snowswap

What is Snowswap?

Snowswap is a decentralized exchange (DEX), it also means users maintain control of their funds at all times as opposed to a centralized exchange that requires traders to give up control of their private keys. Instantly swap crypto tokens: no registration or account needed.

How Snowswap works?

Snowswap leaves behind the traditional architecture of digital exchange in that it has no order book. It works with a design called Constant Product Market Maker, which is a variant of a model called Automated Market Maker (AMM).

Snowswap runs on two smart contracts; an “Exchange” contract and a “Factory” contract. These are automatic computer programs that are designed to perform specific functions when certain conditions are met. In this instance, the factory smart contract is used to add new tokens to the platform and the exchange contract facilitates all token swaps, or “trades.” Any ERC20-based token can be swapped with another.

How to use Snowswap?

Snowswap is an open-source protocol, meaning that anyone could create their own frontend application for it. However, the most commonly used one is https://snowswap.xyz.

1. Go to the Snowswap interface.
2. Connect your wallet. You can use MetaMask, Trust Wallet, or any other supported Crab Network wallet.
3. Select the token you’d like to exchange from.
4. Select the token you’d like to exchange to.
5. Click on Swap.
6. Preview the transaction in the pop-up window.
7. Confirm the transaction request in your wallet.
8. Wait for the transaction to be confirmed on the Crab Network blockchain. You can monitor its status on https://crab.subview.xyz/.