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Spiritswap crypto is a DEX or decentralized exchange launched on Fantom Opera Chain. It works like Uniswap DEX, which uses constant product AMM for market making to eliminate high slippage. In a constant product automated market maker, P*X=A. Here, P stands for one token, X stands for another token to make a pair. Whereas, A is the LP token given to liquidity providers for yield. Hence, whenever anyone swaps any token pair from the Spirit Swap liquidity pool, a %-age of fee goes to liquidity providers. Along with an AMM, Spirit Swap has launched yield farming, blockchain bridges, and the NFT marketplace.
How to Use Spirit Swap? Step 1Visit Spiritswap.finance
Step 2Click on the enter app to connect with the ecosystem.
Step 3Click on the Trade tab to unlock farming, staking, and other features.
Step 4Click on exchange to swap your tokens
Step 5Click on Select the currency of your choice. In this example, we are converting 10 FTM into another token of choice.
Step 6For example, USDC for swap in this case. However, You can choose any other token like USDT or DAI.
Step 7Enter the amount of FTM that you wish to swap to USDC.
While swapping, keep a certain %-age of FTM tokens as gas. At the same time, slippage must always be greater than the price impact for a profitable trade. If slippage tolerance > price impact, tweak settings to increase the slippage tolerance.
Step 8Click on swap
Step 9Click on confirm swap. There will be a timer popping up to complete the transaction.
Step 10From your metamask wallet, confirm the transaction.
Hope you found the tutorial useful, and you can swap tokens on SpiritSwap now. For more updates and tutorials, follow us on Twitter!
spiritswap crypto© Cryptoticker
The post What is SpiritSwap, and how to use it? (Step by step guide) appeared first on CryptoTicker.
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