The Official Veax Mainnet Guide

VeaxLabs
7 min readJun 29, 2023

--

The Veax mainnet was officially launched on April 27th and soon became the second largest DEX on NEAR Protocol. In this guide, let’s go through all the interesting stuff you can do on Veax. However, before we do anything, you must get a NEAR wallet. Veax supports these wallets:

Step 1 — Connect Your Wallet

To start using the Veax platform, you’ll need to connect your Near wallet. Here’s how to do it:

1. Go to the Veax website at this link: https://app.veax.com/. Please ensure the domain in the address bar matches the one listed here. Watch out for scammers!

2. You will see a “Connect Wallet” button in the top right corner or in the “Swap” section. Click on it.

3. Next, you will see a pop-up window where you need to select your wallet application. We’ll choose “MyNearWallet” for this example. Once clicked, the browser will open a new tab where you just need to follow the instructions from the service provider.

4. In the upper right corner, the “Connect Wallet” button will be replaced by a scoreboard showing your Near balance and wallet address. If you see something similar, then the connection was successful. Congratulations!

Step 2 — Swapping Tokens

The primary function of Veax, as well as any other DEX, is to provide an opportunity to exchange different token pairs as quickly and safely as possible. Therefore, it is recommended to try this feature first.

To do this, click on the “Swap” tab at the top of the screen, and a minimalistic window will appear in front of you where you can swap tokens in a few clicks!

Select the token you want to give away and the one you want to receive due to the exchange. We will try to swap 5 Near for the equivalent in USDT tokens. Given the current exchange rate, the built-in calculator will immediately show you how much cryptocurrency you will get.

You can select the slippage tolerance level by clicking on the sliders icon in the upper right corner of the swap window.

Slippage is the difference between the market price of the asset and how much you are paying for it. If the buying price of the tokens is significantly higher than the market price, then the slippage is on the higher side.

On Veax, you can either choose the default slippage tolerance level, as determined by the smart contract, or choose one of the three predetermined slippage tolerance levels (0.1%, 0.5%, and 1%).

Just above the colorful “Swap” button at the bottom of the screen and to the right of the approximate exchange rate of the selected tokens, you can find a small down arrow. Click on it, and you will see some additional data:

  • What commission you pay Liquidity Providers for supplying the assets for exchange;
  • What impact your trade will have on the price of the asset;
  • What is the minimum number of selected tokens you will receive given the selected slippage tolerance level.

Now, you are ready to make your first swap! Click the “Swap” button, and the browser will open a tab with your Near Wallet app. You must confirm the transaction and pay a small fee, or the so-called Gas Fee. In the case of Near, the gas fee is always relatively low and is in thousandths of a dollar.

Step 3 — Providing Liquidity

One of the ways to make money on Veax is by providing liquidity for pools. In simple words, you put some of your assets into a liquidity pool and allow other users to make exchanges using them. In return, you get a commission for each transaction made using your cryptocurrency. Win-to-win strategy!

By selecting the “Liquidity” section at the top of the screen, you will see a window that displays all your liquidity positions. While they are not here yet, let’s open one! To do this, click on the “+ Add Liquidity” button.

In the new window, you will be able to customize your position:

  • Select the pair of tokens you want to contribute to the pool. In our example, these are wNear and USDT;
  • Customize the price limits for using your liquidity;
  • Select the desired fee level (from 0.01% to 1.28%);
  • Specify the number of tokens you want to deposit;
  • Read the transaction details.

In the “Select Price Range” section, after clicking on the small down arrow, you can select the type of position you want to open:

  • Concentrated Liquidity: set a specific price range.
  • Full Range: provide liquidity across the entire price range.
  • Single-Side: provide liquidity to only one side of a trading pair.

After clicking “Confirm Adding Liquidity”, your Near Wallet app will ask you to confirm the transaction in the standard way. Just follow the on-screen instructions, and you should be good to go!

Now, the window with your positions is not empty, and you can enjoy the view of your first liquidity! Let’s click on it and see what you can do inside.

Here, besides additional information, you may be interested in two buttons: “Close Position” and “Harvest Reward”. You should press the first one if you want to stop providing liquidity and withdraw your funds. The second one is responsible for collecting the profit received as a result of harvesting your funds.

Note: Please note that the “Harvest Reward” button may not work if your position has not collected any fees yet. Just wait or change your position to a more profitable one.

Step 4 — Analysing

On the Veax platform, you can see all the analytics you need to trade or provide liquidity on all existing liquidity pools in one place. To do this, select the “Analytics” tab at the top of the screen.

Here, you can see the most popular fee levels, TVL, 24-hour and 7-day trading volume, and how much has been awarded to Liquidity Providers.

You will see more detailed information about this pair of cryptocurrencies by clicking on the pool you are interested in. We have organized large amounts of information into concise charts for your convenience.

Also, in a new window, you can swap and add liquidity to the selected pool using the corresponding buttons in the upper right corner.

If you scroll down the page a bit, you will see how the liquidity in this pool is distributed among the different fee levels. This will help you make a more educated choice for opening your own position.

Well, that’s it! Now, you’re ready to set sail in the Veax world. Don’t forget that we are always on call and ready to advise or help with any questions. Have fun trading!

About Veax

Veax is an advanced single-sided liquidity management DEX built natively on the NEAR blockchain with pioneering TradFi-empowered features. Tacans Labs developed the platform and has raised $1.2m in pre-seed funding from prominent investors, including Circle Ventures, Proximity Labs, Outlier Ventures, and more. The leadership team includes award-winning entrepreneur Mathias Lundoe Nielsen and industry veterans James Davies and Ivan Ivaschenko.

--

--