Getting Involved in the EOS DEFI — How to buy tokens on EOS Defi(AMM Protocol DEX) & Newdex (Traditional Order Book DEX)
Hello Readers!!!
The start of Defi in 2020 caught everyone’s attention and in a bid to have a more decentralized way of doing things in the crypto space, everyone adopted the new Defi revolution despite the level of congestion and high gas fee on the Ethereum Network.
After a while, everyone started getting tired of the high gas fee and network congestion, they needed a better platform and anyone won’t hesitate to move from Ethereum to Defi built on other blockchains.
EOS Defi came and it was a great choice for anyone wanting transaction ease and a better experience.
Recently, EOS Defi has performed very well and one of the most performing I have seen, or let me say closed to me is TPT(Tokenpocket). TPT has done over 60 times increase from a point of $0.00025 to over $0.015, this increase is as a result of introducing the Heco and Bsc chain on Tokenpocket.
See how you can buy TPT on EOS-based DEX, either through swapping in AMM Model DEX(Defibox) or buying through Newdex, the traditional order book model DEX.
How to buy TPT on Defibox
Defibox uses AMM protocol where swapping is done through the use of a pricing mechanism called “Constant Product Market Maker”, this is simply explained as a system of swapping where users provide liquidity in the pool to make swapping smooth, AMM DEX solves liquidity problem.
See how you can purchase TPT on Defibox through TPT/EOS pair.
- Step 1: You have to visit Defibox and sign in, there are lots of EOS based app that can be used to sign in to Defibox, in the desktop wallet part, we have Leafwallet, Scatter, Tokenpocket, Math Wallet, Wombat, and Anchor.
For this post, we are selecting TokenPocket
- Step 2: After sign in, move to the swap tab and select the coin pair, If you are buying TPT with EOS, then select EOS for payment and TPT to receive.
- Step 3: Having selected which one to pay and which one to receive, you are expected to enter the amount of EOS to be spent as against the TPT to be received.
- Step 4: After entering the amount of EOS to be spent, you will automatically see the TPT in EOS worth. The slippage of the trade will be under the price of TPT/EOS, once everything is set and you are okay with the price you see, then you can click on SWAP.
- The next thing here is confirming the trade, confirm the transaction from the pop-up and the swap will be made, after this TPT will appear in your wallet.
How to use the Traditional Orderbook DEX
This is simply using Newdex, and the system is the one that matches buyers and sellers to determine prices and execute trades. This simply is a very decentralized one that no one is maintaining the order book or has custody of the funds.
Newdex has just upgraded into DEX aggregator and trading becomes much better with this, liquidity is added from Defis Network and Defibox, which means Newdex will search across both networks and get traders the best crypto price, trying to do this, orders can be split between the two platforms.
See how to place an order on Newdex.
Step 1: You have to open Newdex in your web browser and connect your desktop web wallet.
Step 2: Once your account has been logged in, move to the trading tab under exchange, where you can see the trading interface, since the trade is from EOS to TPT, there’s a need to change from whatever trading pair on the page to EOS/TPT at the right side of the same page.
Step 3: Placing an order is very easy here if you are buying at the current market price, all you have to do is go to the market order option at theBUY TPT side and enter the total amount of EOS you will like to buy TPT with, then click on Buy.
Step 4: Your wallet will request that you confirm trade and Boom!!!, you are done buying TPT with EOS.
It’s that easy.
You can read more on Newdex Webiste and Defibox Website.
THANKS FOR READING
