Beam Swap Guide
Before using automated market makers (AMM) like Beam Swap, ensure you understand their functions and potential risks.
How to Use Beam Swap
Access Beam Swap
Visit Beam's Automated Market Maker at swap.onbeam.com (opens in a new tab).
Connect your Wallet
- Click on the "Connect Wallet" button on the Swap page.
- Choose your wallet type from the available options.
- Follow the authorization prompts to allow Beam Swap interact with your wallet.
Choose the Source and Destination Tokens
- From the first menu, select the token you're swapping.
- In the second menu, pick the token you want in return.
- Input the amount of the source token to swap.
Review and Swap
- Check the estimated destination token amount.
- If satisfied with the details, hit the "Swap" button.
- Confirm the transaction in your wallet, considering network fees.
Switch Between Networks
To toggle between Beam's mainnet and testnet:
- Find the "Network" button next to "Wallet" on the top right.
- Click it and select either "Mainnet" or "Testnet."
Frequently Asked Questions (FAQ)
How does Beam Swap work?
Beam Swap utilizes the UniswapV2 protocol, a decentralized system for automated liquidity on Ethereum. It facilitates token trading without order books, and liquidity providers earn fees.
Is there a fee for swapping tokens?
Yes, AMMs typically impose a fee on each swap. This fee is given to liquidity providers as a reward. Always check transaction details to know any fees on Beam Swap.
How can I provide liquidity?
- Go to the "Pool" page at swap.onbeam.com/pool (opens in a new tab).
- Pick the two tokens you wish to provide as liquidity.
- Enter the amounts for each token.
- Press "Supply" and verify the transaction in your wallet.
What risks come with AMMs like Beam Swap?
AMMs can be efficient but may pose risks like impermanent loss, especially for liquidity providers. Always research and understand these risks before any transactions.