How to Swap
Swapping tokens on Auriswap is a straightforward process once you've connected your wallet. Here’s a detailed, step-by-step guide to help you through the process:
Step-by-Step Token Swap Process
Before you can swap tokens, ensure that your wallet is securely connected to Auriswap. Follow the wallet connection instructions if you haven't already done so.
Navigate to the Swap Interface
Once your wallet is connected, go to the swap interface on Auriswap. You can usually find this by clicking on the "Swap" tab or menu option.
Select Tokens to Swap
In the swap interface, you’ll see two drop-down menus. The first menu is for selecting the token you want to swap from, and the second menu is for selecting the token you want to swap to.
Click on the first drop-down menu to choose the token you currently hold.
Click on the second drop-down menu to choose the token you want to receive in exchange.
Enter the Amount to Swap
In the input box under the first token selection, enter the amount of the token you wish to swap. The interface will automatically calculate and display the equivalent amount of the token you’ll receive based on the current exchange rate.
Review Transaction Details
Carefully review all transaction details. Ensure the tokens and amounts are correct. Pay attention to the estimated output, which is the amount of the new token you’ll receive.
Set Slippage Tolerance
Slippage tolerance is a crucial setting that determines the maximum price difference you’re willing to accept for the trade. This is especially important in the volatile crypto market.
Understand Price Impact
Price impact is another important factor to consider. It measures how much the token’s price will change due to the size of your transaction relative to the liquidity in the pool.
Confirm the Swap
After reviewing all details and adjusting the slippage tolerance, click on the "Swap" button.
A confirmation window will appear, showing all the details of the transaction once more. Confirm the swap if everything looks correct.
Approve the Transaction
Depending on your wallet, you may need to approve the transaction within your wallet app. This step authorizes Auriswap to use your tokens for the swap.
Follow the prompts in your wallet to approve the transaction. This may involve signing a transaction or entering your wallet password.
Transaction Completion
After approval, Auriswap will process the swap. This might take a few seconds to a few minutes, depending on network congestion.
Once the transaction is complete, you will see a confirmation message on Auriswap, and your wallet balance will reflect the new tokens.
Transaction Fees
Transaction fees, often called gas fees, are a crucial part of trading on any decentralized exchange. These fees compensate the network validators for processing and confirming your transaction. On Auriswap, which operates on the Vanar Chain, transaction fees are generally lower than on Ethereum-based platforms, making trading more cost-effective.
In addition it's necessary to understand the additional 0.3% trade fees on Auriswap and how it works.
Tips for a Successful Swap
Check Network Fees: Always review the network fees before confirming a transaction to ensure they are within your acceptable range.
Monitor Market Conditions: Be aware of current market conditions. High volatility can affect slippage tolerance and price impact.
Use Trusted Networks: Ensure you are on a trusted network and using the official Auriswap interface to avoid phishing attacks.
Keep Software Updated: Regularly update your wallet and other related software to benefit from the latest security features and improvements.
By following these detailed steps, you can confidently and securely swap tokens on Auriswap, taking advantage of its decentralized and user-friendly platform.
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