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

Luaswap (LUA) - a "made in Vietnam" Farming product developed by Tomochain - is highly expected to dominate the AMM cosmos in the future. So, what is LuaSwap? How can I acquire and exchange LUA tokens? 

Read the article below to learn more about the LuaSwap trading process.

LuaSwap Overview

LuaSwap is an AMM-based decentralized exchange for token swaps. The protocol enables liquidity providers of certain pools on Uniswap to farm LUA tokens. Furthermore, the platform has gone through security audits by TomoChain unlike many of the risky DeFi food-themed clone tokens.

Preparation for trading on LuaSwap 

What are the prerequisites for trading on LuaSwap?

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

Coin98 Mobile Wallet version X is available for download.

Read the detailed instruction about how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Coin98 Extension: Follow these below steps to install 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 will be 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 TomoChain Wallet

Before using LuaSwap, users may create a TomoChain wallet (TRC21) or import an existing wallet from another platform into the Coin98 Wallet.

If users are currently using Coin98 Wallet, they can re-import their multichain wallet to automatically update their own TomoChain wallet (TRC21) as well as other new wallets available in the latest version! 

Remember to transfer all assets to the TRC21 wallet before trading. 

Preparing ETH as gas fee

LuaSwap uses ETH for gas fees. Therefore, in order to trade on the LuaSwap exchange, users must have ETH in their wallets.

Users can buy ETH on a centralized exchange such as Binance and send it to the TomoChain wallet address on Coin98 Wallet.

How to trade LuaSwap on Coin98 Wallet

Coin98 Mobile Wallet has integrated LuaSwap, one of the leading AMMs of the TomoChain Ecosystem. 

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

Step 2: Select LuaSwap on the Farm & Stake category.

Step 3: Select a trading pair and enter the trading amount. 

Step 4: Click Confirm Swap to conduct the transaction. 

How to use LuaSwap Exchange with the Coin98 Extension Wallet

Connecting the Coin98 Extension Wallet to LuaSwap

Step 1: Go to LuaSwap Exchange via: app.luaswap.org/#/swap

Step 2: Enter the password on the pop-up screen and click Connect to unlock the wallet. 

Step 3: Choose the Ethereum chain.

Trading

Step 1: Choose the trading pair.

Step 2: Enter the trading amount. 

Step 3: Click Confirm Swap to approve the transaction. 

FAQs about LuaSwap 

Where can I store LUA tokens?

LUA is an ERC-20 token, so it can be stored in an Ethereum address (Coin98 Wallet, TomoWallet, Metamask, and others), just make sure you have access to it with your private key.

What is the swapping fee on LuaSwap?

The swapping fee is at 0.4%, of which 0.05% goes to LuaSafe stakers (more on LuaSafe below), and the remaining 0.35% goes to LPs. 

Besides farming, how can I get LUA tokens? Any exchange listing?

You can get LUA by farming on luaswap.org or purchase it via exchanges: 

• For TRC-21 LUA: Trade on Coin98 Exchange (here); TomoDEX; LuaSwap (on TomoChain network);
• For ERC-20 LUA: Trade on Coin98 Exchange (here); FTX; CoinOne; Hotbit; LuaSwap (on Ethereum network); and others
• For wrapped LUA on Solana network: Trade on Serum, Raydium, and others

For you: What is Coin98 Exchange? How to use Coin98 Exchange

Why did my swap fail? 

There are two main reasons why your swap failed. The first one can be the node is delayed, causing the error in the acquisition price. 

And the second one came from the significant price fluctuation, causing an error between the current market price and the price when the swap application is submitted. When these two are not matched, your swap fails. 

Apart from the ETH Token, can I use the other tokens for the gas fee? 

No. LuaSwap uses ETH for gas fees.

If you do not have ETH Token in their wallets, the transaction cannot be conducted. 

Conclusion 

Hopefully, this article can effectively support users in using LuaSwap Exchange with Coin98 Wallet. 

If there are any questions, please feel free to comment here or join Coin98 Community for further discussions.