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

Publish by Lily Du at 07 September 2021

This article will introduce Cyclos (CYS) - the first-ever concentrated liquidity market maker on Solana. We would like to give you clear instructions on using Cyclos, including its core features: Swapping, Providing Liquidity (Preview), and FAQ with Cyclos.

Cyclos Overview

Cyclos is an automated market maker that brings Uniswap V3-style concentrated liquidity to Solana.

Cyclos’s competitive edges are:

  • Concentrated liquidity: Cyclos allows LPs to provide liquidity within specified price ranges.
  • Solid liquidity: Cyclos is also accessible to Serum’s liquidity. Cyclos, therefore, have connections to deeper liquidity and faster order flows.
  • Built on Solana, Cyclos is also powered by lighting-fast transaction settlement and bargain gas fees.

Preparation for trading on Cyclos

What are the prerequisites for trading on Cyclos (CYS)?

First, users need to download and install the Coin98 Extension Wallet. For now, Cyclos only supports the Coin98 Extension Wallet, not the Coin98 Mobile Wallet.

Follow these steps to install the 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 is shown in the dropdown menu, it has successfully been installed and enabled in Chrome.

Tip: Pin the Coin98 Extension Wallet for easy access on the next visit.

Create a Solana Wallet on the Coin98 Wallet Extension

Before using Cyclos, users need to create a Solana Wallet. We recommend creating a Multi-Chain Wallet on Coin98 Wallet that contains multiple sub-wallets on different blockchains, and all of them are managed by only one single Passphrase.

After installing the Coin98 Extension Wallet, follow these steps to create a Multi-Chain Wallet:

Step 1: Open the Coin98 Extension Wallet and click Create Wallet.

Step 2: Set up a password by choosing between: Matrix Password and Text Password.

You can refer to this guide to set up a password for your account.

Step 3: After setting up the password, select the Multi-Chain wallet icon.

Step 4: Name your wallet and backup your Passphrase in a safe place.

  • Tick the Back up your recovery key box, then copy the Passphrase to confirm you’ve saved this information.
  • Tick the 2 remaining boxes to confirm you’re aware of the risks.
  • Click Create Wallet.

Please note that the Passphrase is crucial to keeping your assets safe. You may lose your assets permanently if you lose your Passphrase, make sure no one else has access to it besides you.

Step 5: Paste the copied Passphrase into the confirmation box, then click Create.

After finishing, you can go to Manage Manage All Wallets to check your Solana Wallet.

Other wallets

Other non-custodial and exchange wallets Cyclos also interacts with include: Phantom Wallet, Ledger, Sollet Wallet, Math Wallet, etc.

Preparing SOL for the gas fees

To swap stablecoins on Cyclos (CYS), users must have some Solana tokens (SOL). Users can buy Solana on a centralized exchange such as Binance and send them to the Sollet wallet.

How to use Cyclos

Cyclos has introduced two new features: Swap and Liquidity pools. Below are the detailed guidelines on how to use them!

Connecting Cyclos with the Coin98 Wallet

Step 1: Visit the Cyclos’s trading interface through: https://app.cyclos.io/. Click Connect located at the top right corner of the screen.

Step 2: A list of different wallets will be displayed. Go ahead and choose any wallet to use. In this article, we chose the Coin98 Wallet.

Step 3: Insert your password and Click Connect.

Step 4: Users will see the Wallet Connected notification displayed at the bottom left of the screen. It means the Wallet has been successfully connected, and users can start trading.

Swap on Cyclos

Step 1: Choose any trading pairs to swap. In this article, we chose the SRM-USDC pair.

Step 2: Enter the amount you would like to trade and click Swap

Step 3: Click Sign to confirm the transaction.

Step 4: When the transaction is finished, users will see the displayed notification at the bottom left of the screen.

Add Liquidity to Cyclos

Currently, Cyclos have not had any real, ongoing pools. It offers the preview to users, though. In this article, we will give out guides on how to provide liquidity on its trial version.

Step 1: Click the Pools tab.

Step 2: Insert the preferred amount of each token. Since Cyclos implements the concentrated liquidity model, there is no need to provide tokens according to the 1:1 ratio.

Step 3: Set the price range by entering the minimum and maximum price of SRM per USDC and click Add.

Step 4: When the transaction is finished, users will see the displayed notification at the bottom left of the screen.

FAQs about Cyclos

How can I buy CYS token?

Cyclos has not been listed on any exchanges yet. It has been launched with an IDO event on Solanium. Time, date and other details are as follow:

  • Number of Tokens: 714,285 $CYS
  • Accepted Currency: USDC
  • Total raise in Public Sale: $250,000 USDC
  • Whitelist opened on Sep 6 (You can now whitelist yourself for the lottery)
  • Whitelist Lottery Results: Sep 6, 3:00:00 PM
  • Sale Start: Sep 6, 4:00:00 PM
  • Distribution: Sep 8, 5:00:00 PM

We will update promptly about any exchanges listing Cyclos (CYS) in the future.

How can I achieve a lower exposure to impermanent loss as a liquidity provider?

Cyclos provide token incentives to partially reimburse impermanent loss for LPs. An impermanent loss indicator on the new position and remove position screens will also be seen. Percentage change in LPs’ assets will be found by looking at the transaction history.

How much are the fees I can earn per transaction?

Cyclos has not published any details about anticipated fees. We will update further information in the future when the team releases information.

Summary

In the long run, Cyclos (CYS) still has a lot of things to do to prove its capability to compete with other competitors such as Raydium, Bonfida, and especially Uniswap V3. It is exciting to see new updates as well as features of the protocol in the future!

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

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Lily Du

The only true wisdom is in knowing you know nothing.

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