Welcome to this post, where we are going to take a look at how trisolaris, the main DEX of the Aurora network, works.
The Aurora network brings together the compatibility of the Ethereum EVM network with the scalability of the Near network. So it is the first EVM-compatible Near network, and therefore that you can use metamask and compatible with other networks via bridges. Trisolaris is currently the leading decentralized exchange for buying and selling, or farming with different LP Tokens.
Trisolaris is very similar to what can be pancakeswap in the BSC or uniswap in the etheruem network, but in this case in the Aurora network, which for the moment does not have gas fee, although in the future it will have it, but very low.
Let’s see how it works and how you can take advantage of this platform if you want to enter the Near ecosystem.
Setting up Aurora
To use the Aurora network, we will need to configure it in our metamask wallet. To do this, go to the top right, click on settings, networks, add network and copy the following information:
Network Name: Aurora Mainnet
New RPC URL: https://mainnet.aurora.dev/Fon6fPMs5rCdJc4mxX4kiSK1vsKdzc3D8k6UF8aruek
Chain ID: 1313161554
Currency Symbol: ETH
Block Explorer URL: https://explorer.mainnet.aurora.dev/
With this, if you click on metamask above you will be able to switch to the Aurora network and start using it. At the moment, transactions do not have a cost in gas fee, to incentivize new users to use the network, so you will be able to deposit any cryptocurrency and use it, without the need to first send the native token to pay for the commissions.
Before seeing how the platform works, you can find in bridges different ways to send tokens from another network to Aurora and use them. Being a fairly new network, you will not be able to find many centralized exchanges where you can withdraw cryptocurrencies to this network, so bridging is the best option.
Here, it depends on where you have your tokens, whether to use a bridge or another, but allbridge is very easy to use and compatible with many other networks. You can find a guide on our site if you have never used a bridge before and want to avoid making mistakes.
The first thing to do is to connect our wallet on the top right and confirm in metamask. With this, we will go to swap.
The swap is the main part of any DEX, and the operation is the same as you can find in any other, such as panckeswap, sushiswap, uniswap and many others.
In from we indicate the token we want to use, and in to the token we want to get. You will be able to see the change it has, and you must click on swap once you have confirmed that all the information is correct, and indicated the amount.
Click on swap, confirm swap and you are done. You will have the other token in your wallet. In the settings wheel you can change the slipping tolerance, in case you get an error message, it is possible that, raising the number, you can make the exchange. This is common in tokens with low liquidity or that have a tax on each transaction, whether you buy or sell.
Pool and Farm
In pool you can create the LP Token that you can later use for farming within trisolaris. It is one of the best options if you want to farm the Near token with some LP and have exposure to this token, while getting a good return for it.
The operation of creating the LP is the same as in any other DEX, click on add liquidity, indicate the two tokens you want to provide liquidity, in a ratio of 50-50, click on add liquidity and confirm in your wallet.
To know which LP to do, the first thing to do is to look at farms to see which one you are interested in, for the annual %, and for the possible impermament loss that you should always take into account.
In case you do not have 50-50 of each token, you should go to swap and exchange them to have the same proportion.
In farm, you will see two types of pools, dual rewards and normal pools. Dual rewards are pools that have incentives, either from other protocols or from the network itself, and for this you will receive a % in TRI, the platform’s native token, and another % per year with another token, for example in atLUNA. Keep in mind that this kind of incentives do not last forever, and are usually for 1 or 2 months.
You can also go to the pools without dual rewards, if you are more interested in the LP Tokens you can find there and the annual % they give. Once you have created the LP, it is as simple as clicking on the pool, in deposit, if you do not have liquidity, you can click on add the LP liquidity and it will take you to the pool. With the LP created, click on deposit, confirm in your wallet, and that’s it. You will be able to receive the annual % that you can see.
Also note that these annual % vary, and are usually lower and lower, also depending on whether there is more liquidity or not in that pool, and there are more or less users using trisolaris and that pair of cryptocurrencies on this platform.
With the LP deposited, you can click on claim to claim your generated rewards and on withdraw to withdraw the LP Token at any time. Then you must undo the LP and you will have the two tokens again. Always take into account the risk of impermament loss to avoid surprises when undoing the LP.
Finally, you also have the option of staking with your own token, TRI. The stkaing serves to get an annual %, which comes from the commissions that the platform takes, a part goes to the TRI staking.
The 0.05% of each transaction is used and distributed to the people who do TRI staking. The way TRI staking works is liquid staking, where you receive another token that appreciates in value, which is xTRI. It is becoming more and more common and we have already seen it in different platforms this type of staking, which allows you to have the token, xTRI in your wallet to use it in other platforms as market makers of lending and borrowing. Although at the moment, there are no such platforms on the Aurora network to use xTRI. The annual % you receive for staking varies a lot, depending on whether there are more people using the platform and exchanging cryptocurrencies, since the profitability comes mainly from a % of the total transactions made.
I hope it has helped you to know how trisolaris, Aurora’s main DEX, works. Remember, if you don’t have an account with binance, you can create one just below.