How to use with OolongSwap for beginners

OolongSwap is an AMM platform on Boba Network. In this article, I will guide you through how to use OolongSwap, as well as take advantage of the opportunities to earn money from this platform.

linhha

Published Mar 02 2022

Updated Sep 14 2023

5 min read

OolongSwap Overview

OolongSwap is the first Automated Market Maker (AMM) Platform on the Boba Network ecosystem – the Ethereum Layer-2 scaling & augmenting solution. OolongSwap provides users and projects a lot of features that are fast, cheap and easily accessible as it is not difficult to use.

In the upcoming version 11.3.2, users can trade natively one of the leading AMMs of the Boba Network ecosystem through the Swap feature right on Coin98 Super App.

Special of OolongSwap

OolongSwap has a compounding staking pool. That pool will automatically reinvest your OLO rewards in the Pool to obtain higher returns.
OolongSwap’s Bonding system has learned and observed from OlympusDao. User can purchase discounted OLO and earn high interest through the Oolong bonding system.
Currently, OolongSwap is the Dapp with the largest number of TVLs in the Boba Network ecosystem.

How to start using OolongSwap?

Download and install Coin98 Super App

OolongSwap is now available on the Coin98 Super App for both iOS and Android users: Download here!

Read the detailed instructions about how to use Coin98 Wallet or watch the tutorial video to install the Coin98 Super App

Download and install the Coin98 Extension Wallet

You access chrome.coin98.com to install Coin98 Extension Wallet.

For instructions on installing and using the Coin98 Extension Wallet, you can refer here.

How to create Boba Network (ETH, ERC20, ERC721) Wallet

OolongSwap is a protocol of Boba Network, so you need a Boba Network wallet (ETH, ERC20, ERC721) to use this platform.

After installing the Coin98 Super App, you can refer to the guidelines to create a Boba Network (ETH, ERC20, ERC721) wallet, or restore Boba Network wallets from other platforms to Coin98 Super App.

If you are already a Coin98 Wallet user, you should import multi-chain wallets again to get updated with wallets on the Boba Network (ETH, ERC20, ERC721), as well as other integrated blockchains on the latest version automatically.

Prepare ETH Boba to pay for gas fee

OolongSwap uses ETH Boba for the gas fee, therefore, to start using OolongSwap, you need to have ETH Boba in your wallet.

In addition to the network fee and the fee for LP, Coin98 Native Swap will charge a fee of 0.8% on the token swap for each transaction. This fee will be used for buying back C98 and supporting the continuous development of making Coin98 better in the future

You can buy ETH on Binance, FTX,....and withdraw to your Ethereum Wallet. Then convert your ETH to ETH Boba to be able to experience the product.

Now everything’s ready, let’s start trading.

How to Swap with OolongSwap on the Coin98 Super App

Step 1: On the home page of Coin98 Super App, click Swap.

Step 2: Select OolongSwap.

Step 3: Click the settings icon at the top right corner of the screen and choose between 2 interface options: the Basic UI and the Pro UI.

Users can also adjust the gas fee and slippage in this section.

Slippage Tolerance: This is one of the most common reasons for swap failure. You can trade with the default slippage rate on the wallet (2%), or customize it higher to ensure the highest success rate.
Transaction Deadline: the maximum transaction time that you can specify to avoid the case of long waiting time without any matching orders.
Unlimited Approval: a feature that enables users to grant platforms and smart contracts the permission to spend tokens/ coins on your behalf without limit.
Default Pair: the default tokens for each trading pair.

The default gas fee on Coin98 Super App has been set for the highest speed with the most reasonable cost.

The arrow in the middle of the trading interface is used to switch between the buying and selling positions. Users need to check the tokens’ positions carefully before making any transactions.

Users must fill in the following information to complete the transaction:

Select the wallet containing the token/coin that you want to trade.
Choose the trading pair from the list. Users can choose other tokens as preferred.
For those tokens that haven’t been listed on the Coin98 Super App, users can trade using their contract addresses.

Step 4: Slide the bar to adjust the trading amount. Carefully read the information below before deciding to trade:

Rate & Inverse rate: The price ratio of the 2 tokens.
Price impact: Estimated % difference in price when swap compared to the displayed price.
Liquidity Provider Fee: the number of fees that will be used to pay the liquidity providers fees.
Gwei bar: a feature that allows users to adjust the amount of Gas fee (transaction fee) according to their needs by sliding the bar.
Share URL: Share trading pair via URL.

Step 5: Select Approve → Click Swap to finish.

After swapping successfully, users can access the Trade History from the swapping interface to view their transactions or go back to the home screen to check the traded tokens if needed.

Besides network fee and fee for LP, Coin98 Super App will charge 0.8% fee on the amount of token swap

How to swap with OolongSwap natively on the Coin98 Extension Wallet

Step 1: On the home page of Coin98 Extension Wallet, click Swap.

Step 2: Select OolongSwap.

Step 3: Click the settings icon at the top right corner of the screen to adjust the gas fee and slippage in this section.

The default gas fee on Coin98 Super App has been set for the highest speed with the most reasonable cost.

The arrow in the middle of the trading interface is used to switch between the buying and selling positions. Users need to check the tokens’ positions carefully before making any transactions.

Users must fill in the following information to complete the transaction:

Select the wallet containing the token/coin that you want to trade.
Choose the trading pair from the list. Users can choose other tokens as preferred.
For those tokens that haven’t been listed on the Coin98 Super App, users can trade using their contract addresses.

Step 4: Slide the bar to adjust the trading amount. Carefully read the information and select Approve → Click Swap to finish.

After swapping successfully, users can access the Trade History from the swapping interface to view their transactions or go back to the home screen to check the traded tokens if needed.

Summary

Hopefully, this article has guided you well to experience OolongSwap directly on the Coin98 Super App. Take advantage of this opportunity and get yourself the best profit. If you have any questions or problems, leave a comment below to get assisted!