How Alcor Exchange Works

Welcome to this post, where we are going to see how alcor Exchange works, one of the main exchanges for the Wax network and other networks.

Alcor Exchange is one of the main ways to exchange tokens in the Wax network games, such as farmers world, alien worlds, sea farmers, sailorsworld and many others.

What is Alcor Exchange

Thanks to incredible community support and feedback, Alcor Exchange is one of the fastest growing DEX on the internet. Using EOSIO blockchain technology to integrate WAX, BOS, TELOS, EOS and Proton blockchains, you can now participate in:

• Liquidity Pools
• Limit/Market Trading
• OTC Trading
• NFT Trading
• Create tokens
• Create pairs in the market
• Exchange cryptocurrencies

Alcor exchange is very similar to what we can find in other networks like DEX, such as pancakeswap or uniswap. With the difference that it incorporates different networks, in the same way that sushiswap has different networks in its swap.

At the moment, we can find the WAX, EOS, Proton, Telos and BOS networks. Being the WAX and EOS network the main and most used in the platform.

You can find all the main functions of any decentralized exchange such as the swap to exchange cryptocurrencies, you can provide liquidity to achieve profitability by creating LP Tokens and other options such as a NFT’s Marketplace or even place limit orders and not only exchange your tokens.

Swap

The first thing to do is to connect our wallet to Alcor. In this case, as they are different networks, we will not be able to use the metamask wallet. In the case of WAX, we will use the WAX wallet for this. Click on connect wallet and select wax cloud wallet and confirm the transaction in our wallet.

With this done, we go to the swap. Here, in sell you can indicate the cryptocurrency you want to use and in buy the cryptocurrency you want to get. If you click on it, you will be able to search for the different cryptocurrencies available in this network. If the name does not appear, you can copy the contract and paste it to see if it detects the token.

In the case of wax, many tokens are from the games and in the documentation of the games you can find the name of the tokens or contracts to sell or buy them, depending on what you want to do. In the swap, will be where you can exchange your rewards and benefits you get playing the different WAX games, or a way to buy game tokens and invest in them, if in addition to the NFT’s, you want to buy game tokens.

With the tokens indicated, just indicate the amount, click on swap and confirm the transaction in your wallet. And this way you should have the token we have indicated below. Under swap you can find information such as the exchange rate of the two tokens, the current slipping and the commission or fee you will pay for the swap, usually 0.3%.

In liquidity is where you can create LP Tokens to provide liquidity and get a part of the 0.3% commission that the platform takes in each token exchange. To do this, you must indicate in the same proportion the two tokens you want to place, for example WAX-TLM, and click on the button below once indicated the same amount. Confirm in your wallet and that’s it. This way, you will have created an LP and you will be able to start earning part of the platform’s commissions. However, always be aware of the risk of impermament loss and know the risks of creating LP Tokens before doing so.

Markets

Here you can find all the relevant information of the platform on the network you are on. Usually you can find sorted the different pairs that are on the DEX with the most volume in the last 24 hours.

You will be able to see the pair, the last price called in WAX in case of WAX network, the volume in the last 24 hours, the % change of the volume, as well as the volume in 7 days and the % change. You can also filter if you are interested in seeing the most traded pairs in the last 7 days, or which pairs have increased their % in the last 7 days the most.

Although it does not have a function in itself, it is a very useful tool if you want to see the most used and different pairs that are in alcor and in that particular network. You can also activate above USD to stop seeing the values in this case in WAX and see it in USD to have an easier estimation and compare with other platforms or networks that do not use WAX.

OTC

In OTC you will be able to place limit orders, as well as see the orders currently on the platform. If you click on create new order, and indicate the token you want to place the order.

This will allow you to execute the order when the price reaches a certain value and therefore buy it cheaper, instead of going to the swap and change it at this moment. It is a function not very common in DEX, and that enables many different possibilities to buy cheaper without being aware of the price.

Here, you will have to indicate the pair, in case of WAX network, it will be WAX with another cryptocurrency, for example WAX and TLM, and you will have to indicate a value lower than the market price. If for example, 1 WAX is 2.68 TLM, you will have to indicate a price higher than 2.68 TLM. Since with 1 WAX you will want to get more TLM and buy it at a lower price. For example 1 WAX= 2.80 TLM as a limit order. With this indicated, click on the button below and confirm the transaction in your wallet.

NFT and Wallet

In NFT we can find a NFT’s Marketplace, where you can buy and sell NFT’s from the network you are in, in this case the WAX network. Here you can find the different collections and NFT’s available to buy.

You can click on create NFT token to create your own and then put it on the Marketplace to sell it. Although there are not really many different NFT’s and a great variety in it.

Finally, in wallet we can find all the history of transactions that we have made in alcor, as well as information of the tokens that we have available in our wallet. At the top, we can see the value of our portfolio, the different positions we have open, the staking rewards if we are doing it, and the LP’s rewards we have generated, in case we have them.

I hope it has helped you to know how alcor Exchange works and the different options that this platform has. Remember that if you don’t have an account with binance, you can create one just below.