Introducing nOS DEX & ERC20 Swap Service
As a part of our final updates before nOS Mainnet, we added major new features to the wallet and testnet.
nOS Swap Service & DEX
Ethereum has an incredible ecosystem.
DeFi (Decentralized Finance), DAOs, oracles, non-fungible tokens, decentralized exchanges, online games… The sky is the limit!
Letting you use NOS with this ecosystem would open up a new world of possibilities.
So we built a service for that!
Introducing the DEX & Swap Service.
We hope you enjoy these new products as much as we enjoy building them!
wNOS is an ERC20 version of NOS on the Ethereum blockchain.
You can swap NOS for wNOS and vice-versa at a 1:1 ratio within the wallet.
Next to using your NOS on nOS Network for features like staking, voting, transferring, and creating databases, you can also swap NOS to wNOS and use it on Ethereum with any ERC20-supported application (most DeFi apps and services).
Note: The swap service is currently only live on the nOS Testnet and the Ethereum Ropsten Testnet. You can’t use your NEP5 tokens just yet!
The wallet now has a built-in decentralized exchange (DEX) powered by the Uniswap Protocol.
You can use the DEX to instantly buy and sell wNOS for ETH.
All you need is some ETH and you can trade! No account or KYC needed.
The DEX is a part of the nOS Wallet
If you don’t have any NOS, you can simply get some wNOS on the DEX and then instantly swap them to “real” NOS!
Here’s what that looks like:
Real coins in a few clicks.
Note: this is currently only live on the testnet.
When the mainnet launches, you’ll be able to use the swap service with real NOS (and real ETH).
Earning from DEX Liquidity
If you own wNOS and ETH, you can pool liquidity on the DEX and earn crypto every time someone makes a trade!
Uniswap distributes all trading fees (0.3% of each trade) to liquidity providers.
Adding liquidity to the wNOS/ETH trading pair is easy:
- Go to the wallet’s Swap panel
- Click Pool Liquidity
- Enter the amount of wNOS and ETH that you want to pool.
- Click Supply and you’re done!
The amount of wNOS and ETH that you pooled will fluctuate based on DEX buy and sell orders.
The higher the liquidity (more wNOS and ETH pooled), the less your own pooled funds will fluctuate.
For example: if someone buys wNOS with ETH, then your pooled ETH will increase and wNOS will decrease.
You earn ETH and wNOS from every single trade on the trading pair, based on how large your share of the liquidity pool is.
For example: if you pooled 10,000 wNOS + 10 ETH, and the total of all wNOS and ETH pooled in the smart contract is 100,000 wNOS + 100 ETH, then your pool share is 10%. That means you will receive 10% of all collected trading fees.
You can see your pool share in the Pool Liquidity panel.
In this example, this account has a 41.70% pool share. They receive that same percentage of all the collected trading fees on their Ethereum wallet.
You can withdraw your pooled funds at any time.
Account management is now a breeze!
Before this update, you could only register and log in with a 12-word passphrase (mnemonic).
Now, your keys are encrypted and stored locally inside your wallet, so you can easily log in using only a password.
You can import and export wallets by files and encrypted keys. You can also import a wallet using its mnemonic key.
Now you can easily and securely manage multiple wallets without needing to copy full mnemonic keys.
Code Update: Refactor to Typescript
If you do run into any bugs or errors, let us know on Telegram!