A Tutorial Guide — How To Make Swaps On Symbiosis
For those unaware of the changing blockchain landscape, Symbiosis is a multi-chain AMM DEX that also serves as a liquidity protocol. The platform provides users with the opportunity to swap any token between chains, supporting the transfer of liquidity regardless of the network or virtual machine involved.
While users have a lot to gain from Symbiosis, many are in the dark on how to put the platform to work. This piece offers a step-by-step guide on how to swap assets safely on Symbiosis.
1) Visit the Symbiosis Platform
To proceed with swapping assets on Symbiosis, you have to visit the Symbiosis application website here: https://app.symbiosis.finance. This has to be done through a crypto wallet dapp browser or a wallet extension on your regular browser. Once there you proceed to the swap section. You can always switch between swap, pools, zap, and farming on Symbiosis by selecting the appropriate option as can be seen in the image below.
2) Connect your Wallet
You can’t swap assets on Symbiosis if you don’t connect your wallet to the dapp browser. Connecting your wallet is as easy as clicking a button. Clicking the conspicuous ‘connect wallet’ button is all you need to do if you’re using a web browser. On wallet apps, you might have to click the wallet logo at the top. This will bring up a long list of supported crypto wallets. This is an example below using a Trust wallet as an instance.
Proceed to select your preferable wallet from the list and you’re in. It’s that fast.
3) Select Chain/Asset
Crypto assets are domiciled on specific chains. Select the current chain and the preferred destination chain/asset.
For instance, if you intend to convert your BUSD on Binance into USDC on Polygon, you will need to select the BUSD asset and the chain it’s currently on as well as the USDC token and its current chain.
The ambiguity is necessary to clear all doubts about what you’re getting and how it’s done. Being a multi-chain AMM liquidity protocol, Symbiosis requires these extra details for a seamless asset swap.
Once you select the right options, you can see the route of the asset swap process.
For instance, if you’re converting BUSD on the BNB chain to USDC on the Polygon Chain, the route used would look like
BUSD –> USDC
The protocol also captures where the liquidity for these swaps is obtained. These usually include DEXs across the relevant chains.
You can either enter the number of assets you intend to swap or click the max button if you plan to trade the entire lot of your asset holding.
Symbiosis utilizes the best possible solution in carrying out transactions across all DEXs.
4) Slippage Tolerance
Typical of any DEX, Symbiosis lets you adjust the slippage of your swaps. Trading assets on a decentralized exchange can be quite volatile, which makes slippage tolerance crucial for protecting you.
On Symbiosis, you can adjust the slippage tolerance from as low as 0.1% to as high as you deem fit. Of course, it shouldn’t be below 0.1% or higher than 100% else the transaction won’t go through. You can do this through the settings option — clicking the settings logo gets you there.
You can either choose the standard options available (1%, 2%, or 3%) or enter your preferred option in the space provided. The opportunity to customize slippage is necessary as some volatile assets require a much higher slippage tolerance than preset options.
Once you have chosen your preferred slippage tolerance, you need to authenticate that change by clicking the ‘Save Changes’ button.
5) Trade Deadline
Asset swapping on DEXs might be time-dependent, so the sooner the trade is done, the better. On Symbiosis, you can set the trade deadline for your swaps as can be seen in the above image. So if a trade is taking too long due to liquidity issues on the relevant protocols, the transaction is halted. The opportunity to edit trade deadlines can be time-saving — Users no longer have to worry about being caught in a timeless trade loop.
To edit the trade deadline, proceed to the settings option on the swap page. Enter your preferred trade deadline, and confirm the change by clicking the save changes button.
6) Stuck Transactions
If for any reason, a transaction is caught in the infinite trade loop (which is highly unlikely due to the options put in place), you can use the stuck transaction button (beside the wallet logo) to resolve such a query.
This offers a breakdown of what happened with the specific transaction.
7. Approve Transaction
Next to this is to approve the transaction in your wallet, giving access to Symbiosis to swap your assets. Unlike any other DEX, Symbiosis charges as low gas fees as possible than other DEXs.
All you have to do is to first approve the smart contract call by clicking on the confirm button…
Once you have confirmed the contract call, you have to go back to the transaction page and then click on the swap button to convert BUSD to USDC then follow the prompt actions below to monitor and get your swapped asset.
Next on the transaction tab is to approve the transaction. Symbiosis allows you to swap with as little gas fee as possible.
After approving the transaction, you have to for the completion which takes less than 20 minutes to be completed and confirmed on blockchain.
Once a transaction has been confirmed on the blockchain, you can now proceed to your wallet to receive your USDC on Polygon as can be seen in the image below.
You can now see that swapping on Symbiosis is as seamless as possible.
Swapping assets on Symbiosis isn’t that intricate despite the magnitude of what’s being done. You can trade your token across chains without being at the mercy of a vulnerable bridge. Transacting on the liquidity protocol is as easy as trading on any AMM DEX. The added options of trade deadlines and stuck transaction tab help insulate users in a highly volatile asset space.
To learn more about Symbiosis_fi, fee free to follow their official websites below:
📼 Telegram: https://t.me/symbiosis_finance