“Under a black flag we sail and the sea shall be our empire”
In our previous publication, we went through the step-by-step process of buying Galleon’s flagship products through the galleon.community app and only briefly touched on the Mint-and-Redeeming via TokenSets. In this guide, we want to dive deeper into TokenSets to cover how you can purchase our portfolio products which do not currently use the flash issuance contract.
Firstly it’s worth pointing out that a lot of the web3 wallet connections, checking the current network, etc steps are identical so we won’t be going over them with as much detail (if you get stuck, I’d recommend looking back over the previous article) this guide will be focused on TokenSets interface, what minting and redeeming means and how they work.
What is TokenSets
TokenSets is a UI that enables interactions with the Set Protocol system via Web3. With it, anyone can get started creating Set strategies and interacting with their Sets (in fact Set Protocol is what Galleon uses to build our structured products).
Buying / Selling via TokenSets
Once you navigate to the relevant Galleon product on the TokenSets homepage (e.g. the ETH Max Yield Index would be here) you then have access to the buy & sell buttons pictured below:
The exact same UI is used for facilitating both the buying and selling of a Set, the only difference is between clicking either the “Buy” or “Sell” button.
You can input the size of your order in the buy/sell overlays, this will present you with the ETH required, your current ETH balance in your wallet and an order preview button for your transaction.
Issuance vs Direct Swap
There are two options for buying on TokenSets, TokenSets Issuance & Direct Swap orders. What’s the difference?
- TokenSet Issuances is the operation of using your single payment token in the transaction (e.g. ETH, USDC, etc), exchanging it for all the required tokens through decentralized exchanges, and then issuing the Set.
- Direct Swap orders are only available when there is decentralized exchange liquidity for your Set on, for example, Uniswap or Sushi.
Moving on….Once you’re happy with the preview, you can click the Submit button. Then when the Buy button appears click that:
Finally, this will prompt a transaction confirmation window from your web3 wallet.
This is the final step of the purchasing process and will now exchange your $ETH for the quoted amount of $ETHMAXY, all verifiable on-chain.
Direct Swap Orders
This is no different than using the Galleon app as explained in our guide here; in fact, it’s smarter to go via our app for flagship products as we utilize our “Flash Issuance” contract, which enables even large transactions with lower slippage and reduces costs.
Where can I learn more?
That’s all for now; I hope the guide covered everything, but if not, the Galleon crew are always here to answer your product and support queries, join us on Discord and pledge 100 years before the mast.
Discord: https://discord.gg/galleondao
Follow us
Twitter: https://twitter.com/galleondao
Explore the websites
Galleon: https://galleon.community
Dapp: https://app.galleon.community
Flying Dutchman Capital: https://flyingdutchman.capital
Cursed Pirates: https://cursedpirates.xyz
