ICPSwap 1.0 is Launched on Internet Computer Today & User Guide
Welcome, ICPSwap Fans!
We finally officially met! ICPSwap 1.0 is Launched on Internet Computer (IC) Today! Thanks for your continued support and patience! Check it out here!
If you have participated in our ICPSwap Beta, you should already know us very well. But for first-time explorers, we bring you our user guide.
Before we start, let us brief you on how ICPSwap 1.0 works!
Enter ICPSwap space
ICPSwap, a native DeFi project of the Internet Computer, the financial hub of the IC ecosystem, combines the unique advantages of zero-fee Swap, Swap & MOR, etc. And based on the advanced IC technology, ICPSwap provides developers and users with full-stack finance, market, and DAO services while reducing project construction costs and helping the IC ecosystem achieve leapfrog development.
How to use ICPSwap Wallet or Plug Wallet？
How does ICP perform Wrap and Unwrap?
How to transfer tokens?
1/ Open the Wallet page of your account and click the “Transfer” button
2/ Enter the transfer address, transfer amount and password, and click the “Confirm” button
2.1/ No password is required to transfer token using Plug wallet
3/ After completing the transfer, you can click the “Transactions” button to view the Transactions
How to trade or transfer the NFT?
1/ Click the “Marketplace” button to open the Marketplace page, select the NFT you want to buy and click the “Buy” button
2/ Confirm the NFT order and click the “Confirm” button
3/ After successful purchase, you will see NFT information and can “Sell NFT” or “Transfer NFT”
4/ Click on the “Sell NFT” button, it should be noted that the Sell Price and the “Sales Received” are not the same
Sell Price=Trading fee + Creator Royalty + Sales Received
5/ After putting your NFT on the Marketplace, you will see your sales orders in the Marketplace
6/ Click on your sales order, You can also cancel the listing and then list NFT again at the new price
7/ You can also click the “Transfer NFT” button to transfer your NFT to your friend
P.S. The function of “Mint NFT” will be launched in ICPSwap version 1.1
How to view data such as NFT transactions or Wrap transactions?
Click the “Info” button to open the ICPSwap Info page and you can view the following data
“Info” is ICPSwap’s information browser on the IC network for all ICPSwap users, and It is currently version 1.0, which only displays the data information of ICPSwap. It will open to all users of IC after the function iteration is completed.
FAQ
1/ Why does ICP need Wrap? Is it not possible to directly use ICP to trade?
WICP is an ICP token based on the IC network developed by the EXT token standard. It was created to integrate ICP with DeFi and solve the problem that ICP has no approval function (this is the reason why ICP is not directly used for transactions). The emergence of WICP will accelerate the DeFI process of IC network.
About this, you can also refer to Bitcoin & Wrapped Bitcoin (WBTC), Ethereum (ETH) & Wrapped Ether (WETH). They (WBTC and WETH) were born for the same reasons.
2/ Why do we need an NFT Marketplace?
The most significant use case of NFT Marketplace is that it supports free trading of ICPSwap MOR Position (LP) NFT (received by creating liquidity in ICPSwap’s trading liquidity pool), where anyone can create NFT and trade it freely. The NFT Marketplace is fully decentralized.
3/ As you mentioned, What is the ICPSwap MOR Position (LP) NFT?
This NFT represents a liquidity position in an ICPSwap Liquidity(MOR) pool, which is like a receipt of your funds. The owner of this NFT can modify or redeem the position.
You can sell your funds by selling this NFT on NFT Marketplace. Once you sell/transfer this NFT, you will not be able to remove your liquidity position. The owner of the NFT will be able to remove the liquidity position.
4/ When will the “Mint NFT” function be launched?
The function of “Mint NFT” will be launched in ICPSwap version 1.1, expected to be in May.
5/ When will the Swap and Launchpad functions be launched?
The function of Swap and Launchpad will be launched in ICPSwap 2.0, expected to be in July.
Why do we still need some time to launch? Because we are optimizing for EXT Token Standard, and we are doing a new upgrade for our Swap. Also for security purposes, we need to fully validate the security and reliability of the token code with the WICP launch. We are also doing the final performance and algorithm testing internally.
Everything is done for the safety of your assets and transactions.
6/ The Swap, Launchpad, Farm and other functions are already in public testing, so why not launch them into the official version?
In order to make the stability of the function and product experience as good as possible. The functions of the ICPSwap Beta 3.0 will be iterated and optimized one after another until it is available to launch the official version. We will continue this mindset and mechanism to continuously improve the product experience and stability of the official version.
7/ Is the WICP on ICPSwap the same as Sonic or other DEX?
No, it is a different token, and the token standard is also different.
We welcome project owners of IC to integrate our WICP to make the DeFi application more accessible to your users. We hope that!
That’s all, siblings. Hope you all enjoy using ICPSwap 1.0 and enjoy the start of the DeFi journey.
Follow ICPSwap on Twitter to stay updated! If you have any questions or feedback, please head over to our Telegram group. We are happy to hear from you!
By the way, The function of Swap and Launchpad will be launched in ICPSwap 2.0, So we welcome projects of the IC ecosystem to experience them. Please contact us in advance by Email at “contact@icpswap.org”. Thanks!
