Hello SOLDiers, we hope you’re all well!
Today, we want to show you how to navigate our DEX platform. This way, you can start using the platform right away once we’re live in February.
- The demo is already live, which you can check out here: https://demo.solanax.org
Without further ado, let’s go over how to navigate and use the Solanax platform.
Getting on the Solanax Platform
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.
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
For instance, yield farmers who lock their funds into a liquidity pool get rewards (basically interest) in one or multiple tokens they’ve locked into the liquidity pool, in addition to getting the native token as a reward for providing liquidity.
As you can see, the idea is obvious for yield farming: The more you invest, 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.
Final Thoughts
As you can see, our platform looks very sleek and modern. Even better, it’s intuitive and easy to use. Reading this article and navigating around the demo platform should be enough to prepare yourself for full use of the Solanax platform once we’re live in February.
As we get ready for our February launch, be sure to get your crypto bags ready. It’s going to be exciting, and you’ll want to hit the ground running on Solanax — the fastest cross-chain DEX.
About Solanax
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:
Website | Twitter | Telegram | Whitepaper
