How to Use Magnetic with Girin Wallet - Swap, Provide Liquidity
Magnetic is an integrated platform based on the XRP Ledger ecosystem, offering functionalities for buying/selling tokens and NFTs, as well as participating in farming. This guide explains how to use Magnetic's various features with Girin Wallet.
🔗 Go to Magnetic Website
Connect Wallet
Click the ‘Connect Wallet’ button at the top of the Magnetic website.
Select the WalletConnect option.
Scan the QR code displayed on the screen using the Girin Wallet app, then click the Connect button.
Swap
The Swap function allows users to exchange one type of cryptocurrency for another via a decentralized exchange (DEX). Users can select two desired tokens and trade instantly at the current exchange rate.
Click the Trade → Swap button at the top of the Magnetic website to access the Swap page.
Select the asset you want to trade and input the amount to swap.
(If the Trustline for the token you want to purchase is not set up),
Click the Swap button, then approve the transaction by clicking the Approve button in the Girin Wallet.
Provide Liquidity
Providing liquidity on a DEX involves depositing tokens into a pool to facilitate trades. In return, liquidity providers earn a portion of the trading fees. However, there is a risk of impermanent loss due to market fluctuations.
Click the AMM button at the top of the Magnetic website to go to the AMM page.
Select the pool where you want to provide liquidity from the pool list.
Click the ‘Deposit’ button on the right side of the screen, then input the amount of tokens to supply as liquidity.
Click the ‘Submit’ button, then approve the transaction by clicking the Approve button in the Girin Wallet.
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