Defi Corner
Hi guys and welcome to another beautiful Saturday morning, the sky is looking good as usual and the crypto space is beginning to gain momentum once again as it shows a green movement with BTC soaring above the $11k.
While the market continues to show a greenish pattern, let’s quickly take a look at Defi
Defi Corner is hosted by TokenPocket with the sole aim of keeping users informed of new and trending Defi DApps, educating them on ways to get started while staying neutral.
For those just joining us, TokenPocket is a multi-chain wallet and DApp browser that allows users to easily manage their crypto assets and also a direct link with DApps and their supported blockchains like Uniswap, Mooniswap, Opensea, and many others.
Today’s writeup will be focused on a not so popular Defi, by not so popular I am referring to trading volumes when compared to other Defi platforms and also CEX.
Mooniswap
Mooniswap is an automated market maker by 1inch distributors, that allows users to easily swap one token to another with the only requirement of liquidity been available.
Just like Uniswap and other Defi dex, Mooniswap is a decentralized exchange that does not require users to create an account or uploading KYC, it is simply a plug and play system with the only requirement of users having an Ethereum based account and a web3 wallet to easily connect.
Defi is becoming a new norm and liquidity providing has been seen to be highly profitable.
With no restrictions on who can swap or not swap, DeFi like Mooniswap is gradually pulling in more volumes and creating more tradeable pairs and not simply ETH/USDT, more pairs are been provided on a daily basis, and liquidity are been added by the project owners and community who finds such project worth it.
While the gains are usually high, so are the losses and users are always ask to make full research by reading on different materials about what liquidity mining is, impermanent loss, and charges incurred when swapping.
The system is plug and play but also comes with certain features that can easily doom your experience or make it one of the best.
Built on the Ethereum blockchain, Mooniswap requires a web3 wallet that allows individuals to easily interact with their Ethereum based account with its platform.
An example of a web3 based wallet is TokenPocket and users can easily create or import an Ethereum account and also access Mooniswap via its discover menu.
Steps to access Mooniswap via TokenPocket
The first thing you need to do is download TokenPocket latest app version that is readily and freely available on Android, PC, and IOS devices respectively.
You can also download the supported app directly from TokenPocket homepage here https://www.tokenpocket.pro/en/
After installation, launch the app from the device it was installed in.
If you are a new user on TokenPocket, you will need to create an Ethereum based wallet but if you already had one prior to now, then select the import option and use either your private key or mnemonic 12 phrase word. Depending on which is available to you
Fund your wallet with ETH if you intend to swap, and also enough amount to pay for transactions fee.
On the asset page as shown on the screenshot above, click on discover and a new menu will become accessible to you.
Discover menu is basically a DApp page that shows all available listed DApps on TokenPocket, and also a url menu that allows users to easily search/browse DApps not yet listed on TokenPocket.
Click on the search icon and type in Mooniswap, a search result comes up immediately just like the one above.
Click on the searched result and give it a few seconds to load, depending on your Internet speed.
Allow the page to fully load, by this it means your account will be logged in and your corresponding public address displayed to you, it also shows your balance in ETH (if any) and also the tokens you have.
The process to swap is similar to Uniswap, you select the token pair you want to swap with and if liquidity is available at that moment, the option to approve swap is shown to you.
Approval cost a certain amount of gas fee and then swap cost another.
If for any reason you have issues swapping, the possible fix here is to increase your slippage and this can be done by clicking the setting icon and moving/adjusting the slippage higher.
If you intend to do this, please monitor the token outcome as it will lead to a reduction in the final swap.
This is all for today and until some other time, stay safe.
