BEPSwap Tutorial Launch

Announcing an interactive tutorial to allow community members to understand how swapping, staking and trading work on BEPSwap.

THORChain

07 Aug 2019 — 4 min read

Since the BEPSwap announcement in July, THORChain has partnered with a combined $140m in projects, ensuring a strong, liquid and secure launch for BEPSwap and Launch Project token holders.

Partners include Bolt, Ankr, Fantom, TomoChain, Atomic Wallet, Litoin and now Harmony.

Over the past few weeks, the project team has received a surprising amount of interest and support from the blockchain community due to the paradigm shift continuous liquidity pools (CLP’s) bring to the space. One challenge has emerged from both users and projects — understanding how CLP’s work; in order to attract stakers, swappers and traders to BEPSwap we need to educate and help people understand the magic behind it.

What is BEPSwap?

BEPSwap was announced on 10th of July 2019 as the first go-to market platform for the THORChain protocol.

BEPSwap is a layer-2 DeFi application for Binance Chain allowing any BNB or BEP2 holder to be able to swap BEP2 tokens instantly from their wallets. Users will also be able to stake their assets in liquidity pools to earn trade commissions.

BEPSwap pools are always kept at market price by anyone being able to arbitrage the price of the market back into the pool. This allows it to become a trustless price feed. BEPSwap is based on the continuous liquidity pool concept proposed by Vitalik Buterin in 2016 and uses an adapted Threshold Signature Scheme implementation based on ZenGo’s work to secure assets.

BEPSwap Tutorial

Based on research following community AMA’s with Binance Dex, TomoChain, Atomic Wallet, Ankr and others; it’s clear users require a more kinaesthetic approach to learning.

Today the THORChain team released an interactive tutorial for BEPSwap, designed for hands on, experimental learning of the staking, swapping and trading aspects of THORChain’s Continuous Liquidity Pool implementation.

The tutorial gives a brief overview of each function, and enables users to adjust inputs to see how the inputs effect the pools in terms of asset prices, trade slippage and fees.

Limited testing within the THORChain community has been positive, with users reporting a much firmer grasp of basic CLP concepts and staking, swapping & trading mechanics.

The team plans to evolve the tutorial over time starting with this MVP and will continue to undertake user testing to ensure maximum value from the interactive learning.

BEPSwap Tutorial

To start the tutorial — visit this link:

You can also find it from the main BEPSwap page:

Swap Page

The swap page presents you with the scenario that you are swapping RUNE into BNB over a pool with $40,000 in liquidity depth. You can set various amounts of RUNE and see the change in pool balances, the pool prices, how much BNB you get and the final price slip.

Double Swap

The double swap is a special kind of swap that allows you to swap from one token to any other token.

Behind the scenes, two swaps are actually taking place over two pools. One from the starting token into RUNE, and then from RUNE into the final token.

Some things to note:

User experience is identical to a single swap, and takes the same amount of time.
You don’t necessarily pay twice the fees, because it depends on the total liquidity over the two pools
The user never needs to worry about RUNE — it happens without them ever knowing.

The Double Swap is the secret sauce to the pools — by having a single settlement asset, liquidity can be concentrated and the pools can all be linked.

Staking

The staking page allows the user to experiment with staking different amounts of tokens, and how this translates to their final pool ownership.

Withdrawing

The withdrawing page shows users how withdrawals work, with easy selection to take out assets from the pools.

Trading

Finally the trading page shows how trades correct any pricing imbalances in the pools and how the trader always benefits. It also allows the user to see how trading is always democratic and does not favour whales, since the best trade is actually a trade that does not close the full position.