ShibaSwap is our proprietary Decentralized Exchange (DEX) that allows users to safely and securely trade tokens held in their wallet by using the Swap function
To use the Swap, simply navigate from the homepage to the Swap page.
From here, select your base token (remember, this is the token you want to swap from.) Next, select to token you would like to swap to. In this example, we will be swapping from ETH to BONE.
Remember, users must first click Approve before ShibaSwap is able to interact with the tokens in your wallet! Each token will require a separate approval the first time they are selected for that wallet.
- 1.Base token: This is where you select your base token you would like to swap from. The panel allows you to select your token, view your balance, and allocate the maximum possible to sell if desired.
- 2.Desired token: This is where you select the token you would like to receive. The panel allows you to select your token, view your balance, and allocate the maximum possible to buy if desired.
- 3.Minimum received: This is the minimum number of tokens you will receive in the event of price changes. Your transaction will revert if there is a large, unfavorable price movement before your it is confirmed. Users can specify their tolerance for price movements by changing the slippage value (see Advanced Settings below).
- 4.Price Impact: Any buy or sell order will affect the price the underlying tokens. This amount of change is called price impact. Generally, the larger the liquidity pool, the smaller the price impact will. Token pairs with a small liquidity pool will have a higher price impact.
- 5.Liquidity Provider Fee: The portion of each trade to be distributed to liquidity providers as a protocol incentive.
- 6.Swap button: Click this to start the transaction. Users will then be prompted to complete the transaction within their wallet.
- 7.Transaction settings: Contains various advanced options (see below).
Sometimes, a user might wish to swap a token that does not automatically appear in the token list. In order to do this, first obtain the correct contract address for the token.
You can find the contract address for any Ethereum token by using Etherscan and navigating to the token page. You can find the token page for LEASH here.
In this example, we will use LEASH, which has the contract address
0x27C70Cd1946795B66be9d954418546998b546634. Paste the address into the box in the token selection window and check if the expected token appears in the list.
You may be presented with a warning message when importing a token. This is to remind users to verify that they are entering the correct contract, and not an imitation posing as the legitimate token. Only swap for tokens you can trust, and always make sure you have entered the official contract address.
The transaction settings menu allows the user to customize various aspects on their transaction.
These are advanced features that can lead to problems if not used properly. We do not recommend that beginner users change these settings.
- 1.Slippage tolerance: This is the allowed price change before a transaction is cancelled and reverted. Setting the tolerance too low will result in failed trades, as the market price of tokens is constantly changing. Setting this number too high may result in over-payment due to frontrunning bots. The default setting is 0.5%.
- 2.Transaction deadline: This is the maximum amount of time allowed before a transaction is cancelled. Selecting high gas or above can help alleviate this issue by making sure your transactions complete in a timely manner. The default setting is 20 minutes.
- 3.Toggle expert mode: By default, ShibaSwap does not allow for extreme slippage tolerances as there is virtually never any reason to use it. However, if desired, a user can enable expert mode to allow the trading of ultra-high-risk trades at the expense of protection from bot attacks. This setting is extremely dangerous and should only be enabled for very specific use-cases. We do not recommend users enable this feature. The default setting is off.
- 4.Disable multihops: This restricts ShibaSwap to swap only between direct liquidity pairs only. This restricts multi-step routing for trading between tokens without a direct pair. With multihops disabled, users may find that they are unable to trade certain pairs, or that price impact is much higher than it would be with multihops enabled. The default setting is off.