Great tutorial on how to use 2 DEXs for easy trading by dutcheos, swapping, staking and yield farming TLOS (Telos). These AMM (automated market maker) based platforms make use of the lightning speed of the Telos EVM.
Let’s take a closer look at OmniDex and Zappy. These DEX’s both demonstrate how lightning fast the Telos EVM truly is. These are both decentralized exchanges that run on an automated market maker (AMM) system.
Late 2021 omnidex was build on the EVM Telos platform. Initiated by the Telos community with the goal to create a native trading platform for the Telos community. So its a very young project still maturing.
Is even younger launched feb 18th. The goal is te be a one stop ecosystem for DeFi on Telos. Trade your tokens in an instant is stated on their site. In this tutorial you learn more about how to use omnidex and zappy in combination with metamask wallet:
Summary of the video with Step-by-Step Guide
Here are the step by step highlights (simplified) of the above video:
- Telos solves many of the key problems faced by existing blockchains to date with a lot of potential for mainstream adoption.
- Telos blocks are created every half a second.
- Better arbitrage options, less slippage and a smooth UX.
- Gas fees are fixed and can be adjusted down if the TLOS price rises.
- Front running had been dealt with.
- Features allow Decentralized Exchanges run fast and fair.
- Omnidex and Zappy run on the Telos EVM.
- Liquidity is provided by other users who also earn passive income.
- Setup your Metamask wallet > 2022 updated tutorial (not in the above video). Watch this video:
- go to //omnidex.finance
- go to //www.zappy.finance
- connect with metamask
- in top section go to trade/ swap
- swap for example TLOS for USDC
- in bottom details of the transaction are shown
- select swap and approve the TX in metamask
- confirm and add USDC to token list
DeFi Yield Farming
Add liquidity pairs for earning passive income based upon anual percentage rate (APR%). You need liquidity provider (LP) tokens to add to the farm. Telos USDC is the farm of choice.
- Create LP token by going to liquidity and select add liquidity
- select number of USDC and TLOS
- click create, confirm the TX and add LP token to metamask by clicking confirm
- go to farms
- enable TLOS-USDC farm
- give permission in metamask
- click stake LP and choose number to stake
- confirm TX in metamask
Now you earn passive income in Charm/ZAP (native tokens of Omnidex and Zappy). You can harvest, swap and re-stake the tokens for even more Charm or ZAP.
- Go to staking
- select number
- select stake
- confirm in metamask
You can check analytics within Zappy/Omnidex on the analytics page or on //dexscreener.com.
Happy Telos Farming!
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