Learn about the new Swap V2 user interface upgrade designed to provide a seamless user experience when swapping tokens directly on the Scallop protocol.
Thanks to the upgrade, scallopers will now enjoy a seamless beginner friendly UI, a feature to compare different offerings and pricing while executing swaps, and a unique feature for showcasing the route of a token swap.
Scallop is a decentralized finance protocol that is powered by the Sui Network , and provides crypto lending and borrowing solutions, asset management, and automated market making.
In line with the upgrade, the DeFi protocol will host their first Swap Event and a $10,000 airdrop giveaway in its native token, the $SCA with zero swap fees!
Read on to learn more about Scallop’s new user interface, what benefits it brings, and a step-by-step guide for how to use it.
Introducing Scallop Swap V2:Swap More Efficiently with the Best Rates
Swap V2 provides seamless token swapping and a rate comparison feature that scores the markets for different aggregators on the Sui Network, which allows you to enjoy competitive pricing when trading cross-chain.
Before the upgrade of Scallop Swap feature, you had to trade a specific offering without comparing different offers and selecting the most competitive ones. Now you can access and compare various offers and trade tokens directly on the protocol.
This is how the new swap UI upgrade looks like:
With the new upgrade, you will be able to preview the flow of your transaction, thanks to the embedded route display feature.
What is Scallop?
Scallop is a next generation decentralized finance (DeFi) protocol and a next-generation P2P money market on the Sui ecosystem.
The protocol provides a broad range of financial solutions that include low-fees borrowing, high-interest crypto lending, automated market-making (AMM) tools, asset management, as well as a software development kit (SDK) for advanced traders to implement sophisticated trading algorithms such as zero-interest loans.
Benefits of Swap V2
Trade from a single platform
Scallop’s new Swap UI will provide a single, end-to-end marketplace for all your decentralized trading needs, allowing you to browse, exchange, buy, borrow, lend, sell and trade tokens without leaving the platform. Thereby offering a seamless experience for new and advanced users.
Swapping multiple markets
Swap V2 combines data from different decentralized exchanges, aggregators and market makers, which provides you with competitive network fees and the lowest quotes. At the same time, you get to access a broad selection of tokens.
Real time marketing tracking
Swap V2 monitors the markets in real time and collects the latest insights to deliver competitive offerings with relatively prices. The new upgrade implements a sophisticated algorithm to score the markets for effective liquidity sources and routes that will be affordable to you.
Expandable liquidity
Professional traders need lower slippage, competitive prices and a diverse range of liquidity sources, and a single DEX may not always guarantee these benefits. Scallop’s Swap V2 gives you access to multiple liquidity pools that support fast and large trades without leaving any negative impacts on the market.
Access to the best swap rates
And one of the best advantages for using Scallop’s Swap V2 is availability of the best swap rates.The new feature is a game-changer for traders who prefer quality decentralized finance solutions at an affordable cost.
Enjoy Up to $10,000 Giveaway on the Scallop Swap Event
In celebration of the new Swap V2 upgrade, Scallop is running the Swap Event giveaway to reward traders that achieve the highest trading volume.
The traders will compete for a prize pool of more than $10,000 $SCA and to be eligible, you must meet only three conditions:
- Your swap trading value must be $500 and above.
- Swap any token Scallop within the duration of the giveaway event.
- Appear on the top 100 leaderboard
Event Period runs for 1 week+ between 22 August to 30 August, 2024.
For more details, refer to: [WILL INSERT LINK HERE]
How to use the new Swap V2 Interface to trade tokens
- Visit Scallop and tap the ‘Launch App’ button at the top right of your screen.
- Next, tap the “Connect Wallet” button on the top right of your screen. You will have several wallets show up, select your preferred choice and sign off access to Scallop.
- Install Sui if you are on a non-Sui supported wallet. For example, if you are using MetaMask, the wallet will prompt you to install Sui.
- Tap the ‘Swap’ button at the middle of the screen after connecting your wallet.
- Click the drop down button indicated with a ‘down arrow’ to select your base currency, or the cryptocurrency you want to swap into another crypto.
- Continue to the next drop down on the field below the first one and tap the small arrow pointing downwards, which will unveil a dropdown for selecting the token you want. There is a search button to search for it if you cannot find it on the list.
- The new Swap V2 will give you various offers depending on your selection of liquidity provider, and you will also see a route showing the flow of transaction. For example, we are swapping 500 SUI tokens to bitcoin.
Start Trading on Swap V2
With the launch of Swap V2, Scallop will become more affordable, user-friendly and accessible. By swapping a broad range of tokens directly on Scallop, you will benefit from diversity, top liquidity providers, and best prices.
