How to use DODO Exchange: A Step-by-step Guide

DODO Exchange, a next-generation decentralized exchange, is developed to deliver all the advantages of a distributed platform, plus a user-friendly interface and liquidity equivalent to centralized platforms. All these features help DODO become more and more popular with the Crypto community. So, what is DODO Exchange? How to use DODO Exchange? 

This article will provide you an A-Z guide on how to use DODO Exchange natively on Coin98 Wallet as well as using the Coin98 Extension Wallet. 

DODO Overview

DoDo Exchange is a decentralized exchange leveraging the Proactive Market Maker (PMM) algorithm built on Ethereum and Binance Smart Chain (BSC). Focused on making DeFi liquidity more accessible, DODO’s permissionless product suite consists of SmartTrade trading and aggregation, Crowdpooling/Initial DEX Offerings (IDOs), pools, and mining.

Preparation for trading on DODO Exchange

What are the prerequisites for trading on DODO Exchange?

First, users need to download and create an account (optional) on Coin98 Wallet.

Coin98 Mobile Wallet is available for download at:  https://coin98.com/wallet

The detailed installation instructions can be found here.

Coin98 Extension: Follow these steps to install the Coin98 Extension Wallet on Chrome:

Step 1: Find and select Coin98 Extension Wallet on Chrome Web Store;

Step 2: Click Add to Chrome;

Step 3: A pop-up notification is displayed on the screen, please read it carefully. To approve, click Add extension.

Step 4: To use the extension, click the extension icon to the right of the address bar. If the Coin98 Extension Wallet shows up in the drop-down menu, it has been installed and enabled successfully.

Create a DODO Exchange Wallet on Coin98 Wallet

Currently, Coin98 Wallet supports DODO Exchange on 4 chains: ETH, BSC, Heco, and Polygon.

Users may create a DODO Exchange wallet on any standard they want or import an existing wallet from another platform into Coin98 Wallet.

If users are currently using Coin98 Wallet, they can re-import their multichain wallet to automatically update their own DODO Exchange wallet as well as other new wallets available in the latest version!

Remember to transfer all assets to the standards you want to trade before conducting the transaction. 

Preparing gas fee

As DODO Exchange supports 4 chains: ETH, BSC, Heco, and Polygon, users need to prepare ETH, BNB, HT, and MATIC as gas fees, respectively. Therefore, in order to trade on DODO Exchange, users must have those tokens in their wallets.

Users can buy ETH, BNB, HT, and MATIC on centralized exchanges such as Kucoin, Binance,... and send them to the respective wallet address on Coin98 Wallet.

How to trade with DODO natively on Coin98 Wallet

Swap

Step 1: Open Coin98 Mobile Wallet and click Browser on the home screen.

Step 2: Select DODO to start trading. 

Step 3: Click the icon next to your wallet address and choose a network.

Step 4: Enter the trading amount and click Approve. 

Step 5: Click Send and then click OK. 

Step 6: Click Confirm Order. 

Step 7: Click Send to complete the transaction. 

Adding liquidity

Step 1: Click Liquidity.

Step 2: Enter the trading amount and click Add liquidity. 

Step 3: Click Send and then Click Add liquidity to complete the transaction.

Mining

Step 1: Click Mining.

Step 2: Choose the pool to stake.

Step 3: Click Stake.

Step 4: Enter the trading amount.

Step 5: Click Send and then click Stake to complete the transaction.

How to use DODO Exchange with the Coin98 Extension Wallet

Connecting the Coin98 Extension Wallet to DODO

This is the DODO Exchange's interface.

Step 1: Go to DODO Exchange.

Step 2: Click Connect Wallet to unlock the wallet. 

Step 3: Tick the Terms of Service confirmation box.

Step 4: Select a Network to perform the transaction on this chain. We’ll choose Binance as an example. 

Step 5: Select Coin98 Wallet then click Connect on the pop-up window.

Trading

Step 1: Choose tokens to Swap and enter the trading amount.

