Updated as of version 1.00, 4th Sep 2022.
Goat Swap is a NFT AMM swap on Solana for NFT liquidity providers to provide liquidity like in niswap. The website is below:
If you don’t know an AMM, please check with uniswap ** here**.
How to to create a pool:
Step1: First of all, you will need a Solana wallet to sign in goat swap. If you don’t know how to get a Solana wallet, check Phantom website to get one.
Step2: You will need some sol in your wallet, say 0.5 to 1 sol. (1 sol = 32 USDT as of the time writing this article). If you don’t have any sol, please go to Binance to buy some. If you don’t have a Binance account, you can use my referral code 39614183 or referral link to register Binance account.
https://accounts.binance.com/en/register?ref=39614183
Step3: Once you have wallet ready, click the ‘Connect Wallet’ on the top right side.
If successful, you would see it becomes below:
Step 4: Goat Swap only allows verified collections to be pooled. You can click ‘Your NFTs’ to see what NFTs you own that you can create a pool for. If you don’t have one, you need to buy one. Click ‘Collections’ to find an NFT to buy.
It is quite simple to buy one NFT here. Let’s take the collection of Bitmon Creatures as an example . You find the #8700 is 0.053 sol and click Buy now. (make sure you have enough sol). Phantom will pop up a notice window to ask you to approve. Once it is done correctly, you should find your nft by clicking Your NFTs.
Step 5: Now you have an eligible NFT and some solana, so let’s create a pool! Click the button ‘Your Pools’.
Obviously you don’t have any pool yet. So click ‘Create a pool to buy, sell, or trade NFTs’ . It pops up a window like this below.
I choose ‘Do both and earn trading fees’ , it means that you will be forced to buy or sell Bitmon Creatures NFT as a liquidity provider.
I choose ’Amount of NFTs to Buy’ as 1 , because you only have 1 and want 1 NFT to participate.
Start price (SOL) I set it as 0.05, as I think 0.05 sol is a fair price to buy / sell this NFT.
Change price by (SOL) is the delta price changed per each NFT bought / sold in the portfolio. It defaults to the linear model. It means if the pool buys 1 NFT the price to buy another will decrease by delta. If the pool sells 1 NFT the price to sell another NFT will decrease by delta.
Fee (%) Here comes profit, set a percentage to meet your risk appetite. I use 10%.
Selected 1 NFTs Select 1 NFT to add into the pool.
Then you need to deposit 1 NFT and 1 0.04 sol into the pool. Why is 0.04? actually it is 0.045
Once click approve, you should see the pool info as below, you 0.0445 tokens and 1 NFT pooled.
Check the collection, you will find #8700 NFT there. Now, you are providing liquidity and have fun!. Remember, once you provide double-sided liquidity, your NFT and tokens will trade automatically, so make sure you are aware of the risks.