Understand WEDEX, 1 of The Best Decentralized Exchange Built on the Binance Smart Chain.

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  • Post last modified:May 28, 2022
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WEDEX is a decentralized exchange built on the Binance Smart Chain, it is designed to be faster, and easier to use, while costing a fraction of the fees of other decentralized exchanges, while offering other awesome services that continue to make it one of the most promising cryptocurrency projects today.

wedex, the best decentralized exchange on the binance smart chain, wedex swap, wedex farming
Wedex, The Decentralized Exchange Platform

On the webapp, you can do the following with ease;

  • Swapping; Swap a token for another in a decentralized manner
  • Farms; Stake your crypto assets by locking them for rewards.
  • NFT Marketplace; Buy and Sell NFT swiftly.
  • Lending and Borrowing; You can lend or borrow crypto assets on the platform (coming soon)

How to Trade on the WEDEX platform

WEDEX is a multifunctional platform, it is decentralized in nature, giving no room for any centralized entity to control your funds. Here are a few steps to help you trade successfully n the decentralized exchange.

Step1: Click on Swap at the menu, found on the left side of the page. You would see an image similar to the one below.

How to trade on WEDEX, The best decentralized exchange on the Binance Smart Chain, how to swap tokens on wedex
How to Trade on WEDEX

Step 2: On the top right corner, click on connect to link your wallet to the decentralized exchange.

WEDEX Exchange, the best decentralized exchange on binance smart chain, how to trade on WEDEX
Choose your preferred wallet

When you click on Connect, you would see an image similar to the above, select the wallet you use to proceed.

Step 3: Your Wallet would prompt you to connect to the WEDEX, Click on next to proceed and Connect to finally connect to WEDEX with your wallet.

WEDEX Exchange, WEDEX SWAP, Connecting meta mask to WEDEX
Connecting Meta Mask to WEDEX

You now have your wallet connected to WEDEX successfully, all your tokens in your wallet are now available to be exchanged for another token on the WEDEX platform.

How to trade on WEDEX, SWAP On WEDEX, The Best Decentralized Exchange
Swap on WEDEX

Step 4: In the from section, choose one of the coins you already own, whom you wish to trade, and then in the To section select the coin you wish to trade it for.

How to trade on WEDEX, How to swap on WEDEx, The best decentralized exchange, WEDEX
Swapping tokens on WEDEX

Given the number of tokens available for trade, you can ease your burden by searching for the tokens using their name or token contract address.

Step 5: Enter the number of tokens you wish to trade and click on Swap

Step 6: Your wallet would prompt you to confirm the transaction, follow the prompts to accept the transaction.

A few seconds later, your tokens would reflect in your wallet.

Congratulations you just did your first trade (swap) on WEDEX

Farms

WEDEX is a multifunctional platform, besides trading, one of the key benefits of the WEDEX app is to enable users to stake and earn rewards, a term generally accepted in the crypto ecosystem as farming.

Farming in the crypto economy is basically a process where users lock their tokens in a platform, in exchange for rewards.

Staking your tokens for rewards has seen variable results in different platforms, because rewards are based primarily on incentive structure and how the platform accumulates users. The more people use a platform, the more the rewards available to be distributed to participants who are participating in the farm.

WEDEX has two Farm options;

Farming on WEDEX, Staking rewards on WEDEX
Farms

Option 1 gives you the ability to earn rewards up t0 120% APR, while option 2 provides 60% APR. However, there is a caveat. With option 1, you would need to lock your tokens for 12 months, while option 2 does not require you to lock your tokens.

If you choose option 1, you would not be able to back out of the farming contract until the 12 months have elapsed, however, if you choose option 2 you can take out your staked tokens at any point in time.

While option one provides more rewards, you should thoroughly understand your financial situation to aid in your decision-making.

NFT Market Place

NFT stands for Non Fungible Tokens, in recent times, NFTs have become the craze. As the general crypto market experienced bearish months, NFTs have continued to soar in value.

All NFTs require a marketplace to trade, without a valuable marketplace, NFTs have no future.

WEDEX has succeeded in creating one of the best NFT marketplaces in the world, giving users the opportunities to trade highly valuable digital products.

WEDEX NFT Market Place, The Best Decentralized Exchange
NFT Market Place

Lending and Borrowing

Lending and borrowing have often been the reserve of traditional banks, however, that is changing, several decentralized platforms have made it possible for one to lend or borrow from anyone in the world without having to suffer the shortfalls of traditional finance which is often discriminatory in nature.

Lending and Borrowing on WEDEX is still being developed and would be a welcome addition to already existing awesome products.

We are excited about the future of this project, what are your thoughts, let us know in the comments

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