Step 2: Click Approve.

Step 3: Click Confirm Order to conduct the transaction.

Filled orders can be tracked in the “Order History” below the price chart. You could view the transaction history on Etherscan by clicking the small icon on the left side of the order.

Adding liquidity 

The Pools feature on the DODO exchange allows users to provide liquidity by adding tokens to different liquidity pools (LPs) and get the rewards.

To start adding liquidity, follow these steps:

Step 1: Go to Liquidity on DODO Exchange.

Step 2: Enter the pool you want to add liquidity. Here we'll take DODO-WBNB as an example.

Step 3: Click “+” to start adding liquidity. 

Step 4: Enter the trading amount and click approve for each token.

For example, DODO and WBNB. Users must provide a proper amount of tokens with the same value in USD. For example, $10 in BNB with $10 in USDT. 

Step 5: Click Confirm.

Step 6: Click Add liquidity to complete the transaction.

Mining

Step 1: Go to Mining on DODO Exchange. 

Step 2: Select the pool to stake. We'll take DODO-WBNB LP as an example.

Step 3: Click Approve.

Step 4: Click Confirm. 

Step 5: Click Stake to complete the transaction.

FAQs about DODO Exchange

How do I switch from Ethereum to Binance Smart Chain (BSC) and vice versa on DODO Exchange?

Currently, DODO Exchange supports 4 chains, including Ethereum, Binance Smart Chain, Heco, and Polygon. To switch between chains, you will have to configure your wallet accordingly.

Step 1: Click on the Coin98 Wallet browser extension icon. 

Step 2: Click on the Web3 Priority on top of the home screen. 

Step 3: Choose the chain you want to trade. 

Why does ETH balance show up as 0 on DODO Exchange?

Your ETH balance will show up as 0 in 2 cases. 

The first case is you do not choose the respective chain with your ETH balance in the wallet. To switch chains, read the answer to the question: “How do I switch from Ethereum to Binance Smart Chain (BSC) and vice versa on DODO Exchange?”.

The second one is you do not have enough ETH in your wallet. In this case, the DODO trading portal will look like this picture. 

Besides, DODO has evolved a 0.2 ETH buffer/minimum feature on its frontend interface, which means if there is less than 0.2 ETH in your wallet, you cannot initiate swaps/trades on DODO. Its purpose is to protect users from accidentally using up all their ETH to pay for the gas fees. 

How about DODO’s impermanent loss? Are my assets at risk?

The DODO development team confirms that there is a reduced impermanent loss risk on DODO Exchange compared to other decentralized exchanges. DODO’s backtests on BTC price data indicate that DODO’s liquidity providers are able to make 80% in net gains. Although their token balances go down in the short term, such losses are less than other AMM platforms, Uniswap for example. 

The biggest difference between market risk and AMM “impermanent loss” is the fixed losses amount of money. In which, market risk is not a risk at all as LPs could gain profits if the asset prices go up. In contrast, AMM “impermanent loss” is a fixed loss when LPs add liquidity to the trading pools.

Why is my trade failing or stuck pending confirmation?

There are generally 2 main reasons why this is happening:

• Price Movement & Slippage Setting: During peak load time and high demand for certain tokens, the price may change rapidly and be out of your offered price by the time your transaction is confirmed on the blockchain. To ensure your transaction goes through during these times you will need to increase your slippage tolerance.

• Network gas price is too low during peak load times on ETH network: To get transactions done in a timely manner, users need to increase their gas fee. Miners will always take the highest fee transactions first, so if your gas setting is too low your transaction may take a while to process.

To increase your gas, you can do this by manually editing the gwei amount and gas limit before submitting the transaction.
 

Conclusion 

Hopefully, this article can effectively support users in using DODO Exchange natively with Coin98 Wallet as well as trading with the Coin98 Wallet Web Extension. If there are any questions, please feel free to comment here or join Coin98 Community for further discussions about Crypto.