🦴 Hi, I’m 10, this is the #打狗棒法 series, this issue will teach you the basic skills!
This article is an introductory article on primary market (on-chain) transactions, mainly introducing some auxiliary tools, on-chain trading platforms and common terms used in transactions.
Token Information Disclosure Website:
Any project with some strength will disclose their token information on these two websites. Many local projects will not be able to find information. This is one of the indicators of the strength of the project.
CoinTiger: https://www.coingecko.com/
CMC： https://coinmarketcap.com/zh/
Aggregation website for monitoring market and project information:
You can watch the market to view real-time transaction data, basic security information of tokens, and links to project official websites, Twitter, etc. After opening the platform website, search for the token contract you want to view (it is not recommended to search by name, there are fakes). The platform itself also provides trading functions, but it is not professional enough!
Ave：https://avedex.cc/
DexTools：https://www.dextools.io/app/cn/pairs
Decentralized Exchanges:
There are many chains now, not all tokens can be traded on the same exchange or platform, some tokens are not traded on multiple chains on each chain, and different exchanges and platforms list different token trading pairs! The following are the two most mainstream decentralized exchanges, which also support different chains and are the leaders of the two chains!
Binance Chain: https://pancakeswap.finance
Ethereum chain: https://app.uniswap.org
Aggregate trading platform:
The main function is to automatically help you choose the best price to buy the target token, although the function is far more than that, including saving handling fees, preventing clamp robots, etc.! The recommended platform below also supports transactions on multiple chains and is also the leader in aggregated transactions!
1inch： https://app.1inch.io/
Glossary of on-chain transactions:
Slippage: If the price fluctuation exceeds the set percentage after the transaction is submitted to the chain, the transaction will be canceled. It is a price protection measure for buying and selling, but when encountering some tokens that need to be taxed, it may be necessary to set the slippage to the tax rate + the price fluctuation of the currency affected by the transaction!
Clamp robot: The principle is to buy within the slippage range of the transaction setting before the transaction is on the chain, resulting in a higher purchase price, and sell after the transaction is successful, resulting in a loss in the transaction. The current solution can only be defended by exchanges or RPC that support Flashbot. Controlling the size of slippage can also effectively avoid losses!
Gas fee/miner fee: This fee is equivalent to the worker's salary. Since it is executed by computers, the higher the salary, the faster the worker! In some cases where speed competition is required, you can decide whether to offer a high salary!
Authorization: When trading on a decentralized exchange, you need to authorize the decentralized exchange to process your tokens for the first time, so that it has the authority to operate your tokens. Be careful not to enter the wrong website, and do not authorize questionable third-party smart contracts, as this may lead to asset theft!
If you are unable to buy or sell, assuming the token contract is fine, the slippage is too small! If you encounter problems on the Pancake platform, you can refer to their documentation for specific error descriptions!
With the knowledge of the above, you can now use the dog beating stick with great power. In the next issue, we will introduce how to judge whether a dog is good or bad. Go, go, go! ! !
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