Hello everyone, my name is okman. Today I will introduce you how to use Slingshot, a decentralized trading platform.

PS:the Chinese version (https://medium.com/@okman/%E5%A6%82%E4%BD%95%E4%BD%BF%E7%94%A8slingshot-exchange-440af8a8125)has been completed before, and the community hopes to have an English version, so this article is written.

Slingshot combines the performance and ease of use of a centralized trading platform with the openness and transparency of the decentralized exchange to create the world’s most powerful web3 trading platform.

Users do not need to create an account, do not need KYC to start trading, and only need a crypto-wallet (for example: metamask, walletconnect, etc.) to start trading. So,this also means that as a user you maintain full control over your assets, at all times!

Slingshot’s official website home page address is: https://app.slingshot.finance/ . It currently supports Polygon 、Arbitrum、and Optimism.

Go to the official website address, click the button [Connect Wallet] in the upper right corner, connect to your wallet, and authorize the connection through your wallet.

Reminder:

1. Before you will be able to execute a trade you will need to switch your wallet to the correct liquidity zone that you are looking to trade on; either the Polygon or Arbitrum network.

2. Please make sure that you have MATIC tokens of Polygon chain or ETH of Arbitrum /Optimism in your wallet. These tokens are gas payment tokens necessary for subsequent transactions.

(Not necessary, just look at the overall market)

After entering the homepage of the official website, on the Markets page, you can see the current state and trend curve of the cryptocurrency market.

You can choose the market situation of the RPC network you want to see, currently supports Polygon 、Arbitrum and Optimism

Slingshot lists and provides any tokens that are liquid for trading in the current market.On top of that, slingshot aggregate liquidity across all available sources so that user always get the best price possible.

To trade between any supported token pair, simply click on the base token and quote token in the order, and then select the token you want to trade from any supported liquidity area.

Here is an example, as shown below: In the [Trade] tab, users can trade TOKEN (such as MATIC)

In the yellow box, it is the basic token, which is the object you want to operate (buy it or sell it), for example, it is MATIC in the picture;

In the purple box, there are quoted tokens, just like USDC, that is, you use it to buy Matic, or sell Matic to become USDC

The buy and sell options will refer to the base token. Therefore, in the figure below, “Buy” means buying MATIC with USDC. Therefore, “Spend amount” will be expressed in USDC, and “Est. Receive” will be expressed in MATIC.

The selected base token will also determine the chart on the right side of the quote table, as well as the transaction history of all the latest transactions that have occurred for the base token reported by the blockchain that tracks all trading pairs.

Once you have selected your basic token, quote token, and buy or sell options, you can enter the amount you want to trade.

Note: As shown in the figure below, there used to be a MAX button in the yellow frame area, but now it is gone. UI Update Changed to: The number of quoted tokens available in your wallet will be displayed in the green box below. If you click on it, the value will be automatically entered in the “Spend amount” box, or you can manually enter the value you want to trade in the “Spend amount” box.

After entering the payout amount, Slingshot will calculate the current market price available after you complete the transaction. The quotation is valid for about 10 seconds (the progress bar in the red box as shown below, the quotation is automatically refreshed after 10 seconds), and then refreshed according to the latest market data.

After you determine the amount to spend on the transaction, you can view the details of the transaction by clicking the [Review Order] button to preview the order. The pop-up dialog box summarizes the detailed information of your order, and allows you to adjust the execution speed, gas cost and the maximum slippage you are willing to accept.

Slingshot provides the option of setting the execution speed of any transaction to slow, standard, fast or high speed (as shown in the figure below: slow, standard, fast, or turbo). The execution speed depends on the gas fee you are willing to pay to reduce the time required for the blockchain network to receive and process your transaction orders.

The execution speed of transactions included in the block is determined by the market, so as the network becomes more or less congested, the gas fee will fluctuate accordingly. The speed you choose will adjust your gas cost separately according to the determined network congestion at the time.

