Smart and Fast Stellar Asset Swap on Scopuly
Hello Stellar Family!
Scopuly introduces the long-awaited, fast, free and smart Asset Swap on Stellar https://scopuly.com/swap. 🔥
Yes, this is not a typo, free because 1 transaction consumes $ 0.0001 and is completed in 2–5 seconds.
In comparison with other well-known blockchains, this is ten times more economical and efficient. Stellar made this possible. Everything in its place and crypto assets are now moved and converted at a speed of 2–5 seconds and almost free. We definitely need this. This is what we all need.
Now, let me turn to a real example.
Scopuly Swap is an asset swap like Uniswap, but you will be surprised at how fast, simple and elegant it all works.
Scopuly Swap is a minimalistic and intuitive interface and the most profitable way to swap any asset for Stellar. When you select a pair of assets for a swap, Stellar uses Path Payment technology to simultaneously see all order books and liquidity pools at the current moment for the selected pair of assets. Stellar then plots the path at the highest price for the asset you are giving away.
If you just want to exchange one asset for another at the most profitable rate, Swap is the best tool for this. 👍
Let’s finally see how it works.
1. First you need to select a Stellar address. To do this, you can create a new URL in Scopuly here. It will take no more than 1 minute, or connect an existing Stellar address using a seed phrase, a secret key or an Albedo, Freighter, Rabet wallet extension.
2. Select a pair of assets to swap. Then the market price for the selected pair will be displayed.
3. Amount. Next, you need to indicate the amount of the sent or received asset. Here we need to dwell a little more and consider how Stellar finds the most profitable exchange paths. For example, if you enter an amount in the “From” field, it means that you want to send exactly the same amount of the asset and Stellar will check what is the minimum amount for the received asset. And vice versa, if you enter the amount in the “To” field, it will mean that you want to receive exactly that much asset and Stellar will look for the most profitable ways with the minimum amount of the asset to be sent.
4. Swap. If you are satisfied with the price and quantity, it remains to click “Swap” and confirm the deal. We are waiting for only 2–5 seconds and voila, the exchange took place at the best price. It’s as quick and easy as that.
Additional information on swap.
It provides data such as: Swap type, Fee, Minimum received, Slippage tolerance and Path.
Let’s take a look at each parameter separately.
Swap type. This is a type of swap that can be “Strict Send” or “Strict Receive” depending on which field (From or To) you enter the amount in to start calculating the best path.
Fee. The approximate amount of fees for this transaction. Charged by the Stellar network.
Minimum received / Maximum send. When you enter the swap amount in the From field, then you say that you want to send the exact amount of the asset and Stellar finds for you the minimum amount of the asset to receive. But you can get more from the transaction than the calculated minimum receipt amount. Likewise, when you enter an amount in the To field, Stellar will look for the maximum amount of the asset to send for you, although in reality you can send much less to get the exact amount of the specified asset in the To field.
Slippage tolerance. Slippage Tolerance defines the minimum amount of assets you want to receive after a swap. Higher percentages will reduce the minimum amount of assets you’ll receive from the swap.
Path. Path is the best way to exchange assets based on the order book and the level of liquidity on the network. Scopuly Swap offers a path based on the best rates and prices with Stellar Horizon. This way, you can be sure that you can trade your assets at the best prices.
After completing the transaction.
After a successful swap, you can see all the data for this transaction: transaction hash, operation, addresses and amount. If necessary, you can view and investigate all of this received data.
- Unlimited choice of accounts for swap
- Display balances next to selected assets
- Smart asset switching
- Path update (next to the toggle button)
- Nice loaders of data acquisition processes
* Scopuly Swap will soon have a built-in SCOP trader reward program.
* We are currently working on AMM and soon in Scopuly it will be possible to view any liquidity pools on Stellar, as well as create liquidity pools and place bets providing liquidity for any market.
Thank you for reading this article to the end! 🙏