canwork-guides-bepswap

How to use $CAN on BEPSwap

Swapping and staking $CAN


CanWork.io is a digital services marketplace on Binance Chain .
CanYa coin ($CAN) holders can use the BEPSwap platform to trade and stake their $CAN tokens. This provides holders another avenue to buy & sell tokens to use on CanWork. It also provides an ability to earn fees on the BEPSwap platform through staking.
This guide will explain trading & staking on BepSwap.
*Warning* BEPSwap is still in BETA and appropriate risk mitigation should be taken.
This guide assumes you have already set up a BEP2 wallet. If you haven't done this then you can read our previous guide on how to do so here.

Connecting a Wallet


To use BEPSwap you will need to connect a wallet to the platform.

In this example we will be connecting our Trust Wallet to BEPSwap using ‘Wallet Connect’. If you do not have a BEP2 wallet for $CAN or a Trust Wallet follow the guides above.

On the BEPSwap home page click the ‘Add Wallet’ button in the top right corner.





This page will give you three options. As stated, we will be using ‘Wallet Connect’ via Trust Wallet.



In your Trust Wallet go to Settings > Wallet Connect and then scan the QR code on BEPSwap. You should now be able to access your BEP2 Trust Wallet on BEPSwap:

You should now see your wallet address in the top right corner of the screen. Clicking on this wallet will show your wallet’s BEP2 assets and a number of other features we will look at later. Once your wallet is connected you will be able to trade and pool assets on the platform.

Trading (swapping) on BEPSwap


As far as the user experience goes, trading on BEPSwap is very similar to trading on a regular exchange.

The user interface is quite intuitive. From the BEPSwap homepage scroll to the token you want to buy or sell and click ‘swap’.



We have scrolled down to $CAN and selected ‘swap’ on the right hand side:



The swap page is quite straightforward. The top token is the one in which you wish to sell (or swap from). The options will be what is in your connected wallet (in this case we have $BNB and $CAN available to swap).



We are going to swap 1 x $BNB for $CAN. BEPswap will automatically swap at the pool price and will show you this price prior to the swap as seen above

The ‘slip’ describes the price slip of the assets in the pool based on the amount of liquidity you are adding and the existing depth of the pool. In this case it is 0.11% equating to roughly 4c.
You can read more about this here:
https://docs.thorchain.org/roles/swapping

The swap happens almost instantly at the pre-determined ratio. You will receive a notification on BEPSwap and Trust Wallet when your swapped assets appear in your wallet.

Note: On BEPSwap, there are many $CAN pairs not available on the Binance DEX including wrapped BTC, ETH, USD and others:


Staking on BEPSwap


BEPSwap also allows $CAN holders to stake their idle $CAN. By doing this they are adding liquidity to the $CAN market pools and earning staking rewards.

You have the option to stake any BEP2 asset on BEPSwap that you may have in your wallet. In this example we will be showing how to stake BEP2 $CAN.

Once again, scroll down to $CAN. This time we will select ‘Manage’ on the right hand side.

This will bring us to the staking page where we can add BEP2 liquidity to BEPSwap. You can only add liquidity for assets you already own in your wallet.



You can either add purely $CAN or a combination of $CAN and $RUNE. This is known as adding asymmetrically or symmetrically. You can read more about this here:https://docs.thorchain.org/roles/liquidity-providers


Note: there is no difference between swapping into symmetrical shares, then depositing that, or depositing asymmetrically and being arb'd to be symmetrical. You will still experience the same net slip.


We are going to asymetrically add 1000 $CAN tokens from our wallet to the $CAN/$RUNE pool.



This will cause a 0.37% slip meaning we will initially lose 0.37% of our asset value (which we will make back through staking rewards). This will create a transaction that will need to be signed from Trust Wallet. We will also be able to see this transaction in the wallet window in ’transactions’:



Once the transaction has been confirmed we will be able to view our assets in the $CAN/$RUNE pool like so:



You will be able to see further statistics on earnings and pool information at https://intro.runestake.info/

You can withdraw your funds at any time by going back to your wallet and clicking the ‘withdraw’ page:


Once your assets have been added to the pool you will ‘yield’ in the form of fees and rewards.

Fees are paid by swappers and traders. Most swaps cause the ratio of assets in the liquidity pool to diverge from the market rate.The ratio of assets in a liquidity pool is comparable to an exchange rate.

This change to the ratio of assets is called a 'slip'. A proportion of each slip is kept in the pool. This is allocated to liquidity providers and forms part of their staking yield.

Rewards come from THORChain's own reward emissions. Reward emissions follow a predetermined schedule of release.

Summary


Although still in BETA BEPSwap offers $CAN token holders an alternative way to swap a range of BEP2 assets for/from $CAN.

It also gives our token holders an ability to earn staking rewards when not using their $CAN on CanSwap.

BEPSwap and Thorchain will offer our token holders many more opportunities in the future. The team is also exploring a number of options to seamlessly incorporate the liquidity pools to allow easy on/off ramps into any major cryptocurrency for our CanWork users.
If you want to know more about BEPSwap and Thorchain check out these links:

Website:https://thorchain.org
Twitter: https://twitter.com/thorchain_org
Telegram: https://t.me/thorchain_org

If you want more information or want to see how you can get involved, join the community Telegram channel.



CanWork: https://www.canwork.io/
Twitter: https://twitter.com/CanWork_

Chris McLoughlin

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2021-01-17

Date posted

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 CanWork   Freelance   Binance   CanYa   ThorChain