How to Use Mesa DEX?
What is Mesa DEX?
Mesa is an open source interface for Gnosis Protocol, a fully permissionless DEX that enables ring trades to maximize liquidity. When trading you can add any token that belongs to ERC-20, as Gnosis Protocol works only with ERC-20 compliant tokens. As of today, 6 crypto currencies are being offered at Mesa Liquidity.
How to Trade in Mesa?
Connect your wallet to Mesa via WalletConnect
1. Enter ‘Trade’, choose the coin to swap from and to. If you cannot find a token you need, find a token’s contract address on https://etherscan.io/ and paste it in the search line, add a token.
2. To start trade you need to deposit a token that you want to swap from. Enter ‘Balances’, click ‘Enable Deposit’. Approve WETH deposit in your wallet and pay the gas fee to pay to approve WETH deposits. Wait for it to be confirmed.
3. To deposit your token tap on it and enter the amount you intend to trade. Tap ‘Deposit’. Confirm the transaction in your wallet and pay the gas fee.
4. Once successfully deposited you will see balance of deposited token as available balance.
5. Go back to ‘Trade’. Confirm the trading pair and amount. Input a ‘Limit Price’ at which the order will be placed. A limit price is the maximum price of swapped to token you would like to pay for with your holding asset. Tap on ‘Submit Limit Order’.
*Please note that large orders will be prioritised over smaller ones at the same price by the auction settlement mechanism, so if you are adding a small volume order and want to ensure an allocation of a token swapped to, it’s best to bid high.
6. Once successfully placed a bid, it should appear in ‘Your Orders’ on the right of the order submission section. Check if your orders sit in relation to everyone else’s by viewing the order book.
How to Provide Liquidity?
To provide liquidity you need to deposit funds to Mesa from your wallet the same as shown above.
1. Enter ‘Liquidity’, select which stablecoins you wish to include, there should be at least 2. The more you include, the more opportunities your Liquidity Order will have. Once chosen tap ‘Continue’.
2. Then you need to define the spread. This means stating the profit you intend to make under the assumption that your stablecoin is worth $1.00. The higher the spread is, the less likely the orders will fill. The lower the spread, the more likely orders will fill, but with less profit.
3. Click ‘Submit Transaction’, confirm the transaction in your wallet and pay the gas fee.
4. Successfully submitted you can go to ‘Your orders’ — ‘Liquidity’ to see if your balances have changed. You can also check in ‘Trade’ to view the orders. These are combinations of the stablecoins you selected in the Liquidity tab. However, you can cancel any number of these orders if you’d like to. (The Closed tab is for spot orders on the left, or closed Liquidity Order pairs.)
*Please pay attention that every financial operation and decision has a potential investment risk, when making an investment think carefully, do not take any impulsive decision.