How to use Saber: Step by step Guide

Saber Overview 

Saber is a protocol that provides the liquidity foundation for stablecoins, which is a type of cryptocurrency whose value is pegged to another asset, such as the USDC, USDT, PAI or Bitcoin, etc.

As Solana’s core cross-chain liquidity network, the outstanding feature of Saber is the ability to facilitate the transfer of assets between Solana and other blockchains. Users deposit crypto assets into a Saber liquidity pool to earn passive yield from transaction fees, token-based incentives, and eventually automated DeFi strategies.

Preparation for trading on Saber

What are the prerequisites for trading on Saber?

First, users need to download the application and create an account on Coin98 Wallet. For now, Saber only supports the Coin98 Extension Wallet, not the Coin98 Super App. 

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 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. This dropdown will show you Coin98 Extension Wallet is installed and enabled in Chrome

Tip: Pin Coin98 Extension Wallet for easy access in the next visit.

How to create a Solana Wallet on Coin98 Wallet Extension?

Before using Saber, users need to create a Solana Wallet. You should use Multi-Chain Wallet on Coin98 Wallet, so that you can get access to all single blockchain wallets inside, and all these wallets are managed by only one single Passphrase.

After installing the Coin98 Extension Wallet, follow these steps to create a Multi-Chain Wallet:

Step 1: Open the Coin98 Extension Wallet and click Create Wallet.

Step 2: Set up a password by choosing between:

• A Matrix Password.
• A Text Password.

Step 3: After setting up the password, select the Multi-Chain wallet icon.

Step 4: Name your wallet and backup your Passphrase in a safe place.

• Tick the Back up your recovery key box, then copy the Passphrase to confirm you’ve saved this information.
• Tick the 2 remaining boxes to confirm you’re aware of the risks.
• Click Create Wallet.

Please note that the Passphrase is crucial to keeping your assets safe. You may lose your assets permanently if you lose your Passphrase, since no one else has access to it besides you.

Step 5: Paste the copied Passphrase into the confirmation box, then click Create.

After finishing, you can go to Manage → Manage All Wallets to check your Solana Wallet.

Prepare SOL as gas fees

Saber uses SOL for gas fees. Therefore, to swap tokens on Saber, users must have some Solana tokens (SOL). Users can buy Solana on a centralized exchange such as Binance and send them to the Solana wallet address on Coin98 Wallet.

Connect Saber with the Coin98 Extension Wallet

Step 1: Go to Saber website at: https://app.saber.so/#/swap, click Connect Wallet at the top right corner of the screen and choose Coin98.

Step 2: Click Connect on the pop-up window.

Step 3: Wait for the connection to complete, then start trading.

How to use Saber

Swap tokens on Saber

In this article, we will take the USDC-USDT trading pair as an example. 

Step 1: Users can enter the amount they would like to swap and click Review to see the estimated receiving amount.

Step 2: Click Confirm Swap.

Step 3: Then click Sign on the Coin98 Wallet pop-up window to complete the transaction. 

Add liquidity

Step 1: Click the Pools tab and click Deposit next to your preferred liquidity pair (in this article, we have chosen USDT-USDC pair).

Step 2: Put in the amount of each token and click on Deposit one more time and then Confirm Deposit.

Step 3: Click Sign when the Coin98 Wallet window pops up to approve the transaction. Users can see the transaction details by clicking on the blue hyperlink next to View Transaction on the displayed notification.

Withdraw liquidity

Step 1: To remove liquidity, on Saber's Position Management interface, click Withdraw.

Step 2: Choose the withdrawal amount, click Withdraw, then click Confirm Withdrawal.

Step 3: Confirm the transaction by clicking Sign when the Coin98 wallet window pops up. Users can see the transaction details at the blue hyperlink next to View Transaction

Yield Farming on Saber

a. Staking tokens

Users are rewarded not only by providing liquidity, but also by staking token pairs.

Step 1: Move to Farms tab and choose the token pairs you would like to stake and click Deposit (in this article, we have chosen USDT-USDC pair).

Step 2: Click Stake, then Deposit.

Step 3: Click Sign when the Coin98 wallet window pops up to approve the transaction. Users can see the transaction details at the blue hyperlink next to View Transaction.

Step 4: Users can claim SBR tokens anytime by clicking Claim and then Sign to approve the transaction. Claimed SBR will automatically be transferred to the Coin98 Wallet.

b. Unstaking tokens

Step 1: Go to the Unstake tab ⇒ then click Withdraw.

Step 2: Click Sign to approve the transaction ⇒ See the transaction details at the blue hyperlink next to View Transaction.