WOOFi Swap provides a simple UI for users to tap into Wootrade's deep liquidity across various blockchains. Just head to fi.woo.org and start swapping!
Step 1: Set up your wallet
When you enter the WOOFi Swap app and click "Connect Wallet," you will see a list of wallet options to choose from. Metamask is the most commonly used browser extension wallet that supports all blockchain networks. To help out new users to our platform, please check the tutorials to learn how to set up a MetaMask wallet extension on your desktop.
Step 2: Select the network and connect your wallet
First, select the blockchain network you want to connect to and click "Connect Wallet". Once set up, you can see your wallet address.
Connect your wallet to WOOFi Swap and select the network you want to conduct the swap (make sure you have the token needed on the network to pay for the gas fee, the balance is displayed next to your wallet address)
Step 3: Select the assets and enter the amount for the swap
Select the token you wish to swap from and enter the amount or click "Max," then select the token you wish to swap to.
You can click the setting icon on the right to set the slippage rate and trading pending time. “Slippage tolerance” means your transaction will revert if the price changes unfavorably by more than this percentage, while "Transaction deadline" means your transaction will revert if it is pending for more than this long.
To make it easier for you, WOOFi also shows the chart of the pair on the right on different time frames.
Step 4: Compare the trade execution
Once you enter the assets and amount for the swap, you can see the comparison of the estimated swap results on WOOFi with other AMMs on the corresponding chain. The bar underneath the swap windows shows the details of execution including the amount of assets you will receive for the swap, trading fee and exchange rate of the two assets. And the results refresh automatically every 20 seconds.
WOOFi's execution results are always on the left of the bar, while the other AMMs are on the right. When WOOFi offers the best execution results, there will be a blue "BEST" label next to the amount that you receive. Other venues may sometimes offer better execution, but your swap WILL NOT be automatically executed there.
WOOFi routes the swap to 3rd party DEX aggregator when the sPMM liquidity pool can not support it, such situations including
not enough liquidity
assets not supported
WOOFi's onchain market data feed not available
You can tell whether the swap will be executed via WOOFi's own sPMM liquidity or 3rd party DEX aggregator from the "trading fee" on the UI.
sPMM liquidity: 0.025% (in blue fonts)
3rd party DEX aggregator: depends on the liquidity venue
Step 5: Confirm swap details
When you are ready to proceed with the execution provided by WOOFi, you can click "Swap". Like other DEXes, users must approve the WOOFi smart contracts to spend their token if this is the first time using the application.
Make sure to double-check your swap details, including rate, route, minimum received, trading fee and slippage tolerance. Click “Approve” to confirm and wait for the wallet to prompt you to sign off the transaction.
Step 6: Check order history
Wait for the transaction to complete and see your new tokens automatically appear in your wallet. Note that if the token does not appear in your wallet, you may need to click its “Add Token” button for it to appear. Your swap will appear in the order history window at the bottom, you can check the details of each swap.