How to use BambooRelay Exchange?

How to use Bamboo Relay?

Bamboo Relay is a decentralized exchange (DEX) where a few days ago BitSong was listed. This makes it possible for new figures to be able to get into the BitSong ecosystem, as well as to those who want to get a break, the possibility of selling their tokens.

BambooRelay is a decentralized platform built on Ethereum through 0x Protocol, a protocol that allows creating decentralized exchanges on ethereum (hosting a off-chain orderbook).

Users can exchange, lend or borrow ERC20 tokens securely from their own wallets.

The first pair available to trade BitSong is BTSG-WETH, in the days coming 3 additional pairs will be activated:

  • BTSG / DAI
  • BTSG / USDC
  • BTSG / BNB

What is WETH?

Wrapped Ethereum or WETH is a ERC20 token that allows the negotiation of Ethereum with other ERC20 tokens on decentralized platforms.

Ethereum was the proto-token of ERC20 tokens, which means that it was built before the ERC20 standard existed.

At this point you must be wondering:
Why can’t I exchange Ethereum with other ERC-20 tokens without using WETH?

Well, this is because ETH is not compatible with the ERC-20 standard. This is because ERC-20 was defined long after the existence of ETH.

Because of this, ETH cannot be exchanged directly on decentralized platforms (DEX) with other ERC-20 tokens. To achieve this, an ETH “transformation” must be performed in an ERC-20 token, and it is exactly what WETH does.

Now let’s see how to connect your wallet to the DEX and start making BTSG-WETH operations.

1. Let’s connect to Bamboo Relay.

First you need to access the official BambooRelay website. The initial page will look like this:

2. Let’s connect our wallet.

At this point you need to press the “Connect your wallet” button and choose the type of wallet you want to connect from the tab that will appear.

3. Bamboo Relay and Metamask

As you can see BambooRelay offers the possibility to connect various types of wallets but what we are going to see today is how to work with Metamask! So let’s select “Connect MetaMask”.

Once the access of Metamask to BambooRelay is authorized, the MetaMask logo will appear on the main screen of the site together with the address of the connected wallet (the message “connected)”.

4. Wrap Ethereum

At this point click on “My profile”, then on “Show full” and see the summary of your balances.

Don’t forget that to exchange BTSG-WETH, you will need ETH and BTSG in the wallet, so make sure you provided the necessary funds to it.

Once you have ETH in your wallet, what you need to do is converting them to WETH, via the “Wrap” button (always remember to leave some ETH for the gas ) *.

Set the price of gas and convert ETH to WETH. Once this step is done you are ready to start!

You will immediately notice that BTSG is in the BambooRelay list, at this point you just need to click on “BTSG” and the chart BTSG-WETH will appear.

5. Buy & Sell BTSG

What you will find below the BTSG-WETH chart, is the buying/selling console which is all you need to start trading BTSG.

Now let’s see how to trade BTSG on BambooRelay by setting a BUY or a SELL order.

Let’s see how to set up a BUY or SELL order.

Click inside the “Buy Price” box and set the price in WETH that you are willing to pay for each BTSG token.

Then set the purchase price and to the right the amount of BTSG you want to buy.

Once these 2 parameters have been entered, the system automatically calculates the value of your order (taking into account the current market price of ETH and provides you with the final result).

Click on “Create Buy Order”, sign the transaction via MetaMask and voilà, your order was registered in the orderbook.

Just below the orderbook you will find a section called “My Orders”, where you will find the status of your orders.

To cancel an order, just click on it, then click on “Cancel Order”, sign the transaction via MetaMask and the order will be canceled.

Same identical process to set a Sell order.

Go to the BTSG-WETH pair, click on the “Sell Price” box and enter the price you want sell each BTSG token.

The system will automatically calculate how many WETH you will receive for the BTSG sold. Click on “Create Sell Order” and confirm the transaction via MetaMask and voilà, you have just set up your Sell Order.

6. Orderbook and Buy/Sell to Market

To get a certain amount of BTSG at market, all you have to do is taking the Orderbook ( SELL orders).

Once you have identified the price range that better suits to you, all you have to do is clicking on that order, select/change the amount of tokens you want to get, and then click on “Fill Matched Order”, sign the transaction with MetaMask, set the gas (we recommend you use the fast option as the transaction may fail) and wait for the transaction to go successful.

Very easy, isn’t it?

Same identical process for selling BTSG. Get the orderbook (BUY orders), choose the order you want and click on the quantity of tokens in BUY.

Set the amount you wish to exchange and click on “Fill Matched Order”, then authorize MetaMask to exchange tokens from your wallet, sign the transaction and set the gas (we recommend use the fast option because the transaction may fail) and voilà, you have just exchanged your tokens.

You must always wait for the transaction to be successful but you are already at a good point :slightly_smiling_face:

Recent market history

Is the history of the transactions successfully carried out recently.

It offers details on the transaction, such as date and time, type of transaction, price of the deal and the pair of currencies. Once you make a transaction, you will be able to see it in the recent market history.

I hope you enjoyed the guide and that it will help you with your upcoming transactions on BambooRelay.

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