SpicySwap — a new generation DEX, created by Genius Contracts specifically for exchanging tokens for Tezos. The coin exchange platform is regulated by SalsaDAO ($ sDAO), which is the governing body for a broader set of Genius Contracts platforms and products. SpicySwap is heavily inspired by Uniswap and was built from the ground up for Tezos.
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How does the coin defi SpicySwap work?
Swap is the most common feature, used in Spicy Swap. To start the exchange in the Spicy Swap interface, find the "Select" label and click on it. Then select the desired currency from the token selection menu. Find the "To" label and repeat the same process. After selecting tokens, the interface will check if a pool exists for the selected tokens. If there is a pool, the data is loaded from the SpicySwap API. Enter the desired amount to be sent to the contract by entering a number in the field. As you enter the number, the interface will automatically calculate the amount you will receive.
Features of crypto defi use:
| 1 | After confirming the amount, the "Exchange" button should light up. This means that you are ready to exchange. |
| 2 | Press Swap and the connection to the Beacon Wallet initiates a call to the smart contract to perform the exchange. |
| 3 | After confirming the exchange, the interface will display a warning at the bottom of the screen. |
If the pool does not exist, the primary button will be disabled and display a "No reserves" message. In this case, you need to add liquidity. During periods of high network traffic, it is possible that the price on the SpicySwap interface has changed before the transaction goes through. Setting a low slippage means that the user is better protected from price changes, but as a result may face a lot of bad trades.
Users mainly interact with the Spicy Swap protocol by invoking the router contract. The router - what enforces slippage, deadlines and handles the final call for the main pool contract.
Spice Farming
Spice Farming — the flagship feature of SpicySwap, available through the Spice Token ($ SPI). The farming mechanism is built into the SpicySwap protocol and is designed to stimulate the provision of liquidity and reward the protocol's supporters. SpicySwap charges a fee of 0.3% on each trade: 0.2% goes to LP holders and 0.1% goes to $ SPI farmers. The fee for using tokens is distributed equally among all members of the Spice Farm pool. To start Spice Farming, receive $ SPI / WTZ LP tokens on SpicySwap. $ SPI / WTZ LP Tokens are used as the betting currency for each Spice Farm. Once the $ SPI / WTZ has been received, it can be placed on the Farm tab of the SpicySwap interface.
You can get more information about the project through the introductory document. There is a complete description of the site. From social networks, the community leads:
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