE

First, go to https://app.concordex.io/ and connect your concordium wallet.

The connect wallet button can be found at the top right corner of the https://app.concordex.io/ page.

The concordex Trade feature can either be used in basic or Pro mode by turning on or off the pro mode button at the top left corner of the Trade page.

Ready to Swap? Here’s How:

1. Select Token: The image below shows what the list of assets looks like.

a. Choose Your Asset: Click the drop-down menu and select the cryptocurrency you currently hold that you want to trade. This is the coin or token you have an active balance of (CCD in this case).

b. Pick Your Target Crypto: Click the drop-down menu in the approximately get area and choose the cryptocurrency you want to receive in exchange. This is the coin or token you’re trading for.

Remember: You can only swap tokens/coins that you have an active balance of.

2. Set slippage tolerance (Optional):

a. In the centre of the Trade window, Select Slippage Tolerance.

b. In the Select Slippage Tolerance window that opens, click on the needed value for your slippage tolerance.

Understanding Slippage:

Slippage refers to the potential difference between the expected price of a swap and the actual price you get when it’s executed. This can happen due to sudden market movements.

Controlling Slippage on Concordex:

Concordex offers two ways to manage slippage:

Default Tolerance: Use the smart contract’s predetermined slippage level for a balance between price and successful trade execution.

Custom Tolerance: Choose one of four options (0.1%, 0.5%, 1%, or 2%) to allow for a slightly higher or lower price in exchange for a guaranteed trade.

Now that your slippage is set, you can proceed.

Double-Check Details: Click the dropdown as shown in the snippet below for a detailed breakdown of the swap price and fees.

Confirm and Trade: Click “Trade” to initiate the trade. Follow the on-screen prompts to approve the transaction with your wallet. You’ll receive a notification once it’s submitted.

Create a new liquidity pool

1. Go to the Liquidity tab and click Add Liquidity.

2. In the Add Liquidity to Pool window that opens, select Token Pair, Price Range, Fee Level, and the amount of each token you would like to deposit to the pool.

Open a liquidity position or add liquidity to the existing pool

· Go to the Analytics tab. The Analytics window provides a list of the different exchange or liquidity pools currently opened on Concordex with other helpful information, like the Total Value Locked (TVL), Trading Volume, Fee Rewards, and more.

· To add liquidity to one of the existing pools, click the one that you need. This opens the Exchange pool details window, which provides information about the spread, volume, and other details of the pool as in the image below.

Click Add Liquidity. This opens the Add Liquidity to Pool window.

1. In the Select Exchange Pool section, ensure that you have selected the correct token pair. When selecting tokens, the spot price automatically updates according to the Concordex rates. If the pool for the chosen token pair doesn’t exist, the notification message is displayed.

2. In the Deposit Amount section, enter the number of tokens you want to deposit to the pool. When you enter an amount for one token, it automatically adjusts for the other based on the spot price and the price range.

3. In the Select Fee Level section, select a fee level you want to add your liquidity to. Concordex offers eight different fee levels to choose from ranging from 0.01% to 1.28%, and you can see under which fee level liquidity is currently concentrated.

For better understanding of Concordex’s Multiple Fee Levels work, click ==> Multiple Fee Levels Will Be The Foundation of Concordex’s Innovative New DEX on Concordium.

4. Concentration: Select your liquidity concentration by sliding the bar to either left or right.

Once you have entered the amount, click Confirm Adding Liquidity. In your wallet, you are prompted to confirm the transaction.

Confirm the transaction. When your transaction is submitted, your new position is added to the pool, and you are redirected back to the Liquidity window, where you can view and manage your opened positions.

SUMMARY:

In summary, building wealth on Concordex is currently by trading and by provision of liquidities and getting mouth watering rewards.

REFERENCES:

1. https://concordex.io/
2. https://docs.concordex.io/
3. https://concordexlabs.medium.com/concordex-wallet-guide-connecting-with-concordium-wallet-and-cryptox-abe28c9c6aa1
4. CONCORDEX LITEPAPER: https://uploads-ssl.webflow.com/6399959f3306e532553eb712/64a2986c5b1a7e142c0904f1_Concordex%20Litepaper%202023-1.pdf
5. https://www.concordium.com/use-cases.