Here's a detailed, step-by-step guide on how to perform a token swap on Soroswap.Finance, tailored for new users. This guide will walk you through the process, from setting up your wallet to completing the token swap, with helpful tips and essential precautions to ensure a smooth experience.
Follow the steps below to perform a swap:
Step 1: Access Soroswap:
Go to the official soroswap.finance website.
Click the “Launch App” button on the homepage to start interacting with Soroswap’s decentralized platform. This will take you to the swap interface.
Step 2: Connect your wallet with Soroswap.Finance
- Choose a Stellar Wallet: Select a wallet compatible with the Stellar network. For further guidance, you can check out this helpful article: Guide to Choosing a Stellar Wallet.
2.Acquire Stellar (XLM): Purchase XLM from a reputable exchange or transfer it from another wallet if you already own some.
3.Deposit XLM into Your Wallet: Transfer the XLM to your new Stellar wallet address
If this is your first time, you will need to acquire Stellar (XLM) and transfer it to your wallet.
Step 3: Navigate the Soroswap Finance Interface
Once your Stellar wallet is connected, familiarize yourself with the Soroswap dashboard. It displays your account details, token balances, and options for swapping tokens and managing your assets.
Step 4: Executing a Token Swap
1.Select Tokens: Choose the tokens you want to swap from and to.
2.Enter Amount: Specify the amount of tokens you want to exchange.
Step 5: Trustlines
When swapping a new token for the first time on Soroswap.Finance, you’ll need to sign a "trustline" transaction. Trustlines authorize your account to hold and exchange a specific asset.
1.Transaction Request: A transaction request is sent to authorize your wallet to hold and trade the new token.
2.Sign the Trustline Transaction: Once the transaction is signed, the trustline is successfully authorized, enabling your wallet to hold and manage the new asset.
For more information, refer to the official documentation on trustlines.
Step 6: Confirming the Transaction
Sign the Transaction: Approve the transaction to finalize the swap.
Congratulations! You have successfully completed a swap on Soroswap.Finance Now.
Step Step 7: Check That Your Transaction Went Through
After signing the transaction, it's important to confirm that everything went smoothly. To do this, check the details in your wallet or by using one of the blockchain explorers. This step ensures that the token swap has been completed and that the new tokens are now visible in your balance.
Once the transaction is confirmed, you’ll see a success message indicating the swap is complete. At this point, you can review the transaction details by selecting one of these options:
By following this step, you can be sure the swap has successfully processed and that your wallet reflects the correct balance.
Best Practices
- Sufficient XLM for Fees: Ensure you have enough XLM in your wallet to cover transaction fees.
- Review Trustlines: Confirm that all necessary trustlines are set up before performing a swap.
- Check Transaction History: Verify in your wallet that the swap has been completed and the new tokens are reflected in your balance.
This guide aims to provide clear and simple instructions to help you successfully complete your first token swap on Soroswap.Finance. Remember, handling digital assets responsibly is crucial for maintaining the security of your investments.
- Official Website: Soroswap.Finance
- Twitter: @SoroswapFinance
- GitHub: Soroswap
- Documentation: docs.soroswap.finance
Top comments (1)
This is a great guide!
:D