Hello Tealswap users! We hope you’re doing well!
Throughout our journey, we have been sharing updates mainly about our milestones.
Now, as we continue to achieve next milestones, let’s take a moment to go back to the basics and understand the role Tealswap plays within the Oasys ecosystem and how you can make the most of our services.
What is Tealswap?
Oasys is a multi-layered network consisting of a highly scalable Layer 1 called Hub-Layer and a Layer 2 called Verse-Layer.
As a decentralized exchange (DEX) on Oasys, Tealswap enables seamless asset trading between different tokens. It offers a user-friendly and efficient platform for liquidity providers and traders to participate in the DeFi space.
By utilizing Tealswap, you can easily create and engage in liquidity pools, contributing your assets to the platform and earning rewards for your participation. Adding liquidity to pools helps enhance the overall trading experience and fosters a thriving DeFi ecosystem.
In this post, let’s first explore the Tealswap’s swap service!
You can perform token swaps on Tealswap with tokens that exist on the Oasys Hub (Layer 1). These tokens can come from the following sources:
- Tokens that are minted(created) within Oasys.
- Tokens acquired from external chains outside Oasys, brought in through the Celer network’s cBridge(https://cbridge.celer.network/).
(Note: This feature is one of Tealswap’s milestones and will soon be introduced, open to all users!) - Tokens used in the Verse Layer, brought in through the Oasys-Verse bridge(https://hub.oasys.games/bridge).
(Note: This feature is also one of Tealswap’s milestones and will soon be introduced, with cBridge.)
Now, let’s find out how to swap tokens on Tealswap!
Step 1. Select Tokens to swap
Component description
- From token select section
The place where users can select the token they want to swap - To token select section
This is where users can select the token they want to obtain through the swap
Select the from token and to token at “Swap” menu.
Step2. Input Values to swap
Step2–1 Input token amount
Users should input the amount of tokens they want to swap.
However, for the “from” token, they cannot input an amount greater than what they currently possess; otherwise, the swap cannot be executed.
Step 2–2 set slippage tolerance ratio
DEX slippage refers to the difference between the expected price of a trade and the actual executed price on a decentralized exchange (DEX).
It occurs due to the changing supply and demand of assets in a liquidity pool by other users’ transaction.
The default value for this is set at 0.1%, and users can adjust it up to a maximum of 50%.
Step 2–3 Estimated swap result
Before executing a Swap, shall we check the following details?
Component description
- You will receive
The amount of tokens you will receive after the swap. - Price Impact
The effect of a trade on the price of a token on a decentralized exchange due to changes in supply and demand. If the pool has very low liquidity, it is recommended to make small and frequent trades. - Minimum received after slippage
Based on the current set slippage ratio, the minimum token amount that a user can receive. - Swap Fee
The swap fee imposed when executing the swap. - Optimized Swap Route
The most optimized swap route for the user to swap the current token.
Step 3. Approve token
If the amount you entered for the “from” token is not approved, an approval process for the “from” token is required before the swap can be executed.
Please approve the amount you entered, which should be equal to or greater than the Minimum Approve Amount, in your Wallet app. If you enter a smaller amount, the approval process will be repeated until the appropriate value is entered.
Step 4. Proceed swap
To proceed with the swap process, click on the “Execute Swap” button.
Step 5. Completion page
The swap has been completed successfully. You can check the user’s swap transaction history by clicking on the “Go to Explorer” button.
Step 6. My history section
In addition, you can also view your Swap history in the “My History” section!
You’ve just learned how to execute Swaps on Tealswap!
Now, go ahead and experience the thrill of swapping your favorite tokens! Tealswap is here to bring you excitement and endless possibilities!
So, let’s dive into the world of decentralized exchanges and make some magic happen!
Tealswap is always eager to hear your feedback and suggestions.
Your input is highly valued, and we look forward to receiving it at any time.
Together, we can shape and enhance the Tealswap platform to better meet your needs and provide an exceptional experience for all users.
Let your voice be heard! 📣🤝
Tealswap Twitter https://twitter.com/tealswap
Tealswap Discord https://discord.gg/puWxGctzpM
If you’re curious about Tealswap’s progress, feel free to check out our milestones!
