How To Use Sundaeswap? Cardano DEFI Guide 

how to use sundaeswap

SundaeSwap is a decentralised, autonomous protocol for trading Cardano projects and tokens, on the Cardano blockchain. The application is (at the time of writing) in public beta on the Cardano mainnet. As a result, the functionality is a little bit behind other DEXs such SpookySwap (Fantom network) and Trader Joe (Avalanche). SundaeSwap, however, does still allow users to swap tokens, provide liquidity, and farm to earn yield. Like all other DEX’s you will need to make sure you have some Cardano in a wallet to pay for gas fees. Let’s jump in and learn how to use SundaeSwap!

Getting Started on SundaeSwap

To get started with SundaeSwap, go here and connect a Cardano wallet. You have two choices, either Nami or ccvault. For the purposes of this guide, we are going to use the Nami wallet. If you have not already, then first install your preferred wallet.

  1. Select your wallet. If using Nami Wallet, then you will need to use either Google Chrome, Microsoft Edge, or Brave when using SundaeSwap.
Getting Started on SundaeSwap
  1. Give the application access to your wallet by clicking on the ‘Access’ button.
sundaeswap
  1. You will receive confirmation that your wallet has connected. It is that simple!
using sundaeswap

Swapping Tokens

Swapping on SundaeSwap is very simple. 

  1. You start by clicking on ‘Swap’ in the navigation menu.
swapping on sundaeswap
  1. Choose the tokens that you want to swap from and to using the dropdowns. Once the ‘Swap’ button appears enabled, click ‘Swap’
swapping tokens
  1. Click on ‘Order Swap’, and then your wallet will ask your permission for the transaction.
tokens on sundaeswap
  1. Once you have clicked the ‘Sign’ button and authorized the swap, you will receive confirmation of the transaction being queued.
swapping tokens on sundaeswap
  1. When your request to swap has been sent to the Cardano blockchain to process, you will see the ‘Success’ message to know it’s being processed. You check on the progress by clicking on the ‘View on Cardanoscan’ link.
token swapping
  1. To check your swap has gone through you can click on the ‘View Orders’ button, or by navigating to the menu on the left – and clicking ‘Orders’. Once completed, the transaction will appear in the ‘On-Chain Orders History’ section.
token swapping on sundaeswap

That’s it, simple as that!

Liquidity Pools

A liquidity pool (LP) is a pool of two tokens, e.g. $ADA and $SUNDAE tokens. Users can earn a share of the trading fees within the pool by depositing a pair of tokens into the LP (also known as “adding liquidity”). You will receive an LP token, representing your share of the LP. This is a super simple process!

You have a couple of options to move forward here. 

1. You can click on the “Provide Liquidity” button on the homepage (highlighted) below. OR We would recommend scrolling through the list of liquidity pools, pressing the ‘More’ button for the one that interests you the most. This displays information about the pool. Then click the ‘Provide Liquidity’ button.

liquidity
liquidity pools

2. Enter the amounts of each token that you wish to deposit to the liquidity pool, and then press ‘Provide Liquidity’ button.

pools

3. Click the “Order Deposit” button initiate the request to provide liquidity.

liquidity on sundaeswap

4. Approve the transaction within your wallet.

pools on sundaeswap

5. You will see the ‘Success’ message to see the swap has been queued. You check on the progress by clicking on the ‘View on Cardanoscan’ link.

liquidity pools on sundaeswap

6. After clicking ‘View Orders’, you can see that the order is pending. Once complete, it will be moved to the ‘On-Chain Order History’ section. 

sundaeswap liquidity

Your LP tokens will now be available in your wallet, ready to go yield farming.

Yield Farming

In return for depositing tokens to a Liquidity Pool, you will receive a “LP” token. You can stake these tokens in one of the Yield Farms on SundaeSwap – earning extra yield in the form of $SUNDAE Tokens.

  1. Click on ‘Liquidity’ in the navigation menu
Yield Farming
  1. Your available LP tokens will be displayed. If you have no LP tokens, you will be directed to provide liquidity in the first instance. Click on the ‘More’ button to see more details of the farm.
yield farming on sundaeswap
  1. In order to set up a yield farming position, click on the ‘Stake LP Tokens’ button.
farming
  1. Input the amount of LP tokens that you wish to stake. For the above farm, you are required to stake for a minimum of 30 days prior to earning any rewards. Select “Stake Tokens”.
farming on sundaeswap
  1. Approve the transaction in your wallet, and once the transaction is in progress, you will see the below message. You can check on the progress by clicking on the ‘View on Cardanoscan’ link.
sundaeswap farming
  1. Once the transaction has been completed, you will see your new yield farming position.
sundaeswap yield farming

Congratulations, you will now be earning Farm rewards!

That is how to use SundaeSwap!

Now, if you want to know how to use Cardano (buy/sell/trade), read Rebecca’s elaborate guide on How To Use Cardano | ADA Guide to really get going!

How To Use Sundaeswap? Cardano DEFI Guide  - - 2022

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How To Use Sundaeswap? Cardano DEFI Guide  - - 2022
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