Here is a summary of what was covered in this video related to using Dex’s on Cardano :
Accessing Minswap and Wingriders with Eternl wallet (ios)
- Discusses price impact and its differences across exchange platforms
- Demonstrates accessing Minswap using Eternl wallet and selecting DEX
Using Minswap to trade ADA and other tokens.
- Accessing Minswap through the browser and navigating to the trade section.
- Selecting tokens, confirming swap, and ensuring sufficient ADA for the trade.
Trading on Cardano’s Minswap and Wingriders using Eternl wallet
- Process of confirming a swap and ensuring sufficient ADA for the transaction
- Explanation of selecting tokens for swap and addressing verified token search issue
Understanding price impact and comparing it between Minswap and Wingriders.
- Price impact on Minswap is 0.03%, while on Wingriders it is 0.002%.
- Demonstration of swapping assets and understanding price impact on Eternl wallet.
Wingriders offers lower slippage and better liquidity
- The larger the pool, the smaller the price impact and slippage
- Wingriders has more liquidity for CGI token compared to Minswap
Evening everybody in this one we’ll discuss how to access Minswap, WingRiders and talk about price impact what is price impact and price impact difference and different exchange platforms so enjoy here we go we.
Get in the wallet of course on the top right corner we connect and then let’s say I want to buy Ergo so I will go to swap up here because yes we can buy Ergo from here (Eternl Wallet) so let’s go to swap Ada to Ergo this is tricky because we can’t find it here, so instead what we will do is we will go back up there and we go to “Dapp” browser now we can see that we can connect “ Eternl” to “Defi” “Dex’s “ “Games” “ Marketplace” related platforms, “metaverse” Etc… of course we want “DEX” my go to usually is “Minswap” as you see it’s as if we’re opening “Minsawp” on browser, we press on the top left corner and we go to “trade” let’s say I want “Max” all my Ada to convert them to Let’s search for token, select token there go here it is and again Max “swap” see here all the details, “confirm” “swap “ of course we need to have sufficient Ada and we sign the transaction.
Now for the second part, we get in and we go to “swap” let’s say I want to swap from Ada to CGI we select “All” as you can see here we have additional information it says that it’s from Wing Riders and there’s something called “price impact” here we can see that “swap” it has something here called “slippage” so to further explain that we go back to “Dapp browser” and let’s say I want to go to “Minswap” we change this to CGI okay we don’t find CGI because we have this stick on because apparently it’s not verified here so all we have to do is when searching sometimes we have to remove the verified token tick so we find what we’re looking for, CGI okay so here scrolling down we can find “price impact” it says the difference between the market price and your price due to trade size and as you can see it’s 8% now if we were to compare this go back with “WingRiders” okay it’s the first time we’re going in so we press “got it” here, we are successfully connected, then press the top right corner , and we have “swap” select assets… Ada to CGI and I’ll press the “max” button here we can see more information and here is the “price impact” so here as we can see the price impact is 0.02% let’s say we want to swap, we’ll receive 4.93 $ worth of ADA comparing this to “Minswap” we will be receiving let’s press swap $4.68 worth of ADA.
So this is what’s called “slippage” and basically , obviously it’s better to do it from “WingRiders” so in general the bigger the pool the smaller the price impact and the smaller the slippage is, in this case on “WingRiders” there’s much more liquidity of CGI token than on “Minswap” so be mindful of that when swapping from your “Eternl Wallet” app through your phone, and stay safe out there thanks for watching.