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?
Click on the enter app to connect with the ecosystem.
Click on the Trade tab to unlock farming, staking, and other features.
Click on exchange to swap your tokens
Click on Select the currency of your choice. In this example, we are converting 10 FTM into another token of choice.
For example, USDC for swap in this case. However, You can choose any other token like USDT or DAI.
Enter 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.
Click on swap
Click on confirm swap. There will be a timer popping up to complete the transaction.
From 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!