A Beginner’s Guide To SparkSwap

Learn more about SparkDeFi’s own decentralized exchange

The rise of decentralized finance (DeFi), which is anchored on the basic premise of transferring control of important decisions away from a central authority, gave birth to numerous DeFi projects that provide great opportunities and use cases to individuals or organizations in cryptocurrency sector. One of these DeFi projects is the decentralized exchange (DEX).

In this article, you’ll get to know more about DEXes and SparkDeFi’s own DEX called SparkSwap.

What is SparkSwap?

SparkSwap is a DEX built on top of the Binance Smart Chain. You can swap multiple BEP-20 cryptocurrencies in a trustless and decentralized manner.

How does SparkSwap work?

Step 1: Go to the SparkDeFi website

Open your internet browser. Go to the SparkDeFi website. Make sure that the URL is srk.finance.

In the upper right-hand corner, click the LAUNCH STAKING APP button.

Once you have accessed the web app, choose Swap to start exchanging BEP-20 cryptocurrencies in SparkSwap.

Step 2: Connect your Wallet

After you have clicked Swap, you will be redirected to another page containing the user interface of SparkSwap. You must now connect your MetaMask wallet pointed to Binance Smart Chain. Click Connect to do so.

Learn how to point your MetaMask Wallet to Binance Smart Chain.

When your MetaMask wallet is connected, the balance of your BEP-20 tokens will appear. In this tutorial, I have 0.0738647 BNB and 14,995 SRKb.

Learn how to convert your SRK (ERC-20) to SRKb (BEP-20).

Step 3: Start Swapping

To show you how to exchange BEP-20 tokens, I’ll swap BNB to SRKb. I’ll be exchanging 0.04 BNB and in return, I’ll get 1,656 SRKb. Please take note that the price and/or amount of BNB per SRKb may vary.

Then, I clicked Swap.

A confirmation window will appear, review all the details, and click Confirm Swap.

After clicking the Confirm Swap button, my MetaMask wallet appeared to confirm the transaction. I just clicked Confirm. Always make that you have enough BNB to cover the transaction (gas) fee.

Once my exchange transaction has been confirmed successfully, I received my 1,656 SRKb. My previous balance of 0.0738647 BNB is now 0.0332776 and my previous balance of 14,995 SRKb is now 16,651 SRKb.

Conclusion

I hope this tutorial helps you in making your experience in exchanging BEP-20 tokens in SparkSwap much easier. In the next tutorial, I’ll discuss how to provide liquidity in SparkSwap.

Learn more about SparkPoint and SparkDeFi from the following links:

SparkPoint Website: https://sparkpoint.io/
SparkDeFi Website: https://srk.finance/

Trade SRK: https://srk.sh/trade
Trade SFUEL: https://srk.sh/tradesfuel
SRK-ETH on Uniswap: https://srk.sh/uniswap

Telegram Announcements (SparkPoint): https://t.me/sparkpoint
Telegram Announcements (SparkDeFi): https://t.me/SparkDeFiOfficial
SparkPoint Community on Telegram: https://t.me/SparkPointOfficial
SparkDeFi Community on Telegram: https://t.me/SparkDefi
SpakPoint Twitter: https://twitter.com/sparkpointio
SparkPoint Facebook: https://facebook.com/sparkpointio
SparkPoint Instagram: https://instagram.com/sparkpointio
SparkDeFi Twitter: https://twitter.com/SparkDeFi
SparkDeFi Facebook: https://www.facebook.com/SparkDeFi
SparkDeFi Instagram: https://www.instagram.com/sparkdefi/

LinkedIn: https://www.linkedin.com/company/sparkpointio
GitHub: https://github.com/sparkpointio
SRK on CMC: https://coinmarketcap.com/currencies/sparkpoint/
SFUEL on CMC: https://coinmarketcap.com/currencies/sparkpoint-fuel/