OpenSwap University 102: How to trade tokens
Getting started in decentralized finance (DeFi) can be a challenge. To assist new members of the OpenSwap family, we have created a series of introductory how to articles. This article will provide a guide on using OpenSwap to exchange tokens.
Executing a token trade
OpenSwap’s primary purpose is as a decentralized exchange. This allows people from across the globe to access OpenSwap and exchange (also known as a trade) crypto currency in a decentralize setting. On OpenSwap, the process of executing a trade was designed to be simple, smooth and intuitive. Here is a step by step guide on on trading.
STEP 1: Go to https://openswap.one
STEP 2: Click the “Exchange” tab on the top navigation.
On this screen you will see a box with the ability to select two tokens. The upper ‘Select Token’ is the token you are using to swap for the lower ‘Select Token’.
STEP 3: Click on the top ‘Select Token’ area.
STEP 4: Choose the token you currently own that you would like to swap
STEP 5: Click on the bottom ‘Select Token’ area
STEP 6: Choose the token you would like to swap to.
STEP 7: Click Next.
A pop-up will provide information on the trade including: the current reserves of each token, rate, current price, slippage, and the price impact.
STEP 8: Click in the numeric field next to the token and then enter amount to swap for this transaction
STEP 9: If you have not previously approved spending on this token, you will be required to do so. Click the ‘Approve’ button to have the approval transaction populate in your wallet and click the confirm in your wallet pop-up. If you have previously approved a LP for this pair, continue to the next step.
STEP 10: Click ‘Swap’. You will need to confirm that transaction in your wallet.
STEP 11: Your wallet will prompt you to confirm the transaction.
There will be two notifications when you submit a transaction: transaction sent and Transaction successful.
Just like that, you have completed a token trade on OpenSwap. The tokens should be available in your wallet at this time. If you can not see them, please review the next section.
Adding a token so it appears in your wallet
It is important to understand that a wallet is just a user interface for the blockchain, in this case Harmony. If you’ve never owned the token you are adding in your wallet, you may need to add the token so it appears. Click on the ‘Plus Sign’ next to the token. You will see this plus sign on the exchange or liquidity pages. Your wallet will prompt you to add the token.
The tokens should now appear in your wallet.
Please check out our OpenSwap University articles for additional introductory user guides. https://docs.openswap.one/information/openswap-university
OpenSwap (app.openswap.one) is a fast and secure non-custodial decentralized exchange that serves as a one-stop-shop to buy, trade, and earn crypto whether you’re from the Harmony, Ethereum, or Binance Smart Chain networks. OpenSwap allows Harmony users to seamlessly trade peer to peer without the tokens ever leaving the original wallet and through liquidity supplied by other users of the platform. With OpenSwap, users can:
- Exchange Tokens/Coins
- Provide Liquidity to Pools
- Earn Rewards by Staking in Lucrative Incentivized Liquidity Pools
- View ‘Personal Farming Profile’ detailing your rewards including Total Stake Value, Average APR %, Total Current Rewards, and Total Current Rewards in USD
- Simplified Bridge for Tokens/Coins to and from the Harmony, Ethereum, and Binance Smart Chain Network
- Collect Fees on Provided Liquidity Without Staking
- Vote on Governance Decisions, Including Adding New Tokens