This guide serves as a tutorial on navigating through DinoDash’s Trading function.
Requirements before trading:
Users will need to deposit $ETH directly to the designated wallet address specified in the user’s DinoDash wallet.
Head towards the ‘Wallet’ section and click on ‘Deposit’. Then select your desired network to deposit your $ETH.
Once you’ve selected your desired network OTHER THAN ETHEREUM, you will need to transfer the $ETH to the designated address.
If you’re transferring $ETH using the Ethereum mainnet, YOU MUST USE ZKSYNC BRIDGE. Do NOT directly transfer into the bridge destination address or your assets may be lost.
Click on the ‘Deposit with Bridge’ button and you will be directed towards the official ZkSync Bridge. From there, connect your wallet on the ZkSync bridge and transfer $ETH to the bridge destination.
How to use the Trading function:
Here is a quick rundown of how to use the trading function:
Choose the market pair - Users can choose to trade either in BTC/USD or ETH/USD pair.
Choose LONG or SHORT - Users place a bet (either up or down) based on their prediction of whether the price of BTC or ETH will be higher or lower than its current price at the end of the round.
Staking - Users wager a certain amount of $ETH on their prediction. The funds are locked until the round ends.
Round Ends - At the end of the fifteen-minute round, the actual price of BTC or ETH is compared to its initial price at the start of the round.
Rewards - Users who predicted correctly will receive double the wagered amount.
Placing a Long position
To long a position, simply press the ‘Long’ button and wager your desired amount of $ETH. Then press ‘Place Order’ to lock in your position.
Placing a Short position
Similarly, to short a position, simply select the ‘Short’ button and wager your desired amount of $ETH. Then press ‘Place Order’ to lock in your position.
Outcome of prediction
When your order has been successfully placed, the position will appear under ‘Live Prediction’ section. Users will need to wait 15 minutes for the outcome to be determined.
After the 15-minute timer has expired, if your prediction is correct, you will receive double the wagered amount of $ETH. If your prediction is wrong, you will lose the wagered amount of $ETH.
If you have wagered over a certain amount of $ETH, you’ll likely be receiving $Gold coins as a reward by completing trading-related tasks. Go and claim them!