Token swap on DMM exchange is just like on any other platform eg., kyberswap. The major difference will be that users benefit from lower spread and slippage, thanks to the programmable pricing curve. Also, there could possibly be multiple pools per token pair, with different amplification factors.
To swap or trade tokens, first Unlock your wallet and choose which token to swap from.
For the first time you are trying to swap a particular token eg: DAI , the UI will prompt you for
Approve Token transaction. For every token, allowance is done only once.
By approving a particular ERC20 token, you are allowing the DApp smartcontract to transfer the number of allowed tokens (called an allowance) when an action is executed on the contract. By default we set the allowance to a high value, so you don't have to approve your tokens every time you want to trade.
After the Approve token transaction is successful, you can check the slippage rate and execute a swap.
- For the first time, swap action will need 2 transactions, one
Approve Tokenand the other is to
Swap. All the subsequent trades on the token will need only one transaction.
- Approval for each token has to be done seperately.