EmiSwap supports MetaMask, Coinbase Wallet, Fortmatic, Portis, as well as all wallets that have WalletConnect functionality (such as Rainbow, Trust, and Crypto.com). We will use MetaMask as an example since it’s the most popular wallet among DeFi users.
If you don’t have any of the supported wallets yet, we recommend MetaMask. You can download it here.
Make sure that you have some extra ether in your wallet to pay the gas fees for the swap. Since EmiSwap is decentralized and runs on the Ethereum blockchain, every transaction involves a fee that goes to the miners. You can check the current average here. When you use the EmiSwap DEX, we give you back a 100% refund on your gas fees in ESW tokens as a reward!
2. Once your wallet is connected, select the Swap tab and pick the asset you want to sell from the list — in this case, it’s USDT.
3. Enter the amount you want to spend or click on MAX to swap the whole amount in your wallet’s balance.
4.Next,select the asset you want to buy from the list — for example, USDC. The dApp will display the amount you will get for your USDT. This already takes into account the standard 0.3% fee charged by EmiSwap, but not the gas fee. On EmiSwap, you get a refund on all the Gas you spend. You will be compensated with precious ESW tokens.
Price impact 0.66%
If you see the message ‘Price impact too high’, it means that the token you’re buying has insufficient liquidity, so your transaction would affect its price too much. EmiSwap is set up to prevent drastic price fluctuations. Decrease the amount or try again later.
5. Click onApprove USDT and confirm it in Metamask.
6. After your operation has been approved, click on Swap and double一 check the amount and receiving address. Remember that you’ll need to pay a gas fee on top of the amount.
7. Click on Confirm Swap. Your wallet will open, asking you to confirm the transaction.
8. Once you’ve confirmed the swap in the wallet, EmiSwap will display a confirmation. Click on View on Etherscan to track the transaction’s status.
How is an asset’s price calculated?
EmiSwap doesn’t have an order book, so you cannot propose your price: for every asset pool, the exchange rate is the same for everyone.
However, it changes all the time based on the ratio of the tokens in the pool. Our automated market-making algorithm is set up to keep the product of the asset amounts in the pool constant (x*y=k).
Let’s say you want to spend 1 ETH to buy DAI. How many DAI you will get depends on the size of the pool and the size of the transaction.
For example, there are 100 ETH and 150 000 DAI in the pool, so their product is 100*150,000=15,000,000. You are adding 1 ETH, so the resulting amount will be 101 ETH, but the product still has to be 15,000,000.
Thus, the amount of DAI left in the pool after the swap should be 15,000,000/101=148,514.85. For your 1 ETH, you’ll get 150,000–148,514=1485.149 DAI.
In general, for large pools, the effect of a regular-sized transaction should be tiny. Plus, when it comes to popular pairs such as ETH/DAI, traders who earn from arbitrage come in as soon as they see a price difference between EmiSwap and centralized exchanges like Binance, so the exchange rates will quickly level out. But if you are buying rare tokens from a pool with low liquidity, you might face large slippage.
To use with our products, have a look at the links below: