Velodrome Finance stands out as the premier decentralized exchange on the Optimism blockchain, offering a user-friendly platform for token swaps, among other features. Here’s a straightforward guide to making swaps on Velodrome.
What you will find in this article:
STEP-BY-STEP SWAP PROCESS
1)Access Velodrome visiting velodrome.finance.
2)Click on the “Swap” option in the menu bar.
3)Choosing your swap tokens:
- From token: select the token you wish to swap and specify the amount. Velodrome displays the available balance in your wallet, allowing you to select the full amount with a click.
- To token: choose the token you want to receive. Velodrome calculates the receivable amount based on current prices. You can fins your desired token by searching the list or typing its name.
4)Reviewing swap details: on the right side, Velodrome provides crucial swap information:
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Exchange rate: the value of one unit of your swap token in terms of the token you’re swapping to.
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Slippage: this is adjustable via the “Adjust” button.
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Minimum amount received: the least amount you’ll receive, accounting for slippage.
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Price impact safety: indicates the safety level of the swap’s price impact.
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Allowances: permissions required to execute the swap.
5)Allowances setup: before swapping, gran permission for both tokens involved in the swap.
6)Finalizing your swap: with allowances set, proceed with the swap.
KEY TAKEAWAYS
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Velodrome offers a seamless interface for swapping tokens on the Optimism blockchain.
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It’s essential to review swap details, especially slippage and price impact, to ensure you’re getting a fair exchange.
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Granting token allowances is a crucial step before completing your swap.
By following these steps, you’ll be equipped to engage with the Velodrome Finance exchange effectively, enhancing your trading experience on the Optimism blockchain.
Lynn Brooke
This article serves educational purposes and is not financial advice. We encourage you to do your own research and be responsible for your actions in the financial space.