INTRODUCTION ✒
what is Dex swap?
DEX is the short form of Decentralized exchange. DeX swap is the process of exchanging one cryptocurrency for another through a smart contract-based exchange protocol is known as “swapping” on a DEX (decentralized exchange), For instance STON can be exchanged with TON using STON DEx app. This process can be likened to one of the oldest form of trading trade by barten ,where one person exchanges goods for another. DEXs eliminates the need for a centralized intermediary. This process involves with a user connecting their digital wallets to the DEX platform. They now choose the cryptocurrency they desire to trade in order to swap on the DEX. After selecting the cryptocurrency they want to receive in exchange, they would enter the desired exchange amount. The exchange is then carried out through the DEX’s smart contract, and the user’s digital wallet receives the freshly acquired coin.
How Does DEX Swap Work?▶️
DEX swapping operates through liquidity pools, which are smart contracts containing reserves of at least two cryptocurrencies. When a user wants to swap on a DEX, they link their digital wallet to the platform, choose the cryptocurrencies for the trade, specify the amounts, and then confirm the transaction. The DEX’s smart contract then facilitates the exchange by accessing the liquidity pool and executing the swap based on the prevailing market rate.
HOW TO SWAP USING STON.FI DEX
STEP 1️⃣ visit the Ston.fi web application, navigate to the 'Trade/Swap' page, and connect your wallet. I recommend using the Tonkeeper wallet for the best experience.
STEP 2️⃣ Select the cryptocurrency pair you wish to trade and enter the amount of Token you’d like to exchange. For this example, I’ll be using the TON/STON pair.
STEP3️⃣ Choose a slippage tolerance but it’s always to advisable leave it 0.1% which is the default slippage.
STEP 4️⃣
Confirm and execute your trade. After a few minutes, the DEX will execute the trade. Note: It’s recommended to have sufficient gas fees in your wallet to prevent transaction failures, and always remember to disconnect your wallet after completing trades.
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