Takoswap is Simply an etherum based automated market making a decentralized exchange by multiplier finance.
It is made up of Sushi swap and uniswap with some additional design structure in terms of price curves and contributor awards.
The TakoSwap is fully operated and controlled by the community member and its completely distributed to the Tako community with no allocation of pre-mining, the Taco swap is fully audited by bramah systems.
Takoswap offer the following facilities to the users.
- the TakoSwap exchange
- Takoswap liquidity pool
- taco Swap Farm
I will be explaining how to use the Tako swap exchange and now it's provide liquidity in any of the available pools and also how to be able to steak your liquidity pool token and Farm token as reward.
- First you go to the TakoSwap page Takoswap.org.
2.Connect wallet: to access this app, users are expected to connect with the desire wallet e.g metamask, coin base, walletconnect etc.
See screenshot below
.
I will be using metamask wallet to explain.
3.Menu: you will see various pools currently available where you can provide liquidity and earn your token or Tako.
Select your desired menu I.e token pair you want to provide. I selected makiroll <deposit MXX-ETH TLP token and earn Tako).
Click on select button appearing bellow the desired pool, you will be redirected to the exchange tab.
I am using the Takoswap exchange, you cN exchange one ERC-20 token into another ERC-20 token through automated liquidity pool. Liquidity in the exchange is maintained by the liquidity pool. Liquidity in the exchange is maintained by the liquidity provider that provide liquidity into the pool.
Once you are in the exchange tab, connect your wallet first, the app will give you various options to connect your wallet remember I'm using metamask wallet
Note this transaction is not my own wallet.
I will be using the MXX token, if you have this, you can skip this part, if you don't haver this then, you will have to first get the MXX token from the exchange Tab.
From the screenshot bellow, we are swapping some ethereum with the MXX token, enter the amount of token you wish to buy and confirm swap activity. It will trigger a metamask transaction and once the transaction is successfully you will see the MXX token in your metamask wallet.
MXX token in metamask wallet
If you are using the MXX token for the first time you won't be able to see the token in your metamask wallet directly, you have to add the token by giving the contract token. Add the token in the custom token tab.
See screenshot bellow
Pool: Since we now have time MXX token in our wallet, we can use this MXX token and add an equal amount of ethereum into the MXX-ETH liquidity pool on the TakoSwap. Users are required to add liquidity into the Takoswap pool with the MXX-ETH pair.
To add liquidity, go to the Takoswap pool, enter the amount of MXX token you wish to add to the liquidity pool and the equivalent amount of ETH will be automatically enter.
For first time, you will need to approve the pair first before adding the liquidity, once approved, you can now supply liquidity by clicking on the supply pool button.
The app will display the number of pool token that you will receive, confirm the supply
See screenshot bellow.
A Metamask transaction is triggered, once you confirm the transaction, you can see the MXX liquidity details.
The MXX-ETH liquidity pool token will be reflected in your metamask wallet.
Stake
TakoSwap Farm allows the users to stake their TakoSwap Liquidity Pool (TLP) tokens that they have received by providing liquidity into the TakoSwap Pool. In return, the user will receive Tako rewards with each new block.
Once you have the MXX-ETH TLP token in your MetaMask wallet, select the dish from the Menu tab. Click on Approve MXX-ETH TLP and confirm the MetaMask transaction.
TakoSwap
Once approved, you can now see the plus (+) icon (highlighted below). Click on it to deposit your MXX-ETH TLP tokens.
Enter the amount of TLP tokens that you wish to deposit and confirm the process.
TakoSwap
You can see your staked token balance in the TakoSwap dashboard. Users immediately start earning rewards as soon as they staked their TLP token.
With TakoSwap, Multiplier Finance aims to attract crypto users towards its platform. Like Uniswap, users can swap ERC-20 tokens, provide liquidity, and earn 0.3% of the trading fee along with the extra advantage of high-yield farming. However, as with other Ethereum-based applications, TakoSwap is also painful to its users in terms of high gas costs.
Thanks for giving me the opportunity to be share this information to this community
@abcallen
@levycore
@dobartim
@cryptokannon
@pelon53
@fendit