Coinswap Web App FAQ


Tips

• This is still a Beta version for the trial operation, it’s not recommended to play with large funds.
• We encourage you to first understand how it works before transacting on it and exercise caution at all times.
• It’s recommended to use Chrome explorer for a better user experience.
• Please note that adding liquidity is not without risk, as you may be exposed to impermanent loss.

Usage-related
1. Keep waiting for confirmation/Interface freeze/No confirmation info pop up in Rainbow

These might be related to some different reasons such as connection, network, etc., please try to disconnect and reconnect again, or change to use other explorers.

2. Cannot swap/stake etc. or Insufficient Balance Notification

Please kindly check if you have enough tokens to pay for the gas fees.

3. After transferring BUSD/BNB from exchanges to Rainbow, how to use them in Coinswap?
  • Exchange — [Withdraw BUSD/BNB] — Your Binance Chain Address in Rainbow (Start from bnb…) — [Cross-chain Send] — Your IRIS Hub Address in Rainbow (Start from iaa…) — — Use in Coinswap Web App
  • Use in Coinswap Web App — — Your IRIS Hub Address in Rainbow (Start from iaa…) — [Cross-chain Send] — Your Binance Chain Address in Rainbow (Start from bnb…) — [Deposit BUSD/BNB] — Exchange (Don’t forget to fill out memo when depositing to exchanges)

*Please note that your BNB/BUSD on IRIS Hub address (or obtained via Coinswap) CANNOT deposit to Exchange directly.
You must need to cross-chain send the BNB/BUSD from your IRIS Hub address to your Binance Chain address firstly in your Rainbow Wallet and then deposit, otherwise, there may be a loss of your assets beyond retrieval.

Rules-related

1. What’s the Farming APY? How does APY calculate?

The farming APY is affected by many factors such as the multiplier of that farming pool, TVLs in that farming pool, token price, network situation, etc.

The Annual Percentage Yield (APY)=multiplier of this Farming Pool / Total multipliers * IRIS rewards for each block * Number of Blocks Per Year * IRIS Price / Total Value of LP Tokens in this Farming Pool

2. What’s Liquidity Provider?

Liquidity Provider is the user who added liquidity in Coinswap. So if you’ve already had Liquidity Pool (LP) tokens, you are a liquidity provider.

3. What’s Liquidity Provider Fee?

There is a 0.3% fee for swapping tokens in Coinswap. This fee is distributed by all Liquidity Providers and split by Liquidity Providers proportional to their contribution to liquidity.

4. What’s the Gas Fee for each transaction? How fast is each transaction?

Each transaction in Coinswap costs certain tokens as the Gas Fee and these are paid to IRIS Hub mainnet validators to keep the network running. The Gas Fee differs based on different transaction types:
• HTLT transfer (binance->irishub): 0.000075 BNB
• HTLT transfer (irishub->binance): 0.025 IRIS
• Swap/Add Liquidity/Remove Liquidity/Stake/Unstake/Harvest: 0.08 IRIS
Each transaction tends to be successfully completed in several seconds without a long pending period.

Operation-related

1. Is this cross-chain via IBC? Why is there no ATOM?

Now the first phase is cross-chain through Hash Lock. Currently, IBC has been enabled on IRIS Hub which has established the IBC connection with Cosmos Hub, but it’s not recommended to play with large funds now.

Therefore, the core dev team decides to keep an eye on the situation on the side of caution at the current stage, and will support IBC transfers soon in the next version.

2. Why is there only a Web version provided? When can we use Coinswap in Rainbow Wallet?

It’s recommended to be firstly familiar with the operations and core features of Coinswap in this Web beta version. Next, the mobile wallet, Rainbow, will iterate relatively to integrate the dApp and provide features like displaying relevant data.

3. Which tokens in the Cosmos ecosystem will be added into Coinswap? What’s the next planned pool?

ATOM will be one of the candidates with the top priority. The next phase will mainly focus on IBC cross-chain transfers, so other assets plan depend on the IBC integration and enabled situations of other networks.

4. Why does Coinswap choose to add Binance Chain (BNB/BUSD)?

To allow users participating in using Coinswap, we firstly chose our existing infrastructure like HTLC module and interchain Gateway to quickly maximize the scalability of Coinswap. Next, we will introduce more chains and tokens into Coinswap.

5. Is there any activities like airdrops?

Since Coinswap will iterate constantly, activities like cross-chain farming, cross-chain airdrops may start with partners in due course.

6. What’s the difference/relationship between Coinswap and other DEXs in the Cosmos ecosystem?

Coinswap is able to support many kinds of tokens and interchain protocols, and provides not only features like token swap and add liquidity, but activities like yield farming as well.

DEXs in the Cosmos ecosystem are never in the competitive relationship, but collaborative and complementary. Coinswap will provide more features such as cross-chain swap, liquidity sharing with other DEXs, etc.

7. What’s the use of LP tokens?

LP tokens are representing your position in the liquidity pool. And there might be other usage of LP tokens, such as for the sharing liquidity, transferring cross-chain, etc.

8. What’s the next plan/roadmap?

Firstly, Coinswap will iterate and improve features. For example, ATOM and other assets in the Cosmos ecosystem can be used in Coinswap to swap, provide liquidity and join farming pools; Also, the team is working on the Etheruem peggy, so it’s planned to introduce assets on Etheruem to Coinswap; Meanwhile, the combination of NFT functions and Coinswap will be explored and designed.

Recommended Readings

A Guide to Coinswap Web App
Coinswap Web App Launches & Starts Trial Operation on Apr. 15

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