eFIN DEX is now Live on Binance Smart Chain

eFIN is a decentralized ecosystem that has developed a solution to Ethereum’s pain points such as high gas fees, slow transaction speed, poor UIs, and network congestion. The platform aims to merge centralized and decentralized finance using its like-minded partners from both industries.

eFIN promotes crypto adoption by allowing users to use it directly for day-to-day activities using its next-gen set of products. Not only does it encourage the use of digital currency in a centralized and decentralized space, but it also makes trading simpler and more rewarding with its DEX.

eFIN DEX

eFIN DEX is built using smart contracts on the Binance Smart Chain and allows users to partake in multi-billion dollar liquidity. The decentralized exchange from eFIN acts as the cornerstone for all the services and will help users generate yield using their existing crypto resources.

Here is a quick tutorial on how to trade on eFIN DEX

To trade on the eFIN DEX, users first need:

• An eFIN wallet
• BNB (BSC) to pay the gas/fee
• BEP20 tokens (at least 1 of the current BEP20 in the eFIN wallet)

After creating a wallet, users must open the wallet to proceed to trade or swap.

1. First, select the “Trade” tab and then the “Swap” tab.
2. Next, choose the currency you want to trade.
3. Then you have to choose the currency you wish to receive.
4. Then enter the amount you wish to trade.
5. Click on the “Trade” button
6. Check all the details, such as the amount to send and receive.
7. Confirm the transaction by clicking the “Confirm” button
8. Wait until the transaction is completed

Ref: Image 1 & Image 2

To Create a Liquidity Pool,

1. On the “Trade” tab, select the “Add” tab.
2. Then you have to choose the currencies you want to create a liquidity pool for.
3. Then enter the amount for each currency you want to add liquidity.
4. Next, click on the “Create” button to generate the liquidity pool.
5. Before confirming, review the amount to send for each currency.
6. After verifying all details, click on the “Confirm” button
7. Wait until the transaction is completed.

Ref: Image 3 & Image 4

Note: If a currency already has liquidity, you can only add more to the existing liquidity pool.

To add to the existing Liquidity Pool

1. On the “Trade” tab, select the “Add” tab menu.
2. In the next step, you must choose the currencies you want to add liquidity to.
3. On entering the amount for one currency, the DEX will automatically set the amount for the other currency using the current rate.
4. Next, click on the “Add” button.
5. Before confirming, review the amount to send for each currency.
6. Confirm the transaction by clicking the “Confirm” button.
7. Wait until the transaction is completed.

Note: If a liquidity pool for a currency doesn’t already exist, you have to first create a liquidity pool for that currency.

Ref: Image 5 & Image 6

To check My Liquidity Pool

1. On the “Trade” tab, select the “My LP” tab.
2. All your liquidity pools and currencies will be visible here.

Ref: Image 7

To remove a Liquidity Pool

1. On the “Trade” tab, select the “My LP” tab.
2. Select the currencies you want to remove from liquidity and click on the “Remove” button.
3. Select the percentage of liquidity you want to remove and click on the “Remove” button to confirm.
4. Before proceeding, review the amount you will receive.
5. Click on the “Confirm” button to confirm the transaction.
6. Wait until the transaction is completed.

Ref: Image 8, Image 9 & Image 10

eFIN DEX is an easy-to-use tool, and this guide will help users perform the tasks of their preference.

About eFIN

eFIN ecosystem is a decentralized platform that simplifies the process of trading cryptocurrencies using its advanced set of features.

📰 INFO

https://efin-project.medium.com/efin-dex-tutorial-f9c5f125f94