How to Trade on DODO in Swap Mode
Swap mode is the default trading mode on DODO. It involves exchanging some of your own tokens for tokens that you want, based on the best price available at the moment you execute the trade. It also requires the payment of gas fees.
To trade on DODO in Swap mode, follow these steps:
Navigate to the DODO app website (https://app.dodoex.io/). You should end up on the Exchange page by default. If you're not there, click on the Exchange tab in the left menu bar to navigate to the page.
Connect your browser wallet. DODO supports most of the popular browser wallets, including MetaMask, Trust, TokenPocket, imToken, SafePal, and Coinbase Wallet.
Click on the “Swap” tab to start trading.
You can find trading pairs by searching token symbols or addresses.
Trade settings can be found by clicking the gear button at the top right of the Swap dialog.
The trade settings available on DODO are as follows:
- When the difference between the market price and the quoted price from DODO’s liquidity sources exceeds your slippage tolerance, the trade will fail.
- The higher the slippage tolerance, the more likely it is that a trade will be executed. However, a higher slippage tolerance also increases the likelihood of the trade being made with a suboptimal exchange rate.
- When the interval between the time a transaction is submitted and the time it is confirmed on-chain exceeds the transaction deadline, the transaction will not be executed in order to protect traders from market volatility.
- For example, a trader sets the transaction deadline to 20 minutes and the transaction ends up pending for more than 30 minutes after submission as its gas fee was set too low. In this case, the transaction's pending time exceeds its transaction deadline and the DODO contract does not execute the transaction.
- When swapping tokens, traders may receive alert notifications when the slippage for tokens they would like to trade is high. The price deviations resulting in this slippage may be caused by low liquidity or delayed updates of the tokens' market prices
- When a token's slippage exceeds 20%, traders will not be able to submit transactions for this token unless Expert Mode is enabled.
Disable Indirect Routing:
- Checking this option ensures that the routing algorithm will only route to liquidity pools between the two tokens in the trading pair and will ignore any routes with intermediary tokens.
- Advantages: Resistant to front-running, saves gas fees.
- Disadvantages: Not being able to trade with intermediary tokens. For example, there is only one liquidity pool for the DNX/USDT pair on the DNX network. If you disable indirect routing, you will only be able to buy DNX with USDT and not with any other currency.
- Private Swap is a special feature that can effectively protect users from sandwich attacks. These attacks could come about due to the differences between the slippage settings and the current price in the liquidity pool.
When staking, depositing, or trading a token for the first time on DODO, you need to give DODO permission to access that token in your wallet by clicking “Approve” in your wallet app.