Hey guys, welcome back to Zilliqa Zebra. In this video, I am going to share with you on how to use Demex. Demex is a fully decentralized trading platform that supports any cryptocurrency derivative product. If you are looking for a decentralized platform to trade financial instruments such as futures, bonds and options at scale, this video is for you.
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Built on Carbon, a custom Layer-2 blockchain solution, Demex is designed for speed, scalability, and security all while providing an intuitive and seamless user experience.
Demex will be run by the community completely via governance, allowing anyone to list new markets, make changes to market parameters and further develop the platform among other possibilities. This will ensure that Demex remains totally decentralized and censorship-resistant, preventing the risk for potential illicit activities to take place when authority is concentrated.
First of all, let’s look at the supported wallets. Users are recommended to connect to Demex via Keplr or Metamask on BSC Network. Do note that Wallets used for logging into Demex and depositing tokens are separate. Supported wallets for depositing tokens may not be a login method on Demex (i.e. ZilPay).
As a good security practice, check for Demex's SSL certificate in the address bar, and that your connection is secure, to ensure that you are not on a malicious site. Demex currently supports 4 wallets, with more on the way. These include ledger, Keplr wallet, Metamask and JSON/Encrypted key.
In order to provide liquidity or start trading on Demex, users must first deposit assets onto the layer 2 sidechain (Carbon). Do note that depositing tokens on Demex requires a small amount of $SWTH for platform fees. You can obtain $SWTH from the link in the description.
Step 1: Head to Demex (at https://app.dem.exchange/) and connect to your wallet
Step 2: Select "Wallet Balance" and click "Deposit" for the token you wish to deposit.
Step 3: Choose the correct network you are depositing your token from.
After selecting a network, a contract address will be generated for users to send their tokens to Demex.
Step 4: Input the amount to deposit and send your desired amount to the deposit address.
Do check that the detected balance on Demex is correct. Note that this transaction is irreversible.
Step 5: Click "Receive" once you are ready to confirm your deposit.
If you plan to deposit Zilliqa or ZRC-2 tokens, you can follow the following steps.
Step 1: Log into Demex. Users are recommended to connect with Keplror Metamask on BSC Network
Step 2: Go to your "Wallet Balance" and locate the ZRC-2 asset you want to deposit. Click "Deposit" at the right hand side of the chosen asset.
Step 3: Select "ZRC2 (via ZilPay) as the source Network if you are depositing directly from the Zilliqa blockchain. Next, connect to ZilPay. Approve the connection to Demex.
Step 4: Input the amount of tokens you wish to deposit and click on "Deposit". Confirm and approve the transaction.
Step 5: View your transaction under your "Transaction History". The transaction may take awhile to confirm.
Once your tokens have been successfully deposited, the transaction status should state "Sucess". Congratulations! You have successfully deposited your ZRC-2 assets onto Demex.
Withdrawing tokens from Demex involves the transfer of tokens from the layer 2 Carbon sidechain to a different blockchain network.
Step 1: Head to Demex and connect to your wallet
Step 2: Select "Wallet Balance" and click "Withdraw" for the token you wish to withdraw from Demex.
Step 3: Choose the correct network you are withdrawing your token to.
Step 4: Input the destination address and amount to withdraw.
Step 5: Click "Proceed" once you are ready to confirm your withdrawal.
In a decentralized exchange, users themselves can take a share in market-making profits by providing liquidity to a swap pool. Users deposit their assets into a common pool which is then managed by an Automated Market Maker algorithm. In return, they obtain liquidity-pool tokens, which is basically a claim ticket to the assets in the pool. The number of tokens issued to the user is proportional to the amount of assets they deposit.
To add liquidity on DEMEX, Step 1: Go to https://app.dem.exchange and click on “Connect Wallet” on the top right corner.
Step 2: Click on “Pools” to view the available liquidity pools. You will be able to view Total APR, APR Breakdown, Commit Duration, Volume and Liquidity.
Step 3: Click on “Add” and enter the amount of tokens you wish to contribute. Step 4: Confirm your contributing by clicking on “Add liquidity”
Under the "Manage Pools" section, you are able to view your liquidity contributions and unclaimed rewards. To claim rewards, simply click "Claim All". Do note that a network fee of 30 SWTH will be incurred.
I hope you have found this video useful. If you have any feedback and inputs, do drop them in the comments below. That's all I have for this episode of Zilliqa Zebra. Don’t forget to subscribe to my channel for your regular dose of Zilliqa and cryptocurrency news. And check out my other videos which might be of interest to you. Goodbye!
