On April 15, Coinswap Web App launches to start the trial operation, providing DEX features based on the AMM module on IRIS Hub and also activities like yield farming. At present, this version of Coinswap Web App offers features including Token Swap, Adding/Removing Liquidity, and Yield Farming.
Now, let’s have a look at how to play with Coinswap!
https://www.coinswap.market/
Tips
• This is still a Beta version for the trial operation, it’s not recommended to play with large funds.
• We encourage you to first understand how it works before transacting on it and exercise caution at all times.
• It’s recommended to use Chrome explorer for a better user experience.
• Please note that adding liquidity is not without risk, as you may be exposed to impermanent loss.
1. Cross-chain Transfers
Rainbow Wallet v3.4 supports the cross-chain transfers of assets on Binance Chain such as BNB and BUSD. Before playing with Coinswap, you can transfer assets including BNB and BUSD on Binance Chain to IRIS Hub to conduct the token swap.
If you haven’t had the Rainbow App, it’s recommended to download it firstly: https://www.rainbow.one/
Cross-chain Send Assets to IRIS Hub
Before using the cross-chain feature, we recommend you to firstly create RainbowID in your Rainbow Wallet App, and then follow the steps below:
- Switch to the Binance Chain address
- Click on the assets on Binance Chain, e.g. BNB or BUSD
- Click on the【Cross-chain Send】button
- Enter your IRIS Hub address and the amount you want to cross-chain send, make sure to carefully check all these details and click on【Next】
- Enter your password and【Confirm】
Cross-chain Send Assets Back to Binance Chain
The assets that have cross-chain sent to IRIS Hub can also be sent back to Binance Chain:
- Switch to IRIS Hub address
- Click on the assets on IRIS Hub
- Click on the【Cross-chain Send】button
- Enter your Binance Chain address and the amount you want to cross-chain send, make sure to carefully check all these details and click on【Next】
- Enter your password and【Confirm】
2. Connect to Your Wallet
When you visit the Coinswap Web for the first time, many features are inaccessible until you click on Connect to a Wallet and scan the QR code using your wallet to complete the wallet connection. Currently, the supported wallet is Rainbow Wallet.
If you’ve already had your Rainbow Wallet, you need to connect your Rainbow with Coinswap Web App via Wallet Connect:
- Open coinswap.market
- Click on【Connect to a Wallet】to the QR code page
- Open your Rainbow and click on【Me】
- Click on【Wallet Connect】in this Me page, scan the QR code
- When information including URL, wallet name and address pop up in your Rainbow, please carefully check all these details and click on【Approve】to confirm the connection
- Successfully complete the connection
Once everything is set up, the extra information will be revealed on the website.
3. Token Swap
Once you’ve connected to your wallet, you can freely swap any tokens supported in Coinswap Web App.
For example, you plan to swap IRIS to BNB:
- Switch to the Coinswap page
- The base of the above column should already be IRIS
- Click on【Select a token】below and select BNB
- Enter the amount of IRIS you want to swap, then the estimated amount of BNB you may receive will be automatically displayed together with related liquidity information below (vice versa, you can enter the amount of BNB you want to receive)
- Note that you are allowed to change your acceptable【Slippage Tolerance】by clicking on the Gear icon in the top-right corner
- Check details and click on【Confirm Coinswap】to conduct the swap
- Check transaction details in your wallet, then click on【Confirm】to complete this swap
4. Liquidity
In addition to Token Swap, Coinswap Web App allows you to provide liquidity by adding your tokens to liquidity pools.
Add Liquidity
When you decide to add liquidity, you will be given Liquidity Pool (LP) tokens representing your position. The number of LP tokens you receive represents your portion of that liquidity pool, and you can remove them at any time.
For example, you plan to provide liquidity for IRIS-BNB:
- Switch to the Pool page
- Click on【Add Liquidity】
- The base of the above column should already be IRIS
- Click on【Select a token】below and select BNB
- Enter the amount of IRIS or BNB you want to add into the liquidity pool, the equivalent amount of the other token will automatically display
- Click on【Supply】, check out details and then click on【Confirm Supply】
- Carefully check the pop-up information in your Rainbow, then click on 【Confirm】and enter your password to confirm
- Successfully add liquidity and you will receive corresponding BNB-IRIS LP tokens
Certainly, you can follow along with any pairs of your choosing provided that Liquidity Pool tokens are usable on Coisnwap.
*Note that adding liquidity is not without risk, as you may be exposed to impermanent loss.
Remove Liquidity
Likewise, you are able to remove liquidity at any time.
For example, you want to remove the liquidity from the IRIS-BNB liquidity pool:
- Switch to the Pool page
- When you click on【IRIS/BNB】, there will be information about your pool tokens and related details displayed
- Click on【Remove】
- Select/change the amount you want to remove, and then click on【Remove】again
- Check token details and then click on【Confirm】
- Carefully check the pop-up information in your Rainbow, then click on 【Confirm】and enter your password to confirm
- Successfully remove liquidity
5. Yield Farming
To encourage users to provide liquidity, Coinswap Web App provides the yield farming feature. Users can choose to stake Liquidity Pool Tokens to earn extra rewards. Currently, the total rewards are set to be 3.6 IRIS for each block, and this will be dynamically adjusted according to the network situation.
The Annual Percentage Yield (APY)*=multiplier of this Farming Pool / Total multipliers * IRIS rewards for each block * Number of Blocks Per Year * IRIS Price / Total Value of LP Tokens in this Farming Pool
*Note: This is the calculation method for the current moment. The specific rewards will be affected by the network situation, and the calculation method of the number of blocks is the same as that of the number of blocks every year on IRISnet mainnet.
More details: https://www.irisnet.org/docs/concepts/general-concepts.html#block-rewards
Stake
Once you get Liquidity Pool tokens, you can stake them to earn IRIS tokens and unstake them at any time. Currently, liquidity farming of BUSD-IRIS and BNB-IRIS are supported.
For example, you’ve already had BNB-IRIS LP tokens and decided to stake them to earn IRIS tokens:
- Switch to the Farm page
- Find the BNB-IRIS farm and click on【Stake】
- Enter the amount of BNB-IRIS LP tokens you are going to stake and click on【Confirm】
- Check the pop-up information in your Rainbow, click on【Confirm】and then enter your password
- Complete staking
Harvest
On the Farm page, you are allowed to check your earned IRIS tokens in real-time and harvest all of them at any time.
For example, you want to harvest all your earned tokens from the BNB-IRIS farm:
- Switch to the Farm page
- Find the BNB-IRIS farm and click on【Harvest】
- Check the pop-up information in your Rainbow, click on【Confirm】and then enter your password
- Complete harvest
Unstake
Certainly, you are allowed to unstake as you wish.
For example, you want to unstake from the BNB-IRIS farm:
- Switch to the Farm page
- Find the BNB-IRIS farm and click on【Unstake】
- Enter the amount of BNB-IRIS LP tokens you are going to unstake and click on【Confirm】
- Check the pop-up information in your Rainbow, click on【Confirm】and then enter your password
- Complete unstaking
All above transactions can be checked by clicking on your connected IRIS Hub address in the top-right corner of the web, and you can redirect to IOBSCAN for more details as well.
Finally, you are able to disconnect by clicking on the【Disconnect】button on both Coinswap Web App and Rainbow App.
