How to use Token Jar, 0x Protocol
Token Jar is one of the few real DEX’s we still have lying around cryptocurrency world. It runs on 0x Protocol , hence you don’t need to deposit funds anywhere, which is what I always love.
So, for those like me at some point, who don’t know how to use it and are missing this gem of exchange, this will be a graphic way to use it. Feel free to correct me or “clap” and share at the end.
The wrapping/unwrapping thingy.
As you may know, or not; to trade ERC-20 tokens you need to use another ERC-20, because Ethereum is not compatible with its own token… have 10 seconds of silence to digest it. Let’s keep up, someone came up with the great idea of having a token that holds the same ETH value, but ERC-20 compliant, that beautiful person called it “wrapped ETH (WETH)”.
With WETH you are able to trade any ERC-20 token, which is mice.
Therefor, in order to buy any token with Token Jar, you have to wrap ETH and in order to convert your money when you sell any token, you have to unWrapp ETH. Yeah, is that simple.
What about exchanging on Token Jar, dude.
The first thing you need to handle is their right side of the story.
As you can see on the top right side the wallet shows up, (You need to have metamask unlocked). Before setting a buy/sell order you have to wrapp, unwrapp ETH, as explained before.
But besides that you also need to checkmark the token(s) you want to trade, including WETH.
Checking and unchecking will charge a bit of fee (MetaMask will pop-up), but is just the sign fee and the gas to allow Token Jar to trade even if your wallet is locked.
After you have done that, you can set your orders.
Well… let me buy/sell, you know make some monies
You really should know the buy/sell dynamics at this point, but just in case: Buy is when you intend to acquire a token with ETH (WETH); Sell, is when you intend to trade a token in exchange for ETH (WETH).
As you can see, you set your order price, by default Token Jar will tell you the amount of ETH (WETH) you will have to pay in exchange of the tokens you will buy (See it at the bottom).
If you hit the “Buy” green button, an order will be set, if there’s a current offer at the same price kabum is bought. In case you want to buy/sell a current price, you just click it in the order book and will fill up automatically.
Every time you cancel an order, you will have to pay for fees. Just FYI. Be confident of what you are doing.
So… what about my ETH and the token? What happens to my wallet?
Token Jar, as a 0x protocol runner does not store any of you tokens, every transaction occurs automatically through your wallet and the buyer/seller; hence every time a transaction is made, your wallet gets it instantly, there for is important you keep track of the order book and the movements on your wallet at etherscan.io for example.
To exchange from WETH to ETH you just need to unwrapp it right here, fees are really cheap on that.
You just have to click on this big button that says wallet and this will appear:
This is the transaction history as you can see, to confirm anything you just have to click on the date and will prompt a new tap to the transaction.
Does it have an order book?
Yes it does, just at the left side of where you put the orders
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