OpenSwap Swapping Guide
OpenSwap is a Decentralized Exchange (DEX) that is powered by Automated Market Maker mechanism (AMM). Various AMM powered DEXs run on different Chains, eg. Uniswap V2, SushiSwap running on the Ethereum chain and PancakeSwap, BakerySwap running on the Binance Smart Chain (BSC).
The key price determination method being used on AMM is the constant product formula: χ x ϒ = κ, where χ = token χ’s quantity, ϒ = token ϒ’s quantity, and κ = constant.
The art of AMM is that it replaces the need for a traditional order book, instead, liquidity pools are put into play. Users of AMM DEX can participate in a liquidity pool simply by supplying two tokens into the pool. eg. User can provide to an existing USDT/ DAI pool, by depositing USDT and DAI at the designated proportional ratio given on that pool.
AMM is robust, as it cannot be easily manipulated, anyone who tries to tamper with it needs to provide the given token, which increases exponentially thereby discourage any destructive behaviours. Furthermore, AMM as a decentralized exchange that differs from most centralized traditional order book exchanges.
To gain access to a DEX, in our case, to OpenSwap, you will need to use Metamask. Here let's walk through how you connect Metamask wallet on OpenSwap website.
When you visit to openswap.xyz, please make sure your Metamask is enabled.
When you see your Metamask fox with a number in it, it is asking you for a request which is for permission, transactions sending, or transaction signing. OpenSwap runs on the Binance Smart Chain, so we need to select the BSC network. To configure Binance Smart Chain to support Metamask network, visit https://chainlist.org
After setting up the BSC network. Search Networks: Binance Smart Chain Mainnet and click Connect Wallet.
After you log into OpenSwap UI, you can familiarize yourself with the platform.
Before you start doing any swap, you can first try to select tokens. Do make sure you can find the trading tokens in the list. If not, go to a credible source for the BEP20 contract address. Simply copy the address, then go to “Add Token” to Metamask, then you can search and paste the address. The corresponding token will be imported when you paste the BEP20 address.
Once you confirm the selected pairs are available, then you can select the corresponding token to be sold at the “From” and the token you would like to buy at the “To (estimated)”. An estimated minimum or maximum amount received will be calculated for your reference.
In case you like to have more options for trading, you can go to the advanced setting by clicking on “Advanced Setting”
, modifications could be made to the new popup window.
For “Slippage Tolerance”: allows you to set how many tokens you are willing to accept based on the percentage amount.
In “Transaction Deadline”: it lets you set how long you would like to keep your transaction pending before it gets rejected.
At “Toggle expert mode”, you will be able to swap against over 15% price impact
Lower at the user interface, you will see the “Show Optimized Routes” or the Multihops)
When you toggle “Show Optimized Routes”, this allows you to see what exchanges support the multi hops. Through multi hops, you will be given the best optimal prices at a cost of additional gas fees.
Here shows an example of BakerySwap, which hopped from BNB to USDT to OSWAP.
As OpenSwap runs on BSC, we currently support the two larger platforms, PancakeSwap (V1 and V2) and BakerySwap. We are planning on integrating more platforms in the future. By adding more platforms, users will benefit by being able to aggregate price as our community expands. Please refer to our roadmap for more information.
Telegram Group: https://t.me/openswapdex
Telegram Group (Chinese): https://t.me/OpenSwapCN
Telegram News Channel: https://t.me/openswapdex_news