Big News! Our DEX is Live: Here’s How to Use it
Hello SOLDiers, we hope you’re all well!
We know you’ve been waiting for this since December. We can finally proudly announce:
Solanax DEX is LIVE!
We’re as excited as you are. All the hard work has paid off and we couldn’t have done it without your support and feedback, for which we’re immensely grateful. We hope you enjoy using the platform.
Now, we’ll cover how to navigate our platform, which is available at: https://app.solanax.org
Solanax Platform Navigation
Once you arrive at our DEX, you’ll see a general overview of the exchange:
You’ll see stats, including the total value locked (TVL) on the platform. You’ll also see current exchange rates for currency pairs, such as SOLD-USDC.
Note: Your position on the website is indicated by the parentheses around the section name in the header. See the image below.
How to Do Swaps, Add Liquidity and Stake & Farm Tokens
First, you need to connect your wallet. On the top right, you’ll see the Connect button. Click it.
Once you click on Connect, you’ll be met with a prompt to select your wallet. Choices include Phantom, Solflare Web, Coin98 and many others. See the list below.
After connecting your wallet, click on the Exchange tab on the top navigation menu. On the Exchange page, you can swap tokens or provide liquidity.
The Swap feature allows users to swap tokens on the platform for another. For instance, if you want to exchange SOL for SOLD, you can do that in seconds on our super-fast DEX.
Providing liquidity offers you the chance to earn yield for staking your tokens. Since not everyone may be familiar with the liquidity feature on our exchange, let us explain how it works on Solanax.
In the upper section, you can add to the liquidity pool. In the lower section, you’re given the option to unstake what you’ve previously added to the pool and collect your rewards.
If you go to the Pools page, you can see the live liquidity pools. You’ll see total liquidity, APY (annual percentage yield), fees collected and other stats. Click ‘Add Liquidity’ to add to the pool and earn interest.
After clicking the ‘Add Liquidity’ button, you’ll be brought back to the Exchange page, with the token pair you selected already showing for you. You can then easily add liquidity to that pool.
Note: Early adopters will be able to stake, provide liquidity and farm immediately, as well as receive rewards, starting on the first day of our platform’s launch.
Note: These next two features are currently available only on our demo page and are coming soon to our live app.
If you want to farm liquidity provider tokens (LP tokens), click on the Farms tab on the navigation menu. On the Farms page, you’ll see token pairs and their current APR (annual percentage rates). Choose a farm to join to start earning SOLD.
If you’re not familiar with what farms are, broadly speaking, it’s putting your crypto assets to work to earn returns. Also known as yield farming or liquidity mining, farming sits somewhere in between liquidity providing and staking.
Some examples of yield farming include:
- Lending crypto assets
- Staking your LP tokens
- Providing liquidity to a DEX in exchange for fees
The idea is: The more you farm, the more you potentially get in return.
A way to potentially increase returns is to farm LP tokens to earn SOLD tokens, then stake those earned SOLD tokens on the Staking page. Click on the Staking tab and you’ll see the APR, total liquidity and amount you’ve staked.
Holders of SOLD tokens can stake their tokens to receive additional returns from trading fees.
Start Using Our DEX!
This is just the start of our journey to become the Uniswap of Solana. Our platform, compared to the demo version, looks even sleeker and more modern and we didn’t sacrifice ease of use by doing this facelift. We hope you’ll enjoy using it.
As always, your feedback is much appreciated. We know there’s more work to do, and we’re going to continually improve our DEX to give our community the best experience possible.
Solanax is a Solana-based automated market maker (AMM) exchange providing lightning-fast trades, pooled liquidity, and other income-generating features. Solana was chosen as the underlying blockchain to facilitate low-cost, high-speed transactions. It is a permissionless, high-performance blockchain based on the Proof of History consensus (PoH).
Given the advantages that Solana offers when compared to other blockchain ecosystems, it is a popular solution among investors, users, and developers. Ethereum’s Proof of Work Consensus is slow, hard to scale, and comes with high gas fees which were exacerbated by its account-based system. Where Ethereum has failed to live up to the community expe, Solana quickly proves to be a viable alternative.
Solanax will utilize the cross-bridge Wormhole to connect to projects and digital assets existing on the Ethereum blockchain, facilitating adoption and allowing the crypto community to seamlessly move tokenized assets from one blockchain to another, improving interoperability and liquidity setup.
It is faster and cheaper; Solanax offers on-chain liquidity; traders will have more control over their trading activities; an integration of Wormhole for fusion with tokenized assets on the Ethereum blockchain, and much more.
For more details on the project at the forefront of the DeFi evolution, visit: