LinkSwap is a product of the YF-Link ecosystem, and it's designed to provide ultimate simplicity for all its users. YF Link is an ecosystem that hosts other earning opportunities like staking while offering other products like LinkCheck and LinkPad, APY calculator, and an analytics center. All those options are easy to access through the YF link website.
However, the best income-earning opportunity in YF-link is LinkSwap. The platform fosters security, convenience, and the users' needs to maximize their income. It provides several income-earning and trading options in Swaps and liquidity provision.
LinkSwap supports many ERC-20 tokens, but any trade or pair currently has to have either Ethereum or Link. It should be noted that Link pairs have a trading fee of 0.25%, a nice discount from trading on Uniswap. Soon the platform will make it easy to Swap between different ERC-20 tokens but using either ETH or Link as the base token.
As a standard procedure in any crypto service, the first step towards participating in any exchange or trade is owning a crypto wallet and connecting it to your exchange.
How to Connect Your Wallet
As a first time user, it's quite evident that you will be required to connect your wallet to the platform. Now, the 'connect wallet icon is on the top left corner of the LinkSwap home page. Click the icon, and a smaller dialogue box appears, giving you the three accepted wallets in the LinkSwap platform.
There are three options that pop up on the dialogue box; however, the most popular recommended wallet for ETH related assets is MetaMask. Therefore, you will follow the link provided, download the Metamask extension to your browser and create the account.
After completing the sign-up and login to the Metamask wallet, the LinkSwap platform should automatically show that you have a connected wallet. The other two wallets, i.e., Coinbase and WalletConnect, are also good options.
Ending the wallet connection, you will now be open to participating in trading pairs and providing liquidity in the LinkSwap platform.
How to Swap Tokens
Token trading(pair) in LinkSwap is quite simple, following just a few clicks. Take, for instance, you want to trade 0.2ETH for another token, maybe YFL.
On the small dashboard found in the LinkSwap app Web Page, navigate to the dual-arrow like icon. Make sure the blue highlight color is at the dual-arrow section, the trading section.
Also, since it's ETH you want to trade out, make sure that the asset selected is ETH, and it's highlighted with blue, as seen above. In the box dubbed 'from,' write the value of ETH you wish to trade.
The other end of your pair is YFL, and that should be the token selected in the 'Select a token' section above. Just by hitting that 'select a token' button, you will be directed to a page with the ERC-20 tokens already supported in the platform.
However, sometimes you may notice that the ERC-20 token you want to pair with is not on the platform. At that point, use the address search bar to find the token. Go to the CoinGecko page, search for the asset, copy its contract address, and paste the contract address to the LinkSwap address search bar.
In our case, however, we are using a token already listed, i.e., YFL; thus, we need to select it.
After selecting the token, you will immediately return to the original Swap page, where you will find all the details about this particular trade already calculated. For instance, you will see;
- The estimated amount of YFL you will receive post completion of the trade
- The value of each asset against the USD
- The minimum value you can receive after the transaction, which is lower than the estimated value
- The price impact
- The liquidity provider fee which is a constant of 0.3% for all Swaps
The minimum value received is there because of the consideration of market volatility. Here in LinkSwap, you are allowed to set a threshold(slippage tolerance), after which, if surpassed, that trade should automatically cancel to stop losses.
To set the tolerance, you need to hit the gear-like icon on your page's top right corner and adjust it. There are currently 3 options, i.e, 0.1%, 0.5% and 1%. Moreover, a transaction deadline is set for the trade's maximum period to complete to avoid further volatility losses.
Note; Slippage tolerance is the maximum in price loss or gains you are willing to accept during a trade. To make sure the transactions go even faster, you will have to pay higher gas fees when completing the exchange.
How to Participate in Providing Liquidity
Like the simplicity seen in the swapping section, the liquidity provision section is user friendly as well. In the initial LinkSwap webpage, the initial dashboard, there is a second watermark icon. Navigating to the watermark icon sends you directly to the liquidity provision option.
Since you are a new user, you will notice a small section asking you to add liquidity. Touching the 'Add liquidity' bar sends a page with ETH and Link as the base assets.
You select the assets depending on the pool you want to participate in. For instance, let's take our pool to be between Link and YFL. On the upper side of this liquidity provision option, ensure the blue highlight is on Link asset. There is a 'select a token' option on the lower end of the dashboard, which lets you choose the ERC-20 asset.
Navigate into the ‘Select a token’ bar and choose the asset as YFL. Like in the Swap option, immediately you select your token and input the Link deposit value, the platform automatically completes all the computations. You will notice a small touch bar dubbed ‘supply’, which will direct you to the 'Confirm supply' page and ultimately to Metamask to complete your assigning liquidity.
YF-Link has in the past few months proven to be significant players in the Defi world, providing earning options and simplifying Swapping for users. Among their best products is LinkSwap, and as a rookie, this write-up has discussed well how you can use LinkSwap trade and liquidity provision options. It's quite clear that this is the platform for beginners since there are no complications of any kind when using it.
Most importantly, remember to include the right wallet choice, of which most users prefer Metamask due to its top security features. After connecting the wallet, adhere closely to the guide on how to navigate through and complete each task, be it Swap or LP, and the results will be great.