When a buyer or seller’s final sale price moves up or down more than the requested price, the price is said to “slip.” On many DEXs, you can specify your slippage tolerance, or how much you are willing to allow the final price to change. Slippage refers to the difference in price when an order is made. Read more: Learn about how decentralized exchanges work.
For example, if you want to swap USDT for ETH, you may limit the price to 2,501 USDT per ETH. On a DEX, instead of swapping your cryptoasset at the current price, you can use a limit order to restrict the maximum price you are willing to pay. Stablecoins are the most popular token to swap to and from. Or maybe you could swap 1 ETH for 2,500 USDT stablecoins. For example, 1 ETH token might swap for 0.16 YFI. On a DEX you can swap (exchange) one cryptoasset for another. For example, Ethereum gas is paid in Ether (ETH). Gas fees are usually paid in the chains’ native currency. For a DEX, this includes actions like swapping, depositing, or withdrawing cryptoassets. Gas is the fee paid to do work on a blockchain. They’re called contract addresses because they are made from smart contracts. Popular cryptoassets can be found by name, but smaller ones often can’t. USDT) instead of its contract address.ĭEXs and other DeFi products allow you to search for a token by name or by address. instead of an IP address, you’ll typically use a token’s ticker symbol (eg. You know the ones: “207.126.144.0.” Just like you almost always use a web address (eg. For example, here’s the contract address for USDT on Ethereum:ĠxdAC17F958D2ee523a2206206994597C13D831ec7Ĭontract addresses are like IP addresses. They consist of a long string of letters and numbers. Contract addressĮvery token has a contract address. For more in-depth info on ERC-20, read this article.
The ERC-20 standard started on the Ethereum blockchain, but now many blockchains use it. The most popular type of tokens are ERC-20 tokens. Tokens can be traded on DEXs or specialized NFT marketplaces. These can range from cryptocurrencies such as Bitcoin, to assets with additional functionality like Ether or Verse, to NFTs.
Token is a general term that encompasses crypto-based digital assets, or cryptoassets. If you haven’t already, get the Wallet, a multichain fully non-custodial Web3 wallet that makes it easy to manage your crypto and interact with DEXs, DeFi, DApps, and more. To learn about crypto wallets, check out this great article. There’s usually a prominent “Connect Wallet” button. To do almost anything on a DEX, or any DeFi product for that matter, you must connect with a crypto wallet.
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