June 6, 2022

How to use Increment Fi's Decentralised Exchange

Written by: 

Flowverse

flowjames

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View more Flow Blockchain Research

IncrementFi is building decentralised finance (DeFi) infrastructure on Flow including swapping and lending. Here’s a quick tutorial showing anyone how to easily participate in defi on Flow Blockchain in just 2-3 minutes 🧵

For the full video tutorials, view our original twitter thread here:

Step 0: Prerequisite

If you don’t already have a compatible Flow Blockchain wallet, you can download Lilico wallet from https://lilico.app/ (browser extension) or Blocto wallet from https://blocto.app/ (mobile app).

Step 1: Connect Wallet

Go to app.increment.fi/ and connect your wallet by clicking ‘Connect Wallet’ to the top right. This will enable you to sign in to the app and is the equivalent to Google/ Facebook login in traditional websites. You can use either Lilico or Blocto (Step 0 above) with Dapper wallet set for Q3 2022.

Step 2: Swapping (aka trading one token for another)

Navigate to app.increment.fi/swap. Here you are able to select what token you would like to trade. The top token is the token you own, and the bottom token is the token you would like to convert into. Be particularly careful of conversion rate and price impact / metrics at the bottom to ensure there is sufficient liquidity.

Step 2.5 (BONUS): Swap settings

You can also adjust swap settings to increase the chance of a successful transaction by changing slippage limit, transaction deadline and multihops. Refer to Increment Fi’s tutorial for more detail on this (2.4)

Step 3: Importing tokens (if you can’t see the Flow Blockchain token you want to trade)

If you can’t see the token you would like to trade in the drop down list in Step 2, you can import the token. To do so, paste the token contract address in the search bar and click ‘Search More’. Doing this will add it to the token list, enabling you to swap it.

Step 4: Liquidity Pools

On top of swapping, users can become liquidity providers by contributing both tokens in a swap pair at the ratio specified through app.increment.fi/liquidity. Users providing liquidity will receive part of the transaction fees as reward. However, it does come with the risk of Impermanent loss. This occurs if the price of your deposited assets changes compared to when you deposited them. Make sure to understand this risk before becoming a liquidity provider. This post can help: https://academy.binance.com/en/articles/impermanent-loss-explained

Step 5: Creating New Pairs

If a pair doesn’t exist yet in the liquidity pool, users can create a new pair via app.increment.fi/liquidity/create. Once created, other users can add liquidity to the pair.

Step 6: View stats and analytics

You can view total TVL and volumes locked in Increment Fi here: https://app.increment.fi/info

That's it for today's tutorial! P.S. You may want to 'experiment' using Increment Fi soon ;)