[DEX MASTERY SERIES] - Part 3: How a BOT works
🤔 To make a regular swap on a #DEX, you need to follow these steps:
- Ensure you have a non-custodial wallet with sufficient funds, depending on the network and pair.
- Get the token address (if the ticker cannot be found)
- Head over to the DEX platform, select the swap section, and choose the pair you want to swap.
- Adjust the slippage if needed
- Select the amount you want to swap.
- Approve -> Swap -> Loading….
🚨 If you encounter an error, you have to review the steps or try initiating a new transaction.l 😵
⚡ However, by using a bot, all these steps can be PRE-SET!!! Simply PASTE THE CONTRACT to instantly buy or sell, and orders can be executed within 100-200ms.
👉🏻 The BOT optimizes MOST UX/UI OPERATIONS for you, no need to click and confirm each step anymore!
🛠 Orders executed by the BOT are FASTER than direct transactions on the DEX because the BOT fetches on-chain data from the full node and only uses the DEX's smart contract to send transactions.
🎯 Additionally, the BOT can send MULTIPLE TRANSACTION AT ONCE, which is NOT POSSIBLE with a DEX.
When trading on a DEX, speed is crucial in determining whether you FOMO or not.
👉🏻 The earlier you learn to use a BOT, the better you can EARN!
Part 4 will mention some things worth noting when using a BOT!