We are glad to welcome everyone who is eagerly awaiting the release of the new Scopuly mobile wallet!
As we promised in the previous announcement, in this update we will discuss the passed milestone - Asset Swap.
Introducing Scopuly’s Asset Swap: A Seamless and Intuitive UI/UX Design
We have completed Asset Swap from UI design to error handling. And we want to share with you how it looks and works.
When designing the UI/UX of the Swap, the best practices in the implementation of the user interface for swaps and staking on liquidity pools were taken. The basis was: minimalism, simplicity with information content and, of course, the speed of the UI.
And now let’s dive into the very essence of the asset swap and how it works taking into account the features of the Stellar blockchain.
Effortless Asset Selection and Swapping in Scopuly Wallet
At the very top of the screen, you first need to select an account, after which you can select assets for the swap by tapping on the asset icon to the right of the amount input field. Assets along with the entered amounts can be switched back and forth by tapping on the reverse icon.
Advanced Swap Options: Offer Path Payments Explained
In the advanced options, you can specify a different recipient address and then the asset swap will occur to the specified address. In this scenario, the asset being sold will be debited from the sender’s account and the asset being bought will be sent to the specified recipient address. This transaction is also called Offer Path Payments. All Swap transactions rely on the liquidity of the DEX and liquidity pools.
Intuitive Swap Interface with Built-in Tooltips for Users
The Swap interface is organically supplemented with question icons opposite concepts and functions unfamiliar to the user. Tooltips allow new users to quickly master Stellar DeFi tools and services.
Confirming and Finalizing Your Swap Transactions
After entering all the necessary data for input, a confirmation pops up and, if approved, the transaction is sent to the network. If successful, a message about a successful swap appears, where you can, if necessary, copy the transaction hash.
Error Handling for Smooth Transaction Experiences
In case of an error, a beautiful message appears describing the cause of the error. The reason for receiving an error may be an insufficient balance of the underlying asset for the swap, or many active offers on the account.
Adding Missing Assets to Your Account for Swap
It often happens that you need to buy or sell an asset that is not on your account. In this case, you will need to add the required asset to your account and then complete the swap that has started.
Customizing Slippage Tolerance for Precise Swaps
You can also control the Slippage Tolerance value. You can choose from the suggested 0.5% and 1% or set your own custom percentage. Slippage tolerance is a setting that allows you to determine how much price slippage you’re willing to accept so that your order can be executed.
Terms and Definitions
Path
Rather than the operation transferring assets directly from one account to another, path payments cross through the SDEX and/or liquidity pools before arriving at the destination account. For the path payment to succeed, there has to be a DEX offer or liquidity pool exchange path in existence. It can sometimes take several hops of conversion to succeed.
Min and Max Amount
Destination min/max is a protective measure, it allows you to specify a lower bound for an acceptable conversion. If offers in the order books are not favorable enough for the operation to deliver that amount, the operation will fail.
Slippage tolerance
Defines the minimum amount of assets your want to receive after a swap. Higher percentages will reduce the minimum amount off assets you`ll receive from the swap.
Swap Type
The strict send swap path endpoint lists the paths a swap can take based on the amount of an asset you want to send. The source asset amount stays constant, and the type and amount of an asset received varies based on offers in the order books. The strict receive swap path endpoint lists the paths a swap can take based on the amount of an asset you want the recipient to receive. The destination asset amount stays constant, and the type and amount of an asset sent varies based on offers in the order books.
Network Fees
Stellar requires a fee for all transactions to make it to the ledger. This helps prevent spam and prioritizes transactions during traffic surges. All fees are paid using the native Stellar token, the Lumen XLM.
Conclusion
We have covered the new swap interface in detail in the new Scopuly mobile app. After this milestone, we are moving on to further development and the next big announcement will be news about liquidity pools. Very soon, users will get a new, simple and powerful Stellar Wallet.
Stay tuned, and let’s build the future of decentralized finance together.
🔹 Website: scopuly.com
🔹 Telegram: t.me/scopuly
🔹 Twitter: twitter.com/scopuly
🔹 Medium: medium.com/@scopuly
🔹 YouTube: youtube.com/scopuly