Setting the maximum slippage limit ensures that the transaction needs to reach the minimum return to execute the transaction, otherwise the transaction will be rejected and you will lose the transaction order gas fee. The slippage generally defaults to 1%. When the market price remains unchanged, the transaction can be done smoothly. Of course, you can also customize the slippage, as shown in the figure below.

Therefore, if you want to buy 1.00 WETH at a price of 4,250 USDC and set the maximum slippage to 1%, the transaction will not be executed unless you can receive at least 0.99 WETH when the network receives the order. If this threshold cannot be reached, the order will be rejected and the funds will be returned to your wallet, minus the gas fee (the GAS fee will be deducted and will not be refunded).

If everything is normal, click “Place Order” to complete the transaction. This will send a request to your connected wallet to authorize the transaction. Once the transaction is authorized on your wallet, the order will be placed in a network queue for matching processing, as shown in the figure below, the order is being processed….

There will be a small bell in the upper right corner of the page to show the order currently in progress

Once the order is received by the blockchain, you will receive the complete order details

This feature is very good and awesome, allowing users to feel the same ease of use as a centralized exchange. You can view the recent transaction records of this token or all tokens in your wallet on the blockchain.

On the right side of the screenshot above, there are 3 dots is a button, you can open Show All Trades to view all historical transaction records of your wallet.

Click on a history record, you can click on the TXH transaction hash to view it in detail, and this order can also be shared to a global chat room of Slingshot (described in the following chapter).

In the wallet management on the upper right corner of the page, click the button [Download Order History] as shown in the figure below, and select Download in the pop-up window to download your historical transaction data every 24 hours. The specific interface is as follows:

This is a window that supports global chat, so that you don’t have to be alone, not only facing the trading platform interface, but also real-time discussion of the market with thousands of traders, and a good experience of trading while communicating.

The Chatbox allows users to send messages to other members on the platform. When you first connect your wallet, you will be prompted to enter a display name, which will be visible in the global chat box when you send a message. The display name needs to be at least four alphanumeric characters long. After selecting or updating a display name, you will not be able to change it for the first 24 hours, so choose wisely.

Click the button [Sign in To chat] to sign the wallet, and you can start chatting. As shown in the picture below, okexwallet is my username, I can communicate in it, and I can also share recent transaction records.

Slingshot currently supports the following NFTs on Ethereum:

• CryptoPunks

• Bored Ape Yacht Club

• Pudgy Penguins

• SupDucks

• Deadfellaz

• Meebits

• CrypToadz

• Cool Cats

• 0N1Force

• lobsterdao

• doodles

If you don’t have these NFTs, and You want to set an avatar, you can buy 100 PENG4815 tokens (which is a Slingshot-owned, tokenized NFT.officially released by slingshot, you can see PENG4815 in the Polygon chain in the slingshot trading interface).

You can set the avatar after you buy it.（ Of course, you don’t need to set an avatar, which is not necessary.）

The steps to set an avatar are as follows:

1. Click the small icon bottom right corner of the page avatar, Avatar Settings dialog box pops up,

2. [change Avatar] button to go is to change the picture, if your wallet to buy 100 PENG4815 this token, there will be a The little penguin head portrait NFT, just select it.

3. then set your chat username Display Name (here is my username okexwallet, haha),

4. and then you can start chatting and bragging while trading.

Note: If you sell these 100 PENG4815 tokens, the avatar will automatically disappear, which is equivalent to locking up 100 100 PENG4815 tokens if you want a little penguin avatar.

Finally, let’s summarize:

1. The trading volume of the Slingshot platform is very large (>1,000,000 trades ), and the usage is very smooth

2. Slingshot Currently support: Polygon ,Arbitrum and Optimism.

3. It is currently expected that there will be an event in January 2022 https://twitter.com/SlingshotCrypto/status/1471180321152401414?s=20 , everyone enter discord and stay tuned

PS：Could you please click on the Follow button in the upper left corner, follow me, I am okman, focus on some OK projects, thank you!

Hello everyone, my name is okman. Today I will introduce you how to use Slingshot, a decentralized trading platform.

PS:the Chinese version (https://medium.com/@okman/%E5%A6%82%E4%BD%95%E4%BD%BF%E7%94%A8slingshot-exchange-440af8a8125)has been completed before, and the community hopes to have an English version, so this article is written.

Slingshot combines the performance and ease of use of a centralized trading platform with the openness and transparency of the decentralized exchange to create the world’s most powerful web3 trading platform.

Users do not need to create an account, do not need KYC to start trading, and only need a crypto-wallet (for example: metamask, walletconnect, etc.) to start trading. So,this also means that as a user you maintain full control over your assets, at all times!

Slingshot’s official website home page address is: https://app.slingshot.finance/ . It currently supports Polygon 、Arbitrum、and Optimism.

Go to the official website address, click the button [Connect Wallet] in the upper right corner, connect to your wallet, and authorize the connection through your wallet.

Reminder:

1. Before you will be able to execute a trade you will need to switch your wallet to the correct liquidity zone that you are looking to trade on; either the Polygon or Arbitrum network.

2. Please make sure that you have MATIC tokens of Polygon chain or ETH of Arbitrum /Optimism in your wallet. These tokens are gas payment tokens necessary for subsequent transactions.

(Not necessary, just look at the overall market)

After entering the homepage of the official website, on the Markets page, you can see the current state and trend curve of the cryptocurrency market.

You can choose the market situation of the RPC network you want to see, currently supports Polygon 、Arbitrum and Optimism

Slingshot lists and provides any tokens that are liquid for trading in the current market.On top of that, slingshot aggregate liquidity across all available sources so that user always get the best price possible.

To trade between any supported token pair, simply click on the base token and quote token in the order, and then select the token you want to trade from any supported liquidity area.

Here is an example, as shown below: In the [Trade] tab, users can trade TOKEN (such as MATIC)

In the yellow box, it is the basic token, which is the object you want to operate (buy it or sell it), for example, it is MATIC in the picture;

In the purple box, there are quoted tokens, just like USDC, that is, you use it to buy Matic, or sell Matic to become USDC

The buy and sell options will refer to the base token. Therefore, in the figure below, “Buy” means buying MATIC with USDC. Therefore, “Spend amount” will be expressed in USDC, and “Est. Receive” will be expressed in MATIC.

The selected base token will also determine the chart on the right side of the quote table, as well as the transaction history of all the latest transactions that have occurred for the base token reported by the blockchain that tracks all trading pairs.

Once you have selected your basic token, quote token, and buy or sell options, you can enter the amount you want to trade.

Note: As shown in the figure below, there used to be a MAX button in the yellow frame area, but now it is gone. UI Update Changed to: The number of quoted tokens available in your wallet will be displayed in the green box below. If you click on it, the value will be automatically entered in the “Spend amount” box, or you can manually enter the value you want to trade in the “Spend amount” box.

After entering the payout amount, Slingshot will calculate the current market price available after you complete the transaction. The quotation is valid for about 10 seconds (the progress bar in the red box as shown below, the quotation is automatically refreshed after 10 seconds), and then refreshed according to the latest market data.

After you determine the amount to spend on the transaction, you can view the details of the transaction by clicking the [Review Order] button to preview the order. The pop-up dialog box summarizes the detailed information of your order, and allows you to adjust the execution speed, gas cost and the maximum slippage you are willing to accept.

Slingshot provides the option of setting the execution speed of any transaction to slow, standard, fast or high speed (as shown in the figure below: slow, standard, fast, or turbo). The execution speed depends on the gas fee you are willing to pay to reduce the time required for the blockchain network to receive and process your transaction orders.

The execution speed of transactions included in the block is determined by the market, so as the network becomes more or less congested, the gas fee will fluctuate accordingly. The speed you choose will adjust your gas cost separately according to the determined network congestion at the time.

Setting the maximum slippage limit ensures that the transaction needs to reach the minimum return to execute the transaction, otherwise the transaction will be rejected and you will lose the transaction order gas fee. The slippage generally defaults to 1%. When the market price remains unchanged, the transaction can be done smoothly. Of course, you can also customize the slippage, as shown in the figure below.

Therefore, if you want to buy 1.00 WETH at a price of 4,250 USDC and set the maximum slippage to 1%, the transaction will not be executed unless you can receive at least 0.99 WETH when the network receives the order. If this threshold cannot be reached, the order will be rejected and the funds will be returned to your wallet, minus the gas fee (the GAS fee will be deducted and will not be refunded).

If everything is normal, click “Place Order” to complete the transaction. This will send a request to your connected wallet to authorize the transaction. Once the transaction is authorized on your wallet, the order will be placed in a network queue for matching processing, as shown in the figure below, the order is being processed….

There will be a small bell in the upper right corner of the page to show the order currently in progress

Once the order is received by the blockchain, you will receive the complete order details

This feature is very good and awesome, allowing users to feel the same ease of use as a centralized exchange. You can view the recent transaction records of this token or all tokens in your wallet on the blockchain.

On the right side of the screenshot above, there are 3 dots is a button, you can open Show All Trades to view all historical transaction records of your wallet.

Click on a history record, you can click on the TXH transaction hash to view it in detail, and this order can also be shared to a global chat room of Slingshot (described in the following chapter).

In the wallet management on the upper right corner of the page, click the button [Download Order History] as shown in the figure below, and select Download in the pop-up window to download your historical transaction data every 24 hours. The specific interface is as follows:

This is a window that supports global chat, so that you don’t have to be alone, not only facing the trading platform interface, but also real-time discussion of the market with thousands of traders, and a good experience of trading while communicating.

The Chatbox allows users to send messages to other members on the platform. When you first connect your wallet, you will be prompted to enter a display name, which will be visible in the global chat box when you send a message. The display name needs to be at least four alphanumeric characters long. After selecting or updating a display name, you will not be able to change it for the first 24 hours, so choose wisely.

Click the button [Sign in To chat] to sign the wallet, and you can start chatting. As shown in the picture below, okexwallet is my username, I can communicate in it, and I can also share recent transaction records.

Slingshot currently supports the following NFTs on Ethereum:

• CryptoPunks

• Bored Ape Yacht Club

• Pudgy Penguins

• SupDucks

• Deadfellaz

• Meebits

• CrypToadz

• Cool Cats

• 0N1Force

• lobsterdao

• doodles

If you don’t have these NFTs, and You want to set an avatar, you can buy 100 PENG4815 tokens (which is a Slingshot-owned, tokenized NFT.officially released by slingshot, you can see PENG4815 in the Polygon chain in the slingshot trading interface).

You can set the avatar after you buy it.（ Of course, you don’t need to set an avatar, which is not necessary.）

The steps to set an avatar are as follows:

1. Click the small icon bottom right corner of the page avatar, Avatar Settings dialog box pops up,

2. [change Avatar] button to go is to change the picture, if your wallet to buy 100 PENG4815 this token, there will be a The little penguin head portrait NFT, just select it.

3. then set your chat username Display Name (here is my username okexwallet, haha),

4. and then you can start chatting and bragging while trading.

Note: If you sell these 100 PENG4815 tokens, the avatar will automatically disappear, which is equivalent to locking up 100 100 PENG4815 tokens if you want a little penguin avatar.

Finally, let’s summarize:

1. The trading volume of the Slingshot platform is very large (>1,000,000 trades ), and the usage is very smooth

2. Slingshot Currently support: Polygon ,Arbitrum and Optimism.

3. It is currently expected that there will be an event in January 2022 https://twitter.com/SlingshotCrypto/status/1471180321152401414?s=20 , everyone enter discord and stay tuned

PS：Could you please click on the Follow button in the upper left corner, follow me, I am okman, focus on some OK projects, thank you!