In the past few days, it seems that the DeFi movement has spread quite strongly in the community. A few prominent names in the typical DeFi race are Serum DEX – a product built on the Solana platform. In this article, you will understand how to use Serum DEX.
What is a DEX Serum?
Serum DEX is a decentralized exchange (DEX) built on the Solana Blockchain platform, allowing brothers to exchange transactions based on cross-chain protocol between different blockchains.
Serum DEX inherits and promotes features from AMM (Automated Market Maker) and allows you to conveniently place limit orders.
You can learn more about the Serum project here.
Trading process on Serum DEX
Create SOL wallet and Deposit assets on Sollet.io
On the web Techtipsnreview Insights has an article that guides you through all the steps to create a wallet, deposit SOL and other SPL tokens into the wallet. Please refer to the article: Instructions on how to use Sollet Wallet on Solana are detailed and easy to understand.
Connect Solana wallet to Serum DEX exchange
- Access to Serum DEX here: https://dex.projectserum.com/
- Test “mainnet-beta” right corner to ensure the transaction is confirmed.
- Click “Connect Wallet”you will be redirected to the Sollet.io interface.
In the Serum DEX interface, you will see your entire Sollet.io wallet balance synchronized and appear on the main screen.
- You can disconnect this wallet at any time by clicking “Disconnect” in the right corner.
How to trade on DEX Serum?
Once the wallet is connected, you can trade like on CEX (centralized exchanges).
Here I will take a specific example such as buying 88 BASE with QUOTE with a limit price of $3.1 for QUOTE/BASE.
- Select a trading pair on the left corner of the Serum DEX screen.
- You need to enter the price and number of tokens you want “Buy” into the.
- After choosing “Buy BASE”click select “Approve” in the screen that appears on Sollet.io.
- You will see your limit orders appear on “Orderbook” and “Open Orders” (ie your order has been put on the system and waiting for price match to place the order successfully).
Note that the balance will not be updated when you cancel an open order or make a successful transaction. These funds will be in an intermediary account and are required for you to transfer back to your wallet. So you need the item “Balance” to transfer them back to the Sollet.io wallet.
- Your balance after canceling the limit order “Buy 88 BASE at 3.1 QUOTE”.
- Brothers balance after placing orders “Buy 11 BASE at limit price 2.22 QUOTE”.
- Before the command is “Settle” (handle).
- Command after “Settle”.
Note: You need “settle” (process) its transactions. Otherwise, they will still be in the intermediate property.
After all the steps, you have successfully traded on Serum DEX.
Through this article, you must have understood the basic steps to trade on Serum DEX. With these features that will help you transact more easily, with fast processing speed and low costs, in general, this is an exchange worth experiencing.
Source: Instructions for using Serum DEX from A to Z