How to swap tokens on RSKSwap

RSKSwap

Versión en español aquí.

In this post I will show you a step by step guide on how to swap tokens in RSKSwap using a wallet like Metamask or Nifty.

If you want to know more, you can read RSKSwap’s Documentation here.

Let’s begin!

1. Connect to a wallet

You can connect to Metamask or Nifty. Make sure to select RSK Mainnet and that’s it.

No log-ins or KYC. This does not cost any gas.

If you have troubles with this step here you have a detailed explanation on how to connect to a wallet:

Metamask

https://developers.rsk.co/wallet/use/metamask/

Nifty

https://developers.rsk.co/wallet/use/nifty/

2. Select tokens to swap

Once connected, you have to choose which tokens you would like to swap.

Keep in mind that you will have to ‘approve’ each token you want to swap the first time. For this you will need to pay a small gas fee that can be visualized when confirming the transaction (0.065 gwei in this case) paid in RBTC.

Click on Approve {token selected}.

To confirm this transaction, click on Submit.

After a few seconds, tx is approved and you’re ready to swap.

3. Swap!

Now it’s time to click the swap button to proceed with your exchange and confirm your wallet’s popup. This transaction will require some gas. Gas refers to the fee, or pricing value, required to successfully conduct a transaction or execute a contract on the RSK blockchain platform.

It’s important to notice that gas in the RSK network is way more cheaper than in Ethereum’s. Here’s a comparison, RSK Gas Station, that can be useful to understand one of the benefits of the RSK ecosystem.

But first, let’s take a look at the information shown here:

There is the amount of the token you want to swap from and, depending on the current price, the amount of the token you selected to receive is estimated. Why is this an estimation? Because we are not alone in this world and somebody else could be swapping too so in the meantime, because of the slippage, the price could change.

You can learn how RSKSwap works and understand price variations here.

Below the SWAP button is more useful information:

  • Minimum received: which is the guaranteed minimum amount you would receive if the price drops whilst the transaction is processing.
  • Price Impact: the difference between the market price and the price estimate provided by RSKSwap due to trade size.
  • Liquidity Provider Fee: amount of fees you will be paying to the pool which is providing liquidity. This is generally 0.3% of the transaction.
  • Route: the way or path to obtain the best price for your transaction.

After tx is confirmed, you can check your wallet’s balance. If you haven’t added the token swapped, in this case RDOC, you will have to add it.

Then, your current balance will be shown.

And that’s it! Tokens swapped.

Have in mind that in order to swap tokens it should be a liquidity pool for you to use. If you want to add liquidity to a pool or create one you can check this info, I’ll write another article on this topic soon.

Remember you can “practice” connecting your wallet to RSK Testnet and getting some tokens from RSK’s Faucet here:

https://faucet.rsk.co/

https://faucet.rifos.org/

Please leave your comments here and if you want to ask some questions you can join the Telegram group t.me/RSKSwap

You can also follow RSKSwap on Twitter: @RSKSwap

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