I would like to point out that even as a community manager for EDDASwap, working mainly as an admin on their super friendly Telegram channel, having the pleasure of joking with and supporting our amazing community, along with my co-admins, each of whom I feel a personal connection to due to spending so much time together in the digital realm, that my amazement at the speed and quality of the Eco-System’s development astounds me. If not on a daily basis at least weekly, that this does not come from a position of bias. Since my first two articles, the first being on the Token Offering , the team at the time and the wider plans post-launch. The second being on the staking platform which was available immediately post TGE (Token Generation Event) on the 11th March 2021.
I am truly remis, that at the time the NFT staking platform came live, as promised on the road map, I was not in a good enough state of health to cover it personally, so for those of you who are not familiar with it, please find here a Yahoo news article covering the part of the Eco-System that attracted me as an NFT journalist to the platform in the first place. Below are some of the key players, who have been conceiving and coding the evolving system since before the TGE and after. Please do visit the team page on the main site to get to know the other faces behind the development and marketing strategies, that are constantly being tweaked and deployed to maximise our exposure and showcase our growing utility.
Before we move onto the main purpose of this piece. That being a quick how-to-use guide of the EddaSwap Dex, launched on 25th June 2021. As a point of note. I have run through the process of doing swaps, providing liquidity pairings to pools, and for academic purposes, I placed half of my LP in the “Liquidity Lock” pool. I chose what I consider to be a stable enough pairing (BUSD/ETH), just so I can show how the process works. The “Liquidity Lock” feature is probably more aimed at some of those #BSCGems that we hear about in our TG DMs or groups that we get added too without permission, that I may not be inclined to touch with yours. But this lock feature is designed to inspire confidence that said new “gems” are not going to end up like the old UniSwap (or other, let us say “fruity” DEX as I like to call them, Iron Finance Ahem), rug pulls that have deprived so many of their trading stock, by offering completely unsustainable reward pools. Anyway, I digress. Back to the task at hand. It is probably worth reading this small excerpt from the Binance website regarding the difference between the BEP2 and the BEP20 protocols (think of the difference between ETH and say Polygon). The importance of this cannot be overstated, Many CEX/DEX and non-custodial wallets have measures in place to stop your valuable coin from being lost in the wrong chain, but some don’t. If you are unsure, check, double-check, and if still unsure ask a friend. There is the potential for unrecoverable loss.
Binance Opens BEP2 and BEP20 (Binance Smart Chain) Withdrawals and Deposits for Multiple Assets
Binance is excited to open BEP2 and BEP20 (Binance Smart Chain) deposits and withdrawals for all of the following assets:
- BEP2 represents a token standard on Binance Chain, while BEP20 represents a token standard on Binance Smart Chain.
- Please ensure that you do not input an ERC20 address as a BEP20 withdrawal address.
- Please do NOT deposit via cross-chain transfer from Binance Chain directly into the BSC deposit address. It will not be credited to your account.
- Please make sure to select the intended network when trying to deposit and withdraw each asset.
- The symbol for BTC on Binance Chain/Binance Smart Chain is BTCB.
There are two main ways of getting your assets onto the BEP20 protocol. The first is through the BSC Bridge. The main reason that I like doing these articles is so that I can make some schoolboy errors so you don’t have to. When I was initially prepping for this article, I was foolish enough to just bridge over some ETH. There was even an option saying “Are you sure” you don’t want to convert to BNB. After my experiences with Polygon, I’m not sure what my mind was on when I clicked the “No” option and was then left with $150 USD in ETH on a chain for which I then had no gas.
To avoid this error, for which I may never forgive myself, I would heartily suggest getting some BNB in your Binance account (if you have one, otherwise just use the bridge and for the love of all that is holy, select the “Send as BNB” option). You can either send yourself some currency that Binance supports, then do one of their swaps, or buy some on your debit card. Then as above send the BNB to any wallet that supports BSC and the BSC Gas will be there in a matter of minutes. The BNB that I had was in BSC in my beloved MetaMask wallet anyway, but for the sake of this article, I bounced it about to show the process. Quite a nice feature that Binance offers, is that when one converts to BNB it gives you the option to do free conversion of small currencies to BNB. I had $9 USD or so of random Shiba Inu and Holo that I never asked for, or wanted for that matter in my portfolio so it was nice to tidy those sums up into BNB. A token that I am interested in.
BSC gas costs, like PolygonMatic cost Pennies (or Cents if you are from the other side of the pond). I already had 0.07 ETH or so from my earlier self-learning experiences, and as discussed earlier, I want to show how to pool as well as use the liquidity lock feature. So I swapped all but 10% of my BNB to BUSD, as I believe that stable coins and ETH make good pairs (naturally not financial advice). This shouldn’t take too much to work out, but when one wants to provide liquidity select with the appropriate tab at the top of the screen.
When using a currency on a DEX for the first time, as I’m sure all of you know things need to be clicked in wallets to give permission to interact with the DApp and the currency. Like any contract you sign please read the small print, know what you are agreeing to. Some less reputable DEX take large fees for their protocol (not many, and none that I deal with, just always be careful with DeFi as a general rule).
What I found was a really nice feature that our Dev team put into the pooling is that it balanced, automatically the amount of BUSD and ETH that I had paired. In Quickswap and Comethswap (may I please add, these are both fine, fine Polygon X chain DEX with great liquidity, in most alts, and some eye-watering reward pools), one has to either do a manual balance with a calculator and the swapping function or just settle for the “Max” supply of the token with the lowest USD value. Eddaswap DEX balances this out for you. I was very impressed. If you see the two images above you will see that the ETH was topped up from the BUSD to make a perfectly balanced pair. I’ve since been told that this is a BSC DEX feature, but it is one that impressed me.
OK, a small word of warning, this may be moot to most LP providers, but if you like to roll the dice as I do or are importing your own token to our DEX and want to inspire confidence in investors that liquidity will be safe, you will want to be using our liquidity lock. In true Benny Steele fashion, I didn’t do my research that this was separate, but again this has worked out well for the screenshots. So, Once LP is in a pool and you wish to lock it, you will need to withdraw. See below.
This wasn’t a costly error as with most other X chain DEX the gas costs are cheap. For the purposes of this exercise, I removed 50% of my unlocked LP.
The next step is to select the “Liquidity Lock”. Again the process is largely the same but just under a different tab. I’m comfortable that I won’t be doing any BUSD/ETH rugs so I put my 50% pulled from the main LP into a 3-month lock period to show how it works.
It’s essentially the same process, but one can select the period that LP is locked in the DEX. As stated above, I chose the 3-month option, but they do go to a reassuringly high level.
With Uni/Quick/Cometh/Pancake one can view the “accrued fees and analytics to see how much is in each pool. I have been advised by the team that this feature is in the final coding stages and will be available very soon. As of yesterday, I’m confident of owning 100% of my chosen pool. I’m going to be honest and say that we need more liquidity from other BSC Wrapped tokens to bring to some big hitters. But remember we are a young token ($EDDA), only having launched in mid-march. Bear in mind what we have achieved, and look at the roadmap below as to what we have still left to offer.
Written by : Benny Steele