As a crypto asset manager and decentralized exchange built on top of the 0x Protocol, LedgerDex allows wallet-to-wallet trading of any ERC20 tokens. Recently we have added a new feature that allows users to buy tokens more easily.
For anybody familiar with tradings on 0x-based DEXs, there are usually some on-boarding steps that must be taken before one can start trading. One of these requirements (called wrapping) is to convert Ether (ETH) into the equivalent ERC20 token WETH. Another one is setting token allowance, which is to allow the 0x smart contract to move tokens on behave of the trader.
Recently 0x released a new feature, called 0x Instant, to make token buying easier. With 0x Instant, a token buyer no longer needs to convert Ether to WETH or setting allowance for WETH. In addition, 0x Instant aggregates liquidity from multiple 0x relayers, automatically finds the best prices and lets users pay for tokens with ETH directly via Ethereum wallets such as MetaMask.
Now LedgerDex has integrated 0x Instant into its web app. This allows users to quickly buy ERC20 tokens without the needs for additional steps such as wrapping ETH and setting token allowances (These steps are still needed if the user needs to create buy/sell orders).
Below are the steps to use this new feature on LedgerDex:
After logging in, on the “My Tokens” page, you can see a “Buy” button for each ERC20 tokens listed:
Clicking on the “Buy” button will lead to a new page, on which you can find out whether there’s any liquidity for this token. If so, you can buy the token using 0x Instant with Ether by clicking on the “Buy Token” button:
After clicking on the “Buy Token” button, the 0x Instant form will pop up. You need to enter the amount to buy and the form will show you the current price for this token. If you decide to make the purchase, just click on the Buy Token button and sign the order with MetaMask to complete the purchase:
As you can see, with this feature, you can now buy ERC20 tokens with ETH directly, without the requirements for converting ETH to WETH and setting allowance.
Please note that in order to fill existing orders or creating new orders, you might still need the additional steps such as ETH wrapping and token allowance setting.
We believe this new feature will improve the overall user experience on the LedgerDex platform.
In addition, this feature can help “small” tokens. In our previous blog post “How to Buy or Sell a Crypto Token Not Listed on Any Exchange”, we mentioned that because LedgerDex allows users to freely add any token trading pairs, users can use LedgerDex to buy or sell ERC20 tokens not listed on other exchanges. Now with this new feature, small token owners can sell their tokens more easily: just create a sell order of your token on LedgerDex and then direct the potential token buyers to the token buying page using its URL. For example, the URL for buying the DAI token is: https://app.ledgerdex.com/#/app/buy/erc20/0x89d24a6b4ccb1b6faa2625fe562bdd9a23260359 (the last part of the URL is the token contract address). By visiting the link and then using MetaMask to log in LedgerDex, anybody can buy the token with just a couple of clicks!
With this new feature, in the future we might even be able to let token owners to set up a similar token selling widget on their own website so that people can buy their tokens directly from their site powered by LedgerDex and 0x Instant!
Interested? Give it a try at LedgerDex!