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How to use AnySwap Exchange: A Step-by-step Guide

Publish by Trang Tran at 03 September 2021

Every day, the blockchain space conducts crucial steps towards widespread adoption. The problems of scalability and interoperability need to be addressed as soon as possible. AnySwap, the first DeFi platform to support inter-blockchain transactions, is gradually solving these issues and conquering the DeFi warzone.

So, what is AnySwap? How to trade with AnySwap Exchange? Follow this article below to understand how to use AnySwap with Coin98 Wallet as well as the Coin98 Wallet Extension!

AnySwap Overview

AnySwap is a fully decentralized cross-chain swap protocol, based on Fusion DCRM technology. It specifically allows for cross-chain bridging of tokens.

Preparation for trading on AnySwap Exchange

What are the prerequisites for trading on AnySwap Exchange?

First, users need to download and create an account (optional) on the Coin98 Wallet.

Coin98 Mobile Wallet version X is available for download at:

Read the detailed instruction about how to use Coin98 Wallet or watch the tutorial video below to install the Coin98 Mobile Wallet:

Coin98 Extension: 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 will be 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. If the Coin98 Extension Wallet shows up in the drop-down menu, it has been installed and enabled successfully.

Create a Wallet on Coin98 Wallet

As AnySwap supports many chains as below, users need to choose the mainnet and create the respective wallet before trading on it.

If users are currently using Coin98 Wallet, they can re-import their multichain wallet to automatically update their wallets available in the latest version!

Remember to transfer all assets to the chains you want to trade before conducting your transactions.

Preparing gas fee

As AnySwap is a fully decentralized cross-chain swap protocol, users need to have the governance coins of the respective chains to trade on AnySwap exchange.

Users can buy these governance coins on centralized exchanges such as Kucoin, Binance,... and send them to the wallet address on Coin98 Wallet.

How to use AnySwap Exchange with the Coin98 Wallet Web Extension

Connecting the Coin98 Extension Wallet to MDEX

Step 1: Go to AnySwap Exchange via: anyswap.exchange/swap

Step 2: Enter the password on the pop-up screen and click Connect to unlock the wallet.

Trading

Step 1: Choose the trading pair.

Step 2: Enter the trading amount.

Step 3:

  • For Swap feature: If users want to receive the swapped token to their wallet.
  • For Send feature: If users want to send to swapped token to another wallet.

Step 4: Click Swap to complete the transaction.

Adding liquidity

The Pools feature on the AnySwap exchange allows users to provide liquidity by adding tokens to different liquidity pools (LPs) and get the rewards.

To start adding liquidity, follow these steps:

Step 1: Click Pool on the upper left corner of the interface.

Step 2: Enter the pool you want to add liquidity.

Step 3: Click Unlock then click Confirm.

Step 4: Click Add liquidity to complete the transaction.

Bridge

Step 1: Go to Bridge by clicking Bridge on the upper left corner of the interface.

Step 2: Choose the token and the respective chains.

Step 3: Enter the trading amount.

Step 4: Click CrossChain Deposit to complete the transaction.

FAQs about AnySwap

How much gas fee for each transaction on AnySwap ?

Users pay 0.4% of the sum being transferred. Of this 0.3% goes directly to Liquidity Providers and 0.1% goes to Anyswap.

Why can't my wallet be connected and the liquidity added cannot be confirmed?

If your wallet cannot be successfully connected, you are advised to check whether you have switched your wallet address to the main network of the blockchain.

In case the liquidity added cannot be confirmed, users should try to increase the gas fee as transaction volume and the token price fluctuates sharply on each blockchain.

Why did my swap fail?

There are two main reasons why your swap failed. The first one can be the node is delayed, causing the error in the acquisition price.

And the second one came from the significant price fluctuation, causing an error between the current market price and the price when the swap application is submitted. When these two are not matched, your swap fails.

What tokens can I use for the gas fee?

As AnySwap is a fully decentralized cross-chain swap protocol, users need to have the governance coins of the respective chains to trade on AnySwap exchange.

Conclusion

Hopefully, this article can effectively support users in using AnySwap with the Coin98 Wallet Extension.

If there are any questions, please feel free to comment here or join Coin98 Community for further discussions.

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Trang Tran

Life’s too mysterious to take too serious 🌸🌸🌸

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