How to buy Trips on Honeyswap
Honeyswap is a decentralized exchange for the xDai chain network. There you can do swaps and add liquidity to pools. This article will guide you on how to buy and sell the Trips token via the Swap feature.
Honeyswap supports multiple wallets. The most commonly used one is MetaMask so we will use that in this article. If you have not set up a MetaMask wallet for xDai yet, read this guide first.
At the time of writing this article, the default token list on Honeyswap is v1.3.5. If your token list is not up-to-date (v2.5.0+), the Trips token will not be searchable throughout the Honeyswap interface.
Skip to step (3) if your token list is already up-to-date.
1. Automatic Token List Update
Go to the Honeyswap site and give it a few moments to completely load. What we want to see, is an update token list prompt. If it doesn’t show, you can try refreshing the page.
If the update prompt shows, select Accept update and skip to step (3)
2. Manual Token List Update
If the update prompt does not show automatically, then press the button to Select a token from the Swap screen.
A Manage Lists screen will be displayed, prompting you to Choose a list.
If this is not the first time you’ve used Honeyswap, you can bring up the Manage Lists screen by selecting the Change option in the bottom right corner of Select a token screen.
Click on the down chevron button beside Honeyswap Default list and choose Update list. Then click on the Select button for the default list to choose it.
3. Swapping Tokens
If you haven’t connected your wallet yet, you should do so first.
The Trips token should now appear in the Select a token screen, so go ahead and select it. To buy Trips, you want XDAI at the top and TRIPS at the bottom.
At the time of writing this article, you can see from the image that 1 xDai was equivalent to approximately 16.6931 Trips tokens. Or inversely; 1 Trips to 0.0599 xDai. The xDai currency is pegged to USD, so 1 xDai ≈1 USD.
Adjust the figures in either box to your desired amounts. Bear in mind that the figures are only estimates and can change as other transactions for this pair happen during the time it takes to complete the transaction.
Note the figures underneath the Swap button. Highlight the (?) to see more info. The LP Fee goes towards liquidity providers as a protocol incentive.
Pay special attention to the Price Impact. The greater the volume of the transaction, the more it will affect the exchange price.
It could be better to spread a large purchase of Trips over smaller transactions whenever the price is low. However, this relies on others selling Trips to lower the price.
The size of the liquidity pool also affects the price impact. The bigger the pool, the more stable the price will be.
4. Execute the Swap
Press the Swap button, and you will be presented with a Confirm Swap screen. Hit Confirm to open MetaMask screen asking you to confirm the transaction with your wallet.
It is recommended that you set the Gas Price to 1. Since transactions on xDai chain are executed quickly and cheap, there is no need to increase this any higher (as you might do on Ethereum Mainnet to compete for blockchain traffic). For the same reason, you do not need to modify the default Gas Limit as it should never exceed it.
In the early days of xDai chain, you could set a figure of less than 1 for Gas Price for insanely cheap transaction fees. However, the node that would accept and process such transactions probably does not exist anymore.
Trying to submit a transaction with lower than 1 for Gas Price is likely to get stuck on the blockchain and cause problems for your wallet!
Rejecting the transaction will result in nothing happening to your wallet balances. Pressing Confirm in the MetaMask screen will execute the transaction and should be relatively quick.
Next to the Assets tab in your MetaMask main screen, there is a tab for Activity. Here you should find past transactions that you have submitted.
You can click on each one to see more information for a transaction with links for the transaction ID and viewing the transaction on the blockchain explorer.
Once the transaction has finished processing, you should see your balances updated immediately in MetaMask.
Other Related articles that may be useful
If you have both xDai and Trips, you can participate in the Liquidity Pool to take a cut of transaction fees when someone exchanges tokens on Honeyswap. As a liquidity provider, you could also gain extra rewards that the Trips community runs separately on their discord server.
If you are confident enough to try trading on an exchange; another option for acquiring xDai, is to try the BitMax Trading platform